Westpac sells NZ$350 mln 5-year govt-backed bonds

SYDNEY, July 14 (Reuters) - Westpac New Zealand Ltd, the
country's second-largest lender, has raised NZ$350 million
($222 million) in 5-year bonds backed by a New Zealand
government guarantee, it said on Tuesday.

It is Westpac's first issue covered by the government
guarantee which was put in place last year to help banks
weather the global financial crisis.

Westpac New Zealand is a unit of Australia's Westpac
Banking Corp (WBC.AX).

Deal details are as follows:

Issuer: Westpac New Zealand Ltd

Facility: Fixed rate government-backed bond

Guarantor: New Zealand

Amount issued: NZ$350 million

Maturity: 22 July 2014

Set date: 22 July

Coupon: 5.735%

Spread: +60 basis points over swap

or +59 bps over NZGB

Issue price 100

Lead(s): Westpac

Issue ratings: AAA (S&P), Aaa (Moody's)
($1=1.578 New Zealand Dollar)
(Reporting by Cecile Lefort)