Westpac opens dollar covered bond market

By Bill Thornhill
15 May 2014

Westpac has priced the first dollar-denominated benchmark covered bond of 2014. On Wednesday the issuer opened books for a five year deal and a three year senior unsecured after mandating Bank of America Merrill Lynch, Citigroup, HSBC and JP Morgan.

The $1.75bn deal was marketed in the high 30bp area over mid-swaps and priced at the tight end of that range at 35bp, a level that equated to around 23bp over mid-swaps in euros. A prospective euro five year would have priced in the region of 20bp over mid-swaps suggesting the ...

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