Bond Factsheet
WSTP 4.110% 24Jul2034 Corp (USD)
Westpac Banking Corp
Indicative
Full Lot
Bid Price 95.719
Change in Bid Price 0.272
Bid Yield (%) 5.785 %
Change in Bid Yield 0.108
Ask Price 95.938
Change in Ask Price 0.260
Ask Yield (%) 5.697 %
Change in Ask Yield 0.103
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
16 Jul 2019
Issue Date
24 Jul 2019
Maturity Date
24 Jul 2034
Years to Maturity / Next Call
7.807 / 2.804
Modified Duration
6.386 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.110
Coupon Type
Variable
Annual Coupon Rate
4.110
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 24 July 2029
Reset Rate: 5Y UST + Spread (2.000%)
ISIN
US961214EF61
CUSIP
961214EF6
Bond Currency
USD
Total Issue Size
1,250,000,000
Min. Investment Quantity (Nominal)
USD 2,000
Incremental Quantity (Nominal)
USD 1,000
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
Others
Loss Absorption
Non-viability, Conversion and Write-off
The notes are subject, upon the occurrence of a Non-Viability Trigger Event, to Conversion or possible Write-off , as more fully described in the accompanying prospectus. If any notes are Converted following a Non-Viability Trigger Event, it is likely that the Maximum Conversion Number will apply and limit the number of Ordinary Shares to be issued. In this case, the value of the Ordinary Shares received is likely to be significantly less than the Outstanding Principal Amount of those notes. The Australian dollar may depreciate in value against the U.S. dollar by the time of Conversion. In that case, the Maximum Conversion Number is more likely to apply.
If Conversion of the notes (or a percentage of the Outstanding Principal Amount of the notes) does not occur for any reason (including, for example, due to applicable law, order of a court or action of any government authority, including regarding the insolvency, Winding-Up or other external administration of Westpac or as a result of Westpac's inability or failure to comply with its obligations under the terms and conditions of the notes in relation to Conversion)within five ASX Business Days after the Non-Viability Trigger Event Date (each as defined in Section 4 under "Description of the Subordinated Debt Securities—Additional Provisions" in the accompanying prospectus), the notes(or a percentage of the Outstanding Principal Amount of the notes to be Converted) will be Written-off and the holders' rights in relation to the notes (including with respect to payments of interest or accrued interest, and the repayment of Outstanding Principal Amount and, upon Conversion, the receipt of Ordinary Shares issued in respect of such notes)will be immediately and irrevocably written-off and terminated with effect on and from the Non-Viability Trigger Event Date, as described under "Description of the Subordinated Debt Securities—Additional Provisions" in the accompanying prospectus.
Additional Provisions
The subordinated indenture provides that each holder of Subordinated Debt Securities by its purchase or holding of a Subordinated Debt Security is deemed to acknowledge that:
(a) Westpac intends that the Subordinated Debt Securities constitute Tier 2 Capital and be able to absorb losses at the point of non-viability as described in the Prudential Standards;
(b) Westpac's obligations in respect of the Subordinated Debt Securities are subordinated as described in Section 1.2 below; and
(c) the Subordinated Debt Securities are subject to Conversion or Write-off as described below in Sections 2 and 3. There are two methods of loss absorption:
(i)Conversion, subject to possible Write-off as described below in Section 2.2; or
(ii)Write-off without Conversion as described below in Section 2.2.
Unless the applicable prospectus supplement or term sheet specifies otherwise, the primary method of loss absorption will be Conversion, subject to possible Write-off as described below in Section 2.2.
Solvency Condition
All of the Issuer’s obligations to make payments in respect of the notes are subject to it being Solvent. If the Issuer is not Solvent, no payment will be made in respect of the notes. The Issuer’s failure to pay in such circumstances will not be an event of default and any unpaid Outstanding Principal Amount will accrue interest and interest not paid will accumulate with compounding until it is paid and will be payable on the first Business Day on which the Issuer is Solvent.
Issuer Call
If the Issuer redeems the notes in these circumstances, the redemption price of each note redeemed will be equal to 100% of the Outstanding Principal Amount of such note. In addition, we will pay to the holders of the notes redeemed in these circumstances accrued but unpaid interest to, but excluding, the date of redemption.
Reset Date: The Interest Payment Date on July 24, 2029, subject to the Business Day Convention
Additional Note
The subordinated indenture provides that if a Regulatory Event (as defined below) has occurred, Westpac may, subject to the conditions described below and provided that Westpac has obtained a supporting opinion of advisers of recognized standing in Australia or confirmation from APRA, redeem all, but not less than all, of any series of Subordinated Debt Securities at a redemption price, equal to the Outstanding Principal Amount of the Subordinated Debt Securities to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. (Section 13.6of the subordinated indenture.)
A "Regulatory Event" shall, with respect to any of the Subordinated Debt Securities of a series, mean that either:
• 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 of the Subordinated Debt Securities of such series; or
• written confirmation is received from APRA after the issue date of the Subordinated Debt Securities of such series that,
Westpac is not or will not be entitled to treat all of the Subordinated Debt Securities of such series as Tier 2 Capital in whole, provided that, in each case, Westpac did not expect at the issue date of the Subordinated Debt Securities of such series that the matter giving rise to the Regulatory Event would occur.
No set-off
The subordinated indenture provides that neither Westpac nor the trustee or any holder of Subordinated Debt Securities is entitled to set-off any amounts due in respect of Subordinated Debt Securities held by the holder against any amount of any nature owed by Westpac to such holder or by such holder to Westpac.
Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
Bond Calculator
Yield Calculation
Investment Amount
Nominal Value-
Principal Amount-
Accrued Interest-
Total Payable-
Cash Flow Information