WSTP 4.650% 07Sep2032 Corp (SGD)

Bond Factsheet

Westpac Banking Corp

Indicative

Full Lot

Bid Price

101.513

Change in Bid Price

remove 0.012

Bid Yield (%)

2.959 %

Change in Bid Yield

0.008

Ask Price

101.913

Change in Ask Price

remove 0.012

Ask Yield (%)

2.520 %

Change in Ask Yield

0.007

Indicative price as of 06 Oct 2026, 4:04pm

chevron_leftchevron_right

Bond Information

Westpac Banking Corporation provides banking services. The Bank offers accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and internet banking services. Westpac Banking serves customers worldwide.

Bond Issuer

Westpac Banking Corp

Guarantor

Announcement Date

30 Aug 2022

Issue Date

07 Sep 2022

Maturity Date

07 Sep 2032

Years to Maturity / Next Call

5.924 / 0.918

Modified Duration

5.137 @ 06 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.650

Coupon Type

Variable

Annual Coupon Rate

4.650

Coupon Frequency

Semi Annually

Seniority

Subordinated

Capital Structure

Tier 2

Reference Rate

Reset Date: 7 Sep 2027
Reset Rate: 5YR SORA OIS + Initial Spread (1.751%)

ISIN

XS2529229036

CUSIP

BY7400785

Bond Currency

SGD

Total Issue Size

450,000,000

Min. Investment Quantity (Nominal)

SGD 250,000

Incremental Quantity (Nominal)

SGD 250,000

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

Exchange Listed

Others

Bond Feature(s)

Loss Absorption

Tier 2

Solvency Condition:

Prior to a Winding-Up, the Issuer’s obligation to make any payment of principal, interest or Additional Amounts in respect of the Subordinated Instruments shall be conditional on the Issuer being Solvent at the time of making the payment or other amount owing becomes due and no payment of principal, interest or Additional Amounts shall be made in respect of Subordinated Instruments except to the extent that the Issuer may make such payment and still be Solvent immediately thereafter.

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 may be required to Convert (subject to provisions described in Condition 5.1(b) (“Non-Viability Trigger Event”) all or some Subordinated Instruments (or a percentage of the Outstanding Principal Amount of each Subordinated Instrument).

If for any reason Conversion of a Subordinated Instrument (or a percentage of the Outstanding Principal Amount of each Subordinated Instrument) required to be Converted under Condition 5.1 does not occur within 5 ASX Business Days after a Non-Viability Trigger Event Date, then the relevant Holders’ rights and claims in relation to such Subordinated Instruments or a percentage of the Outstanding Principal Amount of such Subordinated Instrument to be Converted (including to payments of interest, - 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 Instruments or percentage of the Outstanding Principal Amount of each Subordinated Instrument), 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 Instruments or conversion, write-off or write down of 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

Early Redemption (Regulatory Event)

The Issuer may redeem the Subordinated Instruments before the Maturity Date for certain tax and regulatory reasons. Any early redemption is subject to APRA’s prior written approval. Holders should not expect that APRA approval will be given. Holders have no right to request redemption before the Maturity Date. Redemption at the Outstanding Principal Amount together with accrued but unpaid interest (if any).

The primary method of loss absorption is Conversion, subject to possible Write-off in accordance with Condition 5.3.

For the purposes of:

• Condition 6.1, the formula to be used for calculating the Conversion Number, P is 0.99; and
• Condition 6.10(b), the Clearing System Cutoff Date is 10 ASX Business Days prior to the Non-Viability Trigger Event Date.

Issuer Call

The Interest Payment Date scheduled to fall on 7 September 2027 (the “Optional Redemption Date”). APRA’s prior written approval is required by the Issuer to redeem the Subordinated Instruments on the Optional Redemption Date. Holders should not expect that APRA approval will be given. Redemption at the Outstanding Principal Amount together with accrued but unpaid interest (if any).

First Call Date: 7 September 2027

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.

Coupon Dates	Coupon Receive	Principal Amount	Cash Flow

No Data