Westpac’s domestic covered-bond deal progresses to launch

The 5.25-year covered-bond transaction for Westpac Banking Corporation (Westpac) (AA-/Aa2/AA-) progressed to launch on 24 May. The forthcoming, dual-tranche deal has indicative volume of A$1 billion (US$747.7 million) in floating-rate format and a further A$300 million in fixed, and price guidance is in the area of 78 basis points over bank bills and semi-quarterly swap respectively.