Bond Factsheet
WSTP 5.815% 04Jun2040 Corp (AUD)
Westpac Banking Corp
Indicative
Full Lot
Bid Price 93.415
Change in Bid Price 0.490
Bid Yield (%) 6.736 %
Change in Bid Yield 0.059
Ask Price 93.735
Change in Ask Price 0.575
Ask Yield (%) 6.699 %
Change in Ask Yield 0.069
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
27 May 2025
Issue Date
04 Jun 2025
Maturity Date
04 Jun 2040
Years to Maturity / Next Call
13.673 / 8.668
Modified Duration
8.925 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.815
Coupon Type
Variable
Annual Coupon Rate
5.815
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 04 June 2035 and every quarter thereafter
Reset Rate: 3 month BBSW + Initial Margin (1.780%)
ISIN
AU3CB0322337
CUSIP
YO8695620
Bond Currency
AUD
Total Issue Size
1,500,000,000
Min. Investment Quantity (Nominal)
AUD 10,000
Incremental Quantity (Nominal)
AUD 10,000
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.
Maximum Conversion Number
Maximum Conversion Number means a number calculated according to the following formula:
Maximum Conversion Number for each Subordinated Note =
Outstanding Principal Amount of the Subordinated Note / 0.20 x Issue Date VWAP
where:
Outstanding Principal Amount has the meaning given to it in Condition 1.1 (“Definitions”), as adjusted in accordance with Condition 6.13 (“Conversion or Write-off of a percentage of Outstanding Principal Amount”).
Issue Date VWAP means, in respect of Subordinated Notes of a Series, the VWAP during the period of 20 ASX Business Days on which trading in Ordinary Shares took place immediately preceding (but not including) the first date on which any Subordinated Notes of that Series were issued, as adjusted in accordance with Condition 6 (“Procedures for Conversion”).
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: 4 June 2035
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 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). Holders have no right to request redemption before the Maturity Date.
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