Morning wrap February 9: Westpac lines up with inaugural euro benchmark

Westpac has mandated Barclays Capital, Citi, Deutsche Bank and itself for its inaugural euro benchmark. Leads are expected to open book for the four year on Thursday, subject to market conditions. Five year NAB and CBA trades, that were launched earlier this year at mid-swaps plus 100bp, are bid at 74bp and these are likely to provide the best reference.