Westpac planning ¥50bn Samurai, others to follow

26 Aug 2010

Westpac Banking Corp was sounding out investors ahead of a ¥50bn ($591m) Samurai bond this week, firming up guidance for a deal that bankers say could lead to a spate of foreign bank issuance in the Japanese market.

Citi, Daiwa Securities and Nomura are managing the five year bond, and were sounding out investors at a spread of 50bp-51bp over swaps on Wednesday. That was after they approached investors earlier this week with 49bp-54bp guidance for the deal. The new guidance is comparable to where the ...

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