Westpac plans raising $3bln from dollar-denominated notes sale

Lender eyes to sell $1bln of three-year notes and $2bln of five-year notes.

Westpac Banking Corp., Australia’s second-biggest lender, plans to sell $3 billion of dollar- denominated debt in two parts starting last Tuesday, according to a person familiar with the transaction.

The bank plans to sell $1 billion of three-year notes that may yield 117 basis points more than similar-maturity Treasuries, and $2 billion of five-year notes that may pay a 137 basis-point spread, said the person, who declined to be identified because terms aren’t set. A basis point is 0.01 percentage point.

The debt from the Sydney-based bank may be rated Aa1 by Moody’s Investors Service and AA by Standard & Poor’s, the person said.

View the full story in Bloomberg.