Nov. 11 (Bloomberg) -- Westpac Banking Corp. plans to sell at least A$1 billion ($931 million) of five- and seven-year bonds, according to an offer document seen by Bloomberg News.

The bank told investors it may pay between 28 basis points and 30 basis points more than the three-month bank bill swap rate for the five-year government-guaranteed notes and a spread of 130 basis points for the seven-year notes, which aren’t state- backed, the document shows. A basis point is 0.01 percentage point.

To contact the reporter on this story: Sarah McDonald in Sydney at smcdonald23@bloomberg.net

Last Updated: November 10, 2009 19:18 EST