Westpac NZ launches new three-year FRN domestic deal

Friday, 30 June 2023

Disclosure type: launch
Issuer name: Westpac New Zealand
Issuer rating: AA-/A1/A+
Expected issue rating: AA-/A1
Announcement and opening date: 30 June 2023
Expected closing date: 30 June 2023
Expected settlement date: 6 July 2023
Lead manager: Westpac Banking Corporation New Zealand Branch

Transaction type: senior-unsecured bond
Currency: NZD
Indicative volume: NZ$100 million (US$60.7 million), with the ability to accept oversubscriptions at the issuer’s discretion
Maturity date: 6 July 2026
Coupon type: FRN
Expected issue price: par
Price guidance: 73-75bp/3m BKBM