Bond Factsheet
WSTP 6.934% 23Jun2038 Corp (AUD)
Westpac Banking Corp
Indicative
Full Lot
Bid Price 101.881
Change in Bid Price 0.336
Bid Yield (%) 6.580 %
Change in Bid Yield 0.062
Ask Price 102.081
Change in Ask Price 0.333
Ask Yield (%) 6.543 %
Change in Ask Yield 0.062
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Westpac Banking Corp
Guarantor
-
Announcement Date
19 Jun 2023
Issue Date
23 Jun 2023
Maturity Date
23 Jun 2038
Years to Maturity / Next Call
11.723 / 6.720
Modified Duration
7.803 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.934
Coupon Type
Variable
Annual Coupon Rate
6.934
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 23 Jun 2033 and every quarter thereafter
Reset Interest Rate = 3 month BBSW + Margin (2.600%)
ISIN
AU3CB0300358
CUSIP
ZJ0321464
Bond Currency
AUD
Total Issue Size
1,100,000,000
Min. Investment Quantity (Nominal)
AUD 100,000
Incremental Quantity (Nominal)
AUD 100,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
No
Loss Absorption
Automatic Conversion or Write-off upon the occurrence of a Non-Viability Trigger Event
If a Non-Viability Trigger Event has occurred and all or some Subordinated Notes are (or a percentage of the Outstanding Principal Amount of each Subordinated Note is) required to be Converted or Written-off in accordance with Condition 5.1 (“Non-Viability Trigger Event”), then:
(a) Conversion or Write-off of such Subordinated Notes or percentage of the Outstanding Principal Amount of each Subordinated Note will occur in accordance with Condition 5.1 (“Non-Viability Trigger Event”) and, if applicable Condition 5.3 (“No further rights”), immediately upon the Non-Viability Trigger Event Date;
(b) in the case of Conversion and subject to Condition 6.10 (“Conversion: Clearing Systems, where the Holder does not wish to receive Ordinary Shares or is an Ineligible Holder”), a Holder of a Subordinated Note that has been Converted in whole or in part in accordance with Condition 5.1 (“Non-Viability Trigger Event”) will be entitled to (i) the Conversion Number of Ordinary Shares in respect of such Subordinated Notes or percentage of the Outstanding Principal Amount of each Subordinated Note held by such Holder so Converted in accordance with Condition 6.1 (“Conversion”), and (ii) unless the Subordinated Notes shall have been Converted or Written-off in full, to Subordinated Notes with an Outstanding Principal Amount equal to the aggregate of the remaining percentage of the Outstanding Principal Amount of each Subordinated Note held by such Holder, and the Issuer will recognise the Holder as having been issued the Conversion Number of Ordinary Shares in respect of such portion of Converted Subordinated Notes for all purposes, in each case without the need for any further act or step by the Issuer, the Holder or any other person (and the Issuer will, as soon as possible thereafter and without delay on its part, take any appropriate procedural steps to effect such Conversion, including updating the Register and the Ordinary Share register); and
(c) a Holder of Subordinated Notes has no further right or claim under these Conditions in respect of such Subordinated Notes or percentage of the Outstanding Principal Amount of each Subordinated Note so Converted or Written-off (including to payments of interest, accrued but unpaid interest, any Additional Amounts and the repayment of the Outstanding Principal Amount), except the Holder’s entitlement, if any, to Subordinated Notes which have not been required to be Converted or Written-off or Subordinated Notes representing the Outstanding Principal Amount of such Subordinated Notes which have not been required to be Converted or Written-off and, in the case of Conversion, subject to Condition 6.10 (“Conversion: Clearing Systems, where the Holder does not wish to receive Ordinary Shares or is an Ineligible Holder”) to the Conversion Number of Ordinary Shares issuable in accordance with Condition 6 (“Procedures for Conversion”).
Issuer Call
(a) If this Condition 8.3 is specified in the Supplement as being applicable to the Subordinated Notes of any Series, and:
(i) subject to Conditions 4.3 (“Solvency condition”) and 8.3(c), and satisfaction of any relevant conditions specified in the Supplement; and
(ii) unless previously redeemed, purchased and cancelled, Converted or Written-off, then the Issuer having given notice in accordance with Condition 8.6 (“Notice of redemption”) may redeem all (but not, unless and to the extent that the Supplement specifies otherwise, some only) of the Subordinated Notes on the Early Redemption Date (Call) at the Early Redemption Amount (Call).
(b) In this Condition 8:
Early Redemption Amount (Call) means, in respect of the Subordinated Notes, their Outstanding Principal Amount, together with accrued and unpaid interest (if any) thereon to, but excluding, the Early Redemption Date (Call); and
Early Redemption Date (Call) means an Interest Payment Date(s) or such other date(s) specified in the Supplement.
Early Redemption Date (Call) : 23 June 2033 and each Interest Payment Date thereafter up to but excluding the Maturity Date
Additional Note
(i) subject to the limitations described in Condition 5.3 (“No further rights”), Convert; or
(ii) if the Supplement specifies that the primary method of loss absorption will be Write-off without Conversion in accordance with Condition 5.3 (“No further rights”), Write-off,
all Subordinated Notes or, if paragraph (a) of the definition of “Non-Viability Trigger Event” applies, subject to the provisions described in Condition 5.1(b), all or some Subordinated Notes (or a percentage of the Outstanding Principal Amount of each Subordinated Note), such that the aggregate Outstanding Principal Amount of all Subordinated Notes Converted or Written-off, together with the outstanding principal amount of all other Relevant Securities converted, written-off or written-down as described in Condition 5.1(b), is equal to the aggregate outstanding principal amount of Relevant Securities as is necessary to satisfy APRA that the Issuer will no longer be non-viable.
Early redemption for regulatory events (Condition 8.5)
If this Condition 8.5 is specified in the Supplement as being applicable to the Subordinated Notes of any Series and if, in respect of the Subordinated Notes of any Series and subject to Conditions 4.3 (“Solvency condition”) and 8.5(c), the Issuer determines (supported, in the case of an event described in paragraph (i) of the definition of “Regulatory Event” below, by an opinion as to such determination from advisers of recognised standing in Australia) that a Regulatory Event has occurred, then the Issuer having given notice in accordance with Condition 8.6 (“Notice of redemption”) may redeem all (but not, unless and to the extent that the Supplement specifies otherwise, some only) of the Subordinated Notes of such Series on the Early Redemption Date (Regulatory Event) at the Early Redemption Amount (Regulatory Event).
Regulatory Event means that either:
(i) as a result of any amendment to, clarification of or change (including any announcement of a change that will be introduced) in, any law or regulation of the Commonwealth of Australia or the Prudential Standards, or any official administrative pronouncement or action or judicial decision interpreting or applying such law, regulation or Prudential Standards, which amendment, clarification or change is effective, or pronouncement, action or decision is announced, on or after the Issue Date; or
(ii) written confirmation is received from APRA after the Issue Date that, the Issuer is not or will not be entitled to treat all of the Subordinated Notes of a Series as Tier 2 Capital in whole provided that, in each case, the Issuer did not expect at the Issue Date that the matter giving rise to the Regulatory Event would occur.
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