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Other Westpac securities

Westpac hybrid securities, preference shares, capital notes and subordinated notes listed on the Australian Securities Exchange.

Westpac Capital Notes - amendment by Government of hybrid mismatch rules

Westpac notes that the Government amended the hybrid mismatch rules in September 2020.

Prior to this amendment, the hybrid mismatch rules had potential application to Westpac’s hybrid capital securities issued after 9 May 2017, which include Westpac Capital Notes 5, Westpac Capital Notes 6 and Westpac Capital Notes 7 (Relevant Westpac Capital Notes).

The relevant provision of the hybrid mismatch rules, being the so-called “anti-hybrid” provision in section 207-158 of the Income Tax Assessment Act 1997 (Cth), can apply when a franked distribution gives rise to a foreign income tax deduction for the issuer of certain types of equity instruments.

However, following the recent legislative amendment to the anti-hybrid provision, it is now clear that this provision will not apply to deny franking credits or tax offsets to holders on their distributions on Relevant Westpac Capital Notes.

Holders of Relevant Westpac Capital Notes do not need to take any action at this time in respect of this recent amendment to the anti-hybrid provision.

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 bank hybrid 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.
 

Latest distribution/interest/dividend payments

Security Payment date Rate per annum Amount per note/share
Westpac Capital Notes 6   18 December 2020 2.6530% $0.6614
Westpac Capital Notes 3 22 December 2020 2.8630% $0.14121
Westpac Capital Notes 5 22 December 2020 2.3030% $0.5742
Westpac Capital Notes 2   23 December 2020 2.1910% $0.5462
Westpac Capital Notes 4
30 December 2020 3.4950% $0.8714
Westpac NZD Subordinated Notes 1 December 2020 4.6950% NZ$0.0117375
1 Second Pro-Rata Westpac Capital Notes 3 Distribution for the period from 5 December 2020 to 22 December 2020, inclusive. Refer to the Westpac Capital Notes 3 website for further information.
 
 
 

Upcoming distribution/interest/dividend payments

Security Payment date Rate per annum Amount per note/share
Westpac NZD Subordinated Notes 1 March 2021 4.6950% NZ$0.0117375
Westpac Capital Notes 6    18 March 2021 2.5997%1 $0.64101
Westpac Capital Notes 7 22 March 2021 2.3916%1 $0.71421
Westpac Capital Notes 5    22 March 2021 2.2470%1 $0.55411
Westpac Capital Notes 3 22 March 2021 2.8070%1 $0.69211
Westpac Capital Notes 2    23 March 2021 2.1420%1 $0.52821
Westpac Capital Notes 4  30 March 2021 3.4370%1 $0.84751
 
 
 
 
 

1 Expected rate/amount per note/share

 

Securities currently on issue

Security ASX code Issue date
Westpac Capital Notes 7 WBCPJ December 2020
Westpac Capital Notes 6 WBCPI  December 2018 
Westpac Capital Notes 5                              WBCPH March 2018
Westpac Capital Notes 4  WBCPG June 2016
Westpac Capital Notes 3  WBCPF September 2015
Westpac Capital Notes 2 WBCPE June 2014
Security NZX code Issue date
Westpac NZD Subordinated Notes WBC010 September 2016

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