Westpac raises Ç1.5 billion via five-year bond

Demand for the fixed-rate notes reaches Ç2.9 billion as 120 accounts participate in the deal.

Australia's Westpac Banking Corporation raised Ç1.5 billion earlier this week, pricing its five-year senior unsecured fixed-rate bond at 4.874% - or a spread of 42bp over mid-swaps - after generating demand of Ç2.9 billion.

The deal was rated Aa1AAAA- and was managed by HSBC and UBS.

Having monitored the market for some weeks, Westpac eventually found a window of opportunity on Monday. The deal initially failed to generate much interest among European institutional investors, but despite...

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