Westpac sells $300 mln govt-backed eurobonds

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)