Westpac sells US$2 billion of extendible CP

Westpac sold US$2 billion of 13-month extendible commercial paper in the US s144A market last week. Maturing in January 2011, the CP will pay one basis point over Libor but the coupon will step-up to 4 bps, 11 bps, 18 bps and 26 bps each year thereafter, at the investor's option. The final maturity date is January 2015.