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SYDNEY, July 13 (Reuters) - Westpac Banking Corp (WBC.AX),
Australia's second-largest lender, has sold $1.2 billion of
5-year bonds backed by an Australian government guarantee, a
source familiar with the deal said on Monday.
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$107 billion ($83.2 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's offer was part of a $1.5 billion two-tranche
issue. See [ID:nSYD463638] for details on the first tranche of
$300 million. Westpac declined to comment.
The Australian government guarantee is rated triple A by
S&P and Moody's.
Deal details are as follows:
Issuer: Westpac
Facility: Floating government-backed 144a reg S
Guarantor: Australia
Amount issued: US$1.2 billion
Maturity: July 16, 2014
Set date: July 16
Coupon: +48 bps over US Libor
Spread: +48 bps over US Libor
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)
($1=1.286 Australian Dollar)
(Reporting by Cecile Lefort)
