Westpac follows TD with callable Tier 2

摘要

Westpac banking corporation reinforced the allure of the US dollar market for sales of Australian subordinated notes with last Tuesday's US$1.5bn SEC-registered 15-year non-call 10 Tier 2 issue. A chunky US$4.75bn order book enabled joint bookrunners Citigroup, JP Morgan, Morgan Stanley and Bank of America Merrill Lynch to move aggressively from Treasuries plus 237.5bp initial price thoughts to print at 210bp over, before the margin tightened to around 203bp on the break.