Westpac NZ unit to sell US$ 3-year 144a bond-source

SYDNEY, May 21 (Reuters) - Westpac Securities NZ Ltd, a
unit of Westpac Banking Corp (WBC.AX), plans to sell a
three-year U.S. dollar benchmark size 144a bond offer with a
New Zealand government guarantee, a market source who has seen
the terms said on Thursday.

Preliminary pricing suggests a margin of 80 to 85 basis
points over midswap. Pricing is expected on Thursday, during
U.S. business hours.

The size of the offer is likely to be in the $1-$1.5
billion range, the source said.

Barclays Capital and Citi are joint book runners. Westpac
is acting as a joint lead.

The offer is expected to be rated AA+ by S&P and Fitch and
Aaa by Moody's.

Westpac Securities NZ Ltd is a New Zealand unit of Westpac
Banking Group, Australia's second largest lender.
(Reporting by Cecile Lefort)