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Westpac bonds price better in US market

It was Westpac's turn in the offshore bond market last week, and it tapped the US s144A market for five-year funds. Westpac (rated AA-) issued US$650 million of floating-rate notes priced at Libor plus 74 basis points and US$750 million of fixed-rate notes.The fixed-rate notes will pay 93 bps over US Treasury bonds. The margin is five bps tighter than that achieved by National Australia Bank the week before last.In other news, ME Bank announced an offer to buy back its February 2014 government guaranteed floating- and fixed-rate notes in the domestic market. There is A$325 million and A$175 million of each outstanding, respectively.

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