Westpac New Zealand launches dual-tranche domestic transaction

On 12 February, Westpac New Zealand (AA-/A1/AA-) launched a new self-led New Zealand dollar denominated transaction. The forthcoming deal is offered in both a three-year floating-rate note tranche and a five-year fixed-rate tranche, with the ability to take up to NZ$100 million (US$64.6 million) in each tranche. Indicative price guidance for the three-year and five-year tranches is, respectively, 68-70 and 83 basis points area over mid-swap. The deal is expected to price on 14 February.