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Westpac Subordinated Notes II

Redemption of Westpac Subordinated Notes II

Westpac Banking Corporation redeemed all of its Westpac Subordinated Notes II (Notes) (representing 9,252,850 Notes at $100 each) on their first optional redemption date of 22 August 2018.

Each holder of Westpac Subordinated Notes II was paid the face value of $100 and a final interest payment of $1.0700 (for the interest period from 22 May 2018 to 21 August 2018, inclusive) for each Note held on 14 August 2018 (the record date for final payments).

Below is a copy of the Australian Securities Exchange (ASX) redemption annoucement, which was lodged with the ASX on 22 August 2018.

redemption announcement (PDF 186KB)

For further information, call the Westpac Subordinated Notes II information line on +61 1300 551 756 (Monday to Friday, 8:30am to 5:30pm Sydney time).

About Westpac Subordinated Notes II

On 22 August 2013, Westpac issued 9,252,850 Westpac Subordinated Notes II, at an Issue Price of $100 each, raising approximately $925 million of Tier 2 Capital. The Notes traded under the ASX code WBCHB. The last day of trading in Notes on the ASX was 10 August 2018.

Further details on the Notes, including the Note Conditions, can be found in the Prospectus and Deed Poll relating to the Notes.

WSN II Prospectus (PDF 2MB)

Deed Poll (PDF 1MB)

 

Interest payments on Westpac Subordinated Notes II

The Notes paid a floating rate of Interest, quarterly in arrear, equal to the sum of the 90 day Bank Bill Rate plus the Margin. The Margin was 2.30% per annum.  

 

 

Interest payment date 90 day bank bill rate Interest rate Interest amount per Westpac Subordinated Note II Number of days in the interest period
22 August 2018  1.9453% p.a.  4.2453% p.a.  $1.0700  92 
22 May 2018  1.7650% p.a.  4.0650% p.a.  $0.9912  89 
22 February 2018  1.7250% p.a.  4.0250% p.a.  $1.0145  92 
22 November 2017 1.7050% p.a.  4.0050% p.a.  $1.0095  92 
22 August 2017  1.7350% p.a.  4.0350% p.a.  $1.0170  92 
22 May 2017 1.7800% p.a. 4.0800% p.a. $0.9948 89
22 February 2017 1.7550% p.a. 4.0550% p.a. $1.0221 92
22 November 2016 1.7250% p.a. 4.0250% p.a. $1.0145 92
22 August 2016 1.9950% p.a. 4.2950% p.a. $1.0826 92
23 May 2016 2.2767% p.a. 4.5767% p.a. $1.1285 90
22 February 2016 2.2500% p.a. 4.5500% p.a. $1.1468 92
23 November 2015 2.1150% p.a. 4.4150% p.a. $1.1128 92
25 August 2015 2.1300% p.a. 4.4300% p.a. $1.1166 92
22 May 2015 2.3167% p.a. 4.6167% p.a. $1.1257 89
23 February 2015 2.7250% p.a. 5.0250% p.a. $1.2666 92
24 November 2014 2.6350% p.a. 4.9350% p.a. $1.2439 92
22 August 2014 2.7050% p.a. 5.0050% p.a. $1.2615 92
22 May 2014 2.6267% p.a. 4.9267% p.a. $1.2013 89
24 February 2014 2.5850% p.a. 4.8850% p.a. $1.2313 92
22 November 2013 2.6000% p.a. 4.9000% p.a. $1.2351 9

Announcements and investor presentation

ASIC guidance for retail investors

ASIC has published guidance for retail investors who are considering investing in hybrid securities called "Hybrid securities and notes" (under the heading "Complex investments" at www.moneysmart.gov.au/investing).

Free copies of the ASIC guidance can be obtained from ASIC's website at www.moneysmart.gov.au/investing or by calling ASIC on 1300 300 630 from Australia or +61 3 5177 3988 (from outside Australia).

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.

Terms and Conditions of website 

Terms and conditions (PDF 213KB)

Unless otherwise defined, capitalised terms used on this website have the same meaning as those in the Prospectus.