Westpac raises US$3 billion
Westpac was the only issuer of note in international bond markets last week, leaving aside a A$50 million top-up by ANZ to its December 2013 EMTN.Westpac Securities NZ sold CHF300 million of five-year bonds late in the week but the big deal was the sale of US$3.0 billion of bonds in the US s144A market, at the start of the week. Westpac raised US$1.0 billion for three years at 93 basis points over Libor, reportedly swapped back at 125 bps over bank bills. The bank also raised US$2.0 billion for five years at 115 bps over Libor, swapped back at 160 bps over bank bills.Westpac says its wholesale funding requirement for this year is now filled. Dow Jones quoted the bank's treasurer, Curt Zuber, saying it was "under no pressure to do any funding for many, many months".