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Westpac quiet on 2012 tap distribution |
Westpac Banking Corporation (AA/Aa1/AA-) (Westpac) priced a A$610 million (US$530.21 million) increase to its 2012 line on August 13 but has remained silent about the distribution of the self-led transaction. The 2012 bond now has a total of A$2.062 billion outstanding.
The latest transaction consisted of A$264 million of fixed rate paper priced at 100 basis points over mid rate swap – equivalent to 200.5 basis points over the 5.75 per cent April 2012 Australian government bond – and A$346 million of floating rate paper priced at 100 basis points over three-month BBSW.
Pricing appears to have stabilised in recent months: the last time one of the big four Australian banks brought a 2012 trade to market – ANZ Banking Group’s A$620 million increase on June 5 – it was sold at 94 basis points over swap. Westpac first sold its 2012 line in September last year, pricing that transaction at 42 basis points over swap.
| Issuer |
Westpac
Banking Group |
| Rating
(S&P/Moody's/Fitch) |
AA/Aa1/AA- |
| Sector |
Financial Institution |
| Country |
Australia |
| Pricing date |
13 August 2008 |
| Settlement
date |
20 August 2008 |
| Lead Manager |
Westpac Institutional Bank
|
| Maturity date |
24 September 2012 |
| Issue Amount |
A$610 million in two
tranches |
| Outstanding amount |
A$2.062 billion in two tranches |
|
| Format |
Fixed and floating rate
medium term notes |
| Fixed rate tranche |
|
|
| Issue Amount |
A$264 million |
| Outstanding amount |
A$1.114 billion |
|
| Coupon |
7.25 per cent |
| Yield |
7.625 per cent |
| Spread to
swap/govt |
100bp/ A$ mid, 220.5bp/
April 2012 |
| Issue price |
98.221 capital + 2.935
accrued |
| Floating rate tranche |
|
|
| Issue Amount |
A$346 million |
| Outstanding amount |
A$948 million |
|
| Coupon |
42bp/BBSW |
| Spread to
swap |
100bp/BBSW |
| Issue price |
98.016 capital + 1.228
accrued |
|
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Last Updated ( Thursday, 02 October 2008 )
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