Westpac plans raising $3bln from dollar-denominated notes sale

Lender eyes to sell $1bln of three-year notes and $2bln of five-year notes.

Westpac Banking Corp., Australia’s second-biggest lender, plans to sell $3 billion of dollar- denominated debt in two parts starting last Tuesday, according to a person familiar with the transaction.

The bank plans to sell $1 billion of three-year notes that may yield 117 basis points more than similar-maturity Treasuries, and $2 billion of five-year notes that may pay a 137 basis-point spread, said the person, who declined to be identified because terms aren’t set. A basis point is 0.01 percentage point.

The debt from the Sydney-based bank may be rated Aa1 by Moody’s Investors Service and AA by Standard & Poor’s, the person said.

View the full story in Bloomberg.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.