Westpac launches domestic 10NC5 tier-two deal

On 21 January, Westpac Banking Corporation (AA-/Aa3) launched a new self-led, Australian dollar denominated, 10-year non-call five-year (10NC5), tier-two, benchmark transaction. Offered in either or both fixed- and floating-rate note formats, and expected to be rated BBB+/Baa1, the deal is being marketed at 165 basis points area over swap benchmarks. Pricing is anticipated on the day of launch.