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FinanceAustralia s Westpac breaks bond hiatus with first SOFR deal
Paulina Duran
4 minute read
A pedestrian looks at his phone as he walks past a logo for Australia s Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray
Westpac Banking Group (WBC.AX) on Tuesday will reopen Australia s big banks bond-market taps for the first time in more than a year, in a deal marking the first use of a non-USD Libor benchmark rate to price the debt.
The country s second-largest lender is offering senior bonds for the first time since January 2020, with part of the issue due to be priced at a spread over the Secured Overnight Financing Rate (SOFR), which is replacing Libor, according to a memo seen by Reuters. ....

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