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.
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.
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.
|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|
WSN announcements can be sourced and viewed from the Australian Securities Exchange by searching ‘prices and research/announcements’ using the code WBC.
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.
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.
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