Westpac has fired the starters gun on two new debt deals, one in Australian dollars and the another in New Zealand ones.
It told AUD debt investors to expect to be shown a three-year and five-year senior unsecured medium-term note in the coming days. The notes were likely to be rated AA- by SWestpac’s treasury had decided its institutional bank was enough to rule off the deal and did not bring in any external banks.
Separately, Westpac New Zealand, which is the fourth-largest Kiwi bank and makes up 17 per cent of ASX-listed parents’ net income, was prepping a five-year US-dollar senior unsecured bond sale. Initial price guidance was for 130bps above the five-year treasuries. While the Big Four have slowed down their pace of debt fund-raising from the early year rush that spanned Tier 2 debt, covered bonds and several currencies, there’s still stuff going around.
Westpac, with its twi deals, is joining ANZ on fund-raising circuit. ANZ is expected to launch a hybrids deal next week to refinance $970 million worth of ANZ Capital Notes 3. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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