Westpac prices first unguaranteed domestic benchmark
Westpac Banking Corporation (Westpac) (AA/Aa1) priced its first unguaranteed benchmark transaction of 2009 on May 26, selling A$1.7 billion (US$1.32 billion) of fixed and floating rate three-year paper at 120 basis points over swap in a deal which the bank hopes will presage a return to predominantly unguaranteed issuance in the 2009/10 financial year.Australasian banks dabbling in offshore markets [UPDATED]
After a relatively slow period for issuance in offshore currencies, Australasian banks have conducted some activity in sterling and yen in recent weeks with National Australia Bank (NAB) (AA/Aa1), Commonwealth Bank of Australia (CommBank) (AA/Aa1) and Macquarie Bank (Macquarie) (A-/A2) securing the equivalent of over A$1 billion (US$775.5 million) each – the former in two deals, one of them public and unguaranteed.
CFS Retail Property Trust reopens wholesale corporate market
On May 19 CFS Retail Property Trust (CFX) (A) priced a A$125 million (US$96.68 million) increase to its 5.75 per cent September 2012 bond at the expected level of 475 basis points over swap. Lead managers say the deal was more than twice oversubscribed and are confident it will pave the way for more wholesale corporate issuance in Australia.