Westpac issue increases

The New Zealand unit of Westpac Banking has launched an increase of at least $100 million of a four-year bond issue.

The issue, which stands at $265 million, is expected to yield 110 basis points over the interpolated NZ$ mid-swap curve.

Pricing is expected on December 10 with settlement on December 14.

The issue matures on November 28, 2013 and pays a coupon of 7.045 per cent.

The offer, lead managed by Westpac, is rated AA by S&P and Aa2 by Moody's.

- NZPA