ElectraNet sets terms on US Reg D issue
Westpac didn't let Easter Monday get in the way of its adding US$175 million to the US$825 million of three-year bonds it issued at the end of March 2010, in the US s144A market. The bank priced the top-up at Libor plus 55 basis points, the same as the original issue. With the Australian dollar/US dollar basis swap having contracted to more 'normal' levels in recent weeks, the three-year rate at around 14 bps would allow the swapped-back cost to Westpac to be comparable with that of last week's domestic issue, perhaps even a little cheaper. Commonwealth Bank raised £500 million via a December 2015 Eurobond issue. The issue was priced at 85 bps over mid-swap and 110.2 bps over Gilts.ANZ added A$75 million to its February 2013 EMTN, to take outstandings to A$375 million. The issue was opened at A$100 million, in January.And only two weeks after completing its investor roadshow, the South Australian electricity transmission company, ElectraNet (rated BBB) has set the terms on a US$350 million bond issue in the traditional private placement market. The issue is split into two tranches of US$175 million with maturities of four and six years. Both tranches were reportedly priced at 150 bps over US Treasuries and drawdown is scheduled for August.