Westpac New Zealand announces NZ$100 million tier-two notes

Monday, 05 September 2022

Disclosure type: launch
Issuer name: Westpac New Zealand
Issuer rating: AA-/A1/A+
Expected issue rating: A-/A3
Announcement date: 5 September 2022
Expected pricing date: 8 September 2022
Lead managers: BNZ, Craigs Investment Partners, Forsyth Barr, Hobson Wealth, Jarden, Westpac

Transaction type: tier-two unsecured-subordinated notes
Indicative volume: NZ$100 million  (US$60.9 million), with the ability to accept unlimited oversubscriptions at Westpac's discretion
Maturity date: 16 September 2032
Coupon type: 5-year fixed rate then floating
Price guidance: 2.1-2.3% per annum