Bond Factsheet
WSTP 5.972% 10Jul2034 Corp (AUD)
Westpac Banking Corp
Indicative
Full Lot
Bid Price 99.729
Change in Bid Price 0.161
Bid Yield (%) 6.071 %
Change in Bid Yield 0.060
Ask Price 99.868
Change in Ask Price 0.164
Ask Yield (%) 6.020 %
Change in Ask Yield 0.061
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
03 Jul 2024
Issue Date
10 Jul 2024
Maturity Date
10 Jul 2034
Years to Maturity / Next Call
7.773 / 2.770
Modified Duration
6.031 @ 01 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.972
Coupon Type
Variable
Annual Coupon Rate
5.972
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 10 July 2029 and every quarterly thereafter
Reset Rate: 3 Month BBSW + Initial Margin (1.670%)
ISIN
AU3CB0311140
CUSIP
YW1615957
Bond Currency
AUD
Total Issue Size
500,000,000
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)
***/ A-
Shariah Compliant
No
Exchange Listed
No
Loss Absorption
Conversion Following a Non-Viability Trigger Event
The primary method of loss absorption is Conversion, subject to possible Write-off. Upon a Non-Viability Trigger Event occurring, the Issuer must Convert (subject to Condition 5.3 (“No further rights”)) all or some Subordinated Notes (or a percentage of the Outstanding Principal Amount of each Subordinated Note).
If for any reason Conversion of a Subordinated Note (or a percentage of the Outstanding Principal Amount of each Subordinated Note) required to be Converted under Condition 5.1 (“Non-Viability Trigger Event”) does not occur within five ASX Business Days after the Non-Viability Trigger Event Date, then the relevant Holders’ rights and claims in relation to such Subordinated Notes or the percentage of the Outstanding Principal Amount of such Subordinated Notes to be Converted (including to payments of interest or accrued but unpaid interest, any Additional Amounts and the repayment of the Outstanding Principal Amount and, in the case of Conversion, to be issued with the Conversion Number of Ordinary Shares in respect of such Subordinated Notes or percentage of the Outstanding Principal Amount of each Subordinated Note), are immediately and irrevocably written-off and terminated with effect on and from the Non-Viability Trigger Event Date and investors will lose all or some of their investment and will not receive any compensation.
In respect of Conversion, Condition 6.10 (“Conversion: Clearing Systems, where the Holder does not wish to receive Ordinary Shares or is an Ineligible Holder”) includes a provision that enables the sale of shares, on Conversion, for cash, subject to possible Write-off.
Non-Viability Trigger Event
A Non-Viability Trigger Event will occur when APRA notifies the Issuer in writing that it believes:
Conversion or Write-off of Subordinated Notes or conversion, write-off or write down of the Relevant Securities is necessary because, without it, the Issuer would become non-viable; or
• a public sector injection of capital, or equivalent support, is necessary because, without it, the Issuer would become non-viable.
Issuer Call
First Optional Redemption Date and each Interest Payment Date thereafter up to (but excluding) the Maturity Date. Any early redemption will be subject to the prior written approval of APRA. Any such approval is at the discretion of APRA and may or may not be given and Holders should not expect that APRA’s approval will be given if requested by the Issuer. Any redemption of Subordinated Notes does not imply or indicate that the Issuer will in future exercise any right it may have to redeem any other outstanding regulatory capital instruments issued by the Issuer. Any such redemption would also be subject to APRA’s prior written approval (which may or may not be given).
First Optional Redemption Date 10 July 2029
Additional Note
The Issuer may redeem the Subordinated Notes before the Maturity Date for certain tax and regulatory reasons. Redemption at the Outstanding Principal Amount together with accrued but unpaid interest (if any). Any early redemption is subject to prior written APRA approval. Holders should not expect that APRA approval will be forthcoming. Holders have no right to request redemption before the Maturity Date.
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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