Westpac Capital Notes 6
Westpac Capital Notes 6 (WCN6) are fully paid, non-cumulative, convertible, transferable, redeemable, subordinated, perpetual, unsecured notes issued by Westpac which trade on the ASX under the ASX code WBCPI. Westpac Banking Corporation (Westpac) issued approximately $1.42 billion of WCN 6 on 18 December 2018.
Redemption of Westpac Capital Notes 6 completed
On 31 July 2024, Westpac completed the redemption of all outstanding WCN 6 in accordance with the redemption notice issued by Westpac to WCN 6 holders on 18 June 2024. The related ASX announcement can be found here:
Redemption of outstanding Westpac Capital Notes 6 (PDF 455KB)
Holders have been paid $100 for each WCN 6 held on 31 July 2024. In addition, holders have been paid the final WCN 6 distribution of $0.6661, fully franked, for each WCN 6 held on the record date of 23 July 2024. The final WCN 6 Distribution covers the period from 19 July 2024 to 31 July 2024 (inclusive).
On 18 June 2024, Westpac notified holders of WCN 6 that all outstanding WCN 6 would be redeemed by Westpac on 31 July 2024 in accordance with the amended WCN 6 terms and conditions. The redemption notice was released on the ASX and copies can be found here:
Redemption Notice for Westpac Capital Notes 6 (PDF 458KB)
WCN 6 Reinvestment Offer and amendments to Westpac Capital Notes 6 Terms
On 18 December 2023, Westpac completed the offer of Westpac Capital Notes 10 (WCN 10) (Offer). 17.5 million Notes were issued at $100 each, raising $1.75 billion
The Offer included a Reinvestment Offer to Eligible WCN 6 Holders wishing to reinvest all or some of their WCN 6 in WCN 10. WCN 6 that were reinvested in WCN 10 under the Reinvestment Offer are referred to as Participating WCN 6.
Further details can be found in Section 3 and 4 of the WCN 10 Prospectus available via the Westpac Capital Notes 10 webpage.
On 20 November 2023, Westpac lodged the following documents on the ASX:
- Amendments to the WCN 6 Terms, primarily to facilitate the Reinvestment Offer;
- A letter to WCN 6 Holders, including a description of the Reinvestment Offer; and
- Nominated Party Deed Poll, containing the undertaking by the Nominated Party to acquire each Participating Westpac Capital Note 6 for $100.
These announcements are available below:
Amended Westpac Capital Notes 6 Terms (PDF 502KB), lodged 20 November 2023
Letter to Eligible Westpac Capital Notes 6 Holders and Transfer Notice (PDF 115KB), lodged 20 November 2023
Distribution payment history
| Distribution payment date | Distribution rate per annum | Cash amount of Distribution per Westpac Capital Notes 6 | Number of days in the Distribution period | ASX Announcement |
|---|---|---|---|---|
| 31 July 2024 | 5.6538% | $0.6661 | 43 | 20/06/2024 (PDF 27KB) |
| 18 June 2024 | 5.6340% | $1.4201 | 92 | |
| 18 March 2024 | 5.6468% | $1.4078 | 91 | |
| 18 December 2023 | 5.4779% | $1.3657 | 91 | |
| 18 September 2023 | 5.6107% | $1.4142 | 92 | |
| 19 June 2023 | 5.1720% | $1.3036 | 92 | |
| 20 March 2023 | 4.8310% | $1.1912 | 90 | |
| 19 December 2022 | 4.5787% | $1.1415 | 91 | |
| 19 September 2022 | 3.8753% | $0.9768 | 92 | |
| 20 June 2022 | 2.7161% | $0.6846 | 92 | |
| 18 March 2022 | 2.6355% | $0.6498 | 90 | |
| 20 December 2021 | 2.5990% | $0.6480 | 91 | |
| 20 September 2021 | 2.6097% | $0.6578 | 92 | |
| 18 June 2021 | 2.6105% | $0.6580 | 92 | |
| 18 March 2021 | 2.5997% | $0.6410 | 90 | |
| 18 December 2020 | 2.6530% | $0.6614 | 91 | |
| 18 September 2020 | 2.6635% | $0.6713 | 92 | |
| 18 June 2020 | 3.0454% | $0.7676 | 92 | |
| 18 March 2020 | 3.2130% | $0.8010 | 91 | |
| 18 December 2019 | 3.2711% | $0.8155 | 91 | |
| 18 September 2019 | 3.4727% | $0.8753 | 92 | |
| 18 June 2019 | 3.8732% | $0.9763 | 92 | |
| 18 March 2019 | 4.0129% | $0.9895 | 90 |
Prospectus and Notes Deed Poll
Prospectus (PDF 1MB), relating to Westpac Capital Notes 6, dated 20 November 2018.
Notes Deed Poll (PDF 1MB), relating to Westpac Capital Notes 6, dated 19 November 2018.
Refer to the Prospectus for information regarding the Notes Deed Poll.
2018 Announcements and investor presentation
- ASX Westpac Capital Notes 6 Issue Announcement, 18 December 2018 (PDF 419KB)
- ASX Westpac Capital Notes 6 Completion of Bookbuild, 19 November (PDF 90KB)
- ASX Westpac Capital Notes 6 Offer Announcement, 12 November 2018 (PDF 71KB)
- ASX Westpac Capital Notes 6 Investor Presentation, 12 November 2018 (PDF 1MB)
- ASX Letter to Eligible Westpac Capital Notes Holders and Transfer Notice, 12 November 2018 (PDF 445KB)
ATO Class Ruling
On 16 January 2019, the Australian Taxation Office issued a Class Ruling, which confirms the Australian tax consequences for certain holders of Westpac Capital Notes 6. You can view a copy of the Class Ruling here. ATO Class Ruling (PDF 213KB)
Guidance for retail investors
ASIC Guidance
Further guidance on investing in bank hybrid securities can be found on ASIC’s MoneySmart website.
Westpac's Guide to Bank Hybrids
Westpac’s Guide to Bank Hybrids is a web-based guide that may help investors understand some of the typical features and risks associated with an investment in bank hybrid securities.
The Guide to Bank Hybrids may be helpful when you are considering an investment in the Notes.
Professional Advice
This website and information in the Prospectus is not investment advice and has been prepared without taking into account your investment objectives, financial situation and particular needs (including financial and taxation considerations) as an investor. In deciding whether to invest in Notes, you should read the Prospectus in its entirety (including the investment risks in Sections 1.5 and 5) and seek professional advice from a financial adviser or other professional adviser.
You can speak to your stockbroker, solicitor, accountant or other independent and qualified professional adviser about the Offer and the Notes. You can also find a financial adviser that suits you on the following websites:
- https://www.moneysmart.gov.au/investing/financial-advice/choosing-a-financial-adviser; or
- https://faaa.au/find-a-planner/
Please be aware that consultation with a financial adviser will likely incur fees and costs and may take time to complete.
Things you should know
More information
If you have any questions regarding the Notes, please call the Westpac Capital Notes 6 Information Line (Monday to Friday, 8.30am to 5.30pm, Sydney time) on 1300 653 497 (within Australia) and
+61 1300 653 497 (from outside Australia).
Unless otherwise defined, capitalised terms used on this website have the same meaning as those in the Prospectus. A reference to ‘Prospectus’ on this website is a reference to either the original Prospectus or any supplementary or replacement Prospectus (including the electronic form of the Prospectus) in relation to the Offer (as the context requires).