Westpac has priced A$2.60 billion in five-year senior unsecured medium term notes. The transaction comprises two tranches: a $250 million fixed rate tranche and a $2.35 billion floating rate tranche. The fixed rate tranche has annual coupon of 3.2 per cent, paid semi-annually in arrear, and a cash price of 99.805 per cent, which equates to 83 basis points over semi-quarterly coupon matched mid swaps.  The floating rate tranche has a coupon of 83 bps over the three-month BBSW, issued at par. The notes are expected to be rated AA- by S&P and Aa3 by Moody's.  By coincidence, a quirk of the funding cycle has thrown out this deal, one that is comparable in size, tenor and spread to two transactions completed by Westpac in early and mid-2015, respectively, both with five-year tenors, and both priced at 90 bps over relevant swap rates.  A year later, ANZ and NAB had to settle for transactions with respective margins over swaps of 117 and 188 bps. And while this is not the largest senior unsecured issue seen from an Australian major bank in a post GFC-world, it takes care of a substantial slice of Westpac's funding task, given the increased proportion of retail deposits all banks have been able to attract.