Westpac New Zealand prints NZ$600 million subordinated tier-two deal

Thursday, 08 September 2022

Updated

Issuer name: Westpac New Zealand
Issuer rating: AA-/A1/A+
Issue rating: A-/A3
Pricing date: 8 September 2022
Settlement date: 16 September 2022
Maturity date: 16 September 2032
First optional redemption date: 16 September 2027
Arranger: Westpac Banking Corporation New Zealand Branch
Lead managers: BNZ, Craigs Investment Partners, Forsyth Barr, Jarden Securities, Hobson Wealth Partners, Westpac

Transaction type: unsecured subordinated tier-two notes
Volume: NZ$600 million (US$363 million)
Coupon type: fixed-to-FRN
Coupon rate: 6.19%
Issue/re-offer price: par
Issue yield: 6.19%
Margin: 210bp/mid-swap