Westpac NZ is looking to raise up to NZ$500 million this week through a "tap" issue of an NZ$800 million existing bond due to mature in four and half years.
Westpac has announced a "tap" of its $800 million fixed rate note issue that's due to mature on September 20, 2018, which has a coupon of 5.545% with interest paid semi-annually in arrears.
New bonds issued will be equivalent to and interchangeable with the existing ones.
The bank is seeking at least $100 million and up to $500 million, with the tap issue's term to maturity being 4.6 years. The tap bonds will be issued at a margin of 80 to 85 basis points over swap rate.
The offer opened on Monday and is due to close at 9am this Friday, February 14. The interest rate will be set at 11am on Friday. The settlement day is February 18.
The bonds are senior, unsecured and unsubordinated obligations of Westpac. The notes will be issued in minimum denominations of $10,000 and in multiples of $1,000 thereafter.
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