Westpac Subordinated Notes redemption
Westpac Banking Corporation (ABN 33 007 457 141) (Westpac) redeemed all of its Westpac Subordinated Notes (representing 16,762,190 Westpac Subordinated Notes at $100 each) on their first optional Redemption Date of 23 August 2017.
Each holder of Westpac Subordinated Notes was paid the face value of $100 and a final interest payment of $1.1305 (for the interest period from, and including, 23 May 2017 to, but excluding, 23 August 2017) for each Westpac Subordinated Note held on the register on 15 August 2017 (the record date for the final payments).
Below is a copy of the ASX redemption announcement which was lodged with the ASX on 23 August 2017.
ASX redemption announcement (PDF 189KB) – 23 August 2017
About Westpac Subordinated Notes
On 23 August 2012, Westpac issued 16,762,190 Westpac Subordinated Notes, at an issue price of $100 each, raising approximately $1.68 billion of Tier 2 capital. Westpac Subordinated Notes traded on the Australian Securities Exchange (ASX) under the ASX code WBCHA. The last trading day of Westpac Subordinated Notes on the ASX was 11 August 2017.
Further details on Westpac Subordinated Notes, including the terms, are included in the Information Memorandum dated 23 July 2012. Unless otherwise defined, capitalised terms used on this website have the meanings given in the Information Memorandum.
Download an electronic copy of the Information Memorandum dated 23 July 2012 (PDF 884KB)
Download an electronic copy the Deed Poll relating to the Westpac Subordinated Notes (PDF 2MB). Refer to the Information Memorandum for information regarding the Deed Poll.
Interest payments
Westpac Subordinated Notes paid a floating rate of interest equal to the sum of the Margin and the 90 day Bank Bill Rate, quarterly in arrear. The Margin was 2.75% per annum.
See Section 1.2 of the Information Memorandum (PDF 884KB) for more detail on interest payments.
| Interest payment date | 90 day bank bill rate | Interest rate | Interest amount per Westpac Subordinated Note | Number of days in the interest period |
|---|---|---|---|---|
| 23 August 2017 | 1.7350% p.a. | 4.4850% p.a. | $1.1305 | 92 |
| 23 May 2017 | 1.7800% p.a. | 4.5300% p.a. | $1.1046 | 89 |
| 23 February 2017 | 1.7550% p.a. | 4.5050% p.a. | $1.1355 | 92 |
| 23 November 2016 | 1.7250% p.a. | 4.4750% p.a. | $1.1279 | 92 |
| 23 August 2016 | 1.9950% p.a. | 4.7450% p.a. | $1.1960 | 92 |
| 23 May 2016 | 2.2800% p.a | 5.0300% p.a | $1.2403 | 90 |
| 23 February 2016 | 2.2500% p.a. | 5.0000% p.a. | $1.2603 | 92 |
| 23 November 2015 | 2.1150% p.a. | 4.8650% p.a. | $1.2262 | 92 |
| 25 August 2015 | 2.1250% p.a. | 4.8750% p.a. | $1.2288 | 92 |
| 25 May 2015 | 2.3167% p.a. | 5.0667% p.a. | $1.2354 | 89 |
| 23 February 2015 | 2.7250% p.a. | 5.4750% p.a. | $1.3800 | 92 |
| 24 November 2014 | 2.6350% p.a. | 5.3850% p.a. | $1.3573 | 92 |
| 25 August 2014 | 2.6900% p.a. | 5.4400% p.a. | $1.3712 | 92 |
| 23 May 2014 | 2.6267% p.a. | 5.3767% p.a. | $1.3110 | 89 |
| 24 February 2014 | 2.5850% p.a. | 5.3350% p.a. | $1.3447 | 92 |
| 25 November 2013 | 2.5892% p.a. | 5.3392% p.a. | $1.3458 | 92 |
| 23 August 2013 | 2.8100% p.a. | 5.5600% p.a. | $1.4014 | 92 |
| 23 May 2013 | 2.9783% p.a. | 5.7283% p.a. | $1.3968 | 89 |
| 25 February 2013 | 3.27% p.a. | 6.02% p.a. | $1.5174 | 92 |
| 23 November 2012 | 3.62% p.a. | 6.37% p.a. | $1.6056 | 92 |
ASX announcements
WSN announcements can be sourced and viewed from the Australian Securities Exchange by searching ‘prices and research/announcements’ using the code WBC.
ASX redemption announcement – 23 August 2017 (PDF 189KB)
ASX announcement related to the redemption of Westpac Subordinated Notes - 21 June 2017 (PDF 313KB)
Media release related to Westpac Subordinated Notes Offer Closes dated - 23 August 2012 (PDF 240KB)
Media release Westpac announces Westpac Subordinated Notes Offer dated- 16 July 2012 (PDF 157KB)
View the Investor Presentation - Westpac Subordinated Notes (PDF 785KB)
Westpac's Guide to Bank Hybrids
Westpac's Guide to Bank Hybrids, a web-based guide to help investors understand some of the typical features and risks associated with an investment in hybrid capital securities. The Guide to Bank Hybrids provides a brief overview of hybrid investments, including how to invest in an Australian bank and the typical features and risks of different types of bank hybrids. The Guide to Bank Hybrids may be helpful when you are considering an investment in a bank hybrid.
Enquiries
If you have any questions regarding the Westpac Subordinated Notes, please call the Westpac Subordinated Notes Information Line on +61 1300 551 472 (local call cost within Australia), Monday to Friday, 8.30am to 5.30pm, Sydney time.
Terms and Conditions of website
The information on this website is only available to persons who are not US Persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (US Securities Act), who are not acting for the account or benefit of a US Person and who are not prohibited by the laws of any place outside Australia from accessing the Information Memorandum or dealing in Westpac Subordinated Notes.
Neither the Information Memorandum nor other materials relating to the Offer may be distributed in the United States.
The distribution of the Information Memorandum (including an electronic copy) in jurisdictions outside Australia may be restricted by law. If you are outside Australia and come into possession of a copy of the Information Memorandum, you should seek advice on and observe those restrictions. Failure to comply with these restrictions may violate securities laws.
By accessing and viewing this website you agree to be bound by the Terms and Conditions of this website.