(28 July 2010−Australia) Westpac has raised US$3 billion (A$3.36 billion) in the US in its first debt-raising effort in the country since 2009.The bank raised US$1 billion in three-year money and US$2 billion in five year money at 125 and 160 basis points, respectively, over bank bill rates after converting back to Australian currency.
The cost of raising was similar to prices paid a year ago, indicating easier money, and compares to the middle of the European crisis where funds were being raised at 200 basis points above bank bill rates.
JP Morgan, Morgan Stanley and HSBC jointly raised the funds for Westpac.