SYDNEY, July 10 (Reuters) - Westpac Banking Group (WBC.AX),
Australia's second-largest lender, has sold $300 million of
5-year eurobonds backed by an Australian government guarantee,
it said on Friday.
Australian banks have been keen users of a government
guarantee put in place late last year to help them weather the
global financial crisis.
More than A$102 billion of funds have been raised by
Australian banks, onshore and offshore, with the sovereign
guarantee since its introduction, according to Deutsche Bank
data.
Westpac has now raised more than it expected in February
when it estimated its annual funding requirements for the
financial year ending in September to A$25 billion.
The Australian government guarantee is rated triple A by
S&P and Moody's.
Deal details are as follows:
Issuer: Westpac
Facility: Fixed rate government guaranteed eurobond
Guarantor: Australia
Amount issued: US$300 million
Maturity: July 16, 2014
Set date: July 16
Coupon: 3.18 percent
Spread: +90 basis points over June 2014 UST
Issue price 100
Lead(s): Goldman Sachs and Westpac
Issuer ratings: AA (S&P), Aa1 (Moody's)
Issue ratings: AAA (S&P, Aaa (Moody's)
(Reporting by Cecile Lefort)
