Westpac Banking Corporation (Westpac) (AA-/Aa3/AA-) mandated a new, Australian dollar-denominated, tier-two deal on 8 August. Price guidance on the forthcoming 12-year non-call seven-year EMTN transaction, which is expected to be rated BBB/Baa1, is 190 basis points area over semi-quarterly swap, according to lead managers Nomura, TD Securities and Westpac Institutional Bank.