The information on this website is for Australian residents only.
Westpac Capital Notes (ASX Code WBCPD) are no longer trading and were removed from official quotation on the ASX at the close of trade on 11 March 2019
Transfer and Redemption of Westpac Capital Notes
On 8 March 2019, Westpac completed the transfer and redemption of all Westpac Capital Notes that remained on issue. The related ASX announcement can be found .
All Westpac Capital Notes were transferred to UBS AG, Australia Branch (the Nominated Party) in accordance with the Transfer Notice issued by Westpac to Westpac Capital Notes holders on 5 February 2019 (Transfer). The Transfer Notice and a letter to holders of Westpac Capital Notes were released on ASX and copies can be found .
As a result of the Transfer, Westpac Capital Notes holders were paid $100 for each Westpac Capital Note held on 8 March 2019. The Westpac Capital Notes Transfer (8 March 2019) - Nominated Party Deed Poll, containing the undertaking by the Nominated Party to acquire all remaining Westpac Capital Notes for $100 each pursuant to the Transfer, as well as a copy of the Westpac Capital Notes Terms (as amended), is available
After completion of the Transfer on 8 March 2019, all Westpac Capital Notes held by the Nominated Party were redeemed for their Face Value of $100 each.
Westpac Capital Notes 6 Reinvestment Offer and Amendments to Westpac Capital Notes Terms
On 12 November 2018, Westpac announced an offer of a new ASX listed Additional Tier 1 capital security known as Westpac Capital Notes 6 (Offer). The Offer has closed.
The Offer included a Reinvestment Offer to Eligible Westpac Capital Notes Holders1 to apply to reinvest some or all of their Westpac Capital Notes in an equivalent number of Westpac Capital Notes 6 (as both have a face value of $100 each).
Westpac released the following on ASX:
- amendments to the Westpac Capital Notes Terms primarily to facilitate the Reinvestment Offer;
- a letter to Eligible Westpac Capital Notes Holders including a description of the Reinvestment Offer;
- a Transfer Notice regarding any Westpac Capital Notes reinvested under the Reinvestment Offer; and
- Westpac Capital Notes Transfer (Reinvestment Capital Notes) - Nominated Party Deed Poll containing the undertaking by the Nominated Party to acquire each Westpac Capital Note reinvested under the Reinvestment Offer for $100
These announcements are available below:
1Eligible Westpac Capital Notes Holders were registered holders of Westpac Capital Notes at 7.00pm (Sydney time) on 5 November 2018 and were shown on the Westpac Capital Notes Register as having an address in Australia.
If you have any questions regarding your Westpac Capital Notes holding please call the Westpac Capital Notes Information Line (Monday to Friday, 8.30am to 5.30pm, Sydney time) on +61 1300 133 814
What were Westpac Capital Notes?
Westpac Capital Notes were fully paid, non-cumulative, convertible, transferable, redeemable, subordinated, perpetual, unsecured notes issued by Westpac, which ranked in priority to Ordinary Shares in a Winding Up.
Distributions on Westpac Capital Notes
Westpac Capital Notes offered Holders non-cumulative, floating rate Distributions paid quarterly in arrear, on 8 March, 8 June, 8 September and 8 December, commencing on 8 June 2013. The final Distribution was paid on 8 March 2019.
Distributions were calculated as follows:
(Distribution Rate x Face Value x N) divided by 365
- The Face Value was $100.00 per Westpac Capital Note.
- N was the number of days in the Distribution Period, being the period from (but excluding) the previous Distribution Payment Date, or from (but excluding) the Issue Date in the case of the first Distribution Period, to (and including) the next Distribution Payment Date.
The Distribution Rate was a floating rate based on a Margin over the 90 day Bank Bill Rate, calculated using the following formula:
(90 day Bank Bill Rate + Margin) x (1 – Tax Rate)
- The 90 day Bank Bill Rate was set on the first Business Day of each Distribution Period, except for the first Distribution Period, where the 90 day Bank Bill Rate was determined on the Issue Date.
- The Margin was 3.20% per annum.
- The Tax Rate was the Australian corporate tax rate applicable to the franking account of Westpac as at the relevant Distribution Payment Date expressed as a decimal in the formula, 0.30.
6.The potential value of franking credits did not accrue to Holders at the same time as Holders received the cash Distributions, and a Holder's ability to use the franking credits depends on that Holder's individual tax position.
Distribution payment history
|Distribution payment date||Distribution rate per annum||Cash amount of Distribution per Westpac Capital Note||Number of days in the distribution period|
|8 March 2019
|18 December 2018
|10 December 2018||3.5923%||$0.8956||91|
|8 June 2018||3.5735%||$0.9007||92|
|8 March 2018||3.4685%||$0.8552||90|
|8 December 2017||3.4545%||$0.8613||91|
|8 September 2017||3.4475%||$0.8690||92|
|8 June 2017||3.4965%||$0.8813||92|
|8 March 2017||3.4755%||$0.8570||90|
|8 December 2016||3.4475%||$0.8595||91|
|8 September 2016||3.6575%||$0.9219||92|
|8 June 2016||3.8640%||$0.9739||92|
|8 March 2016||3.8500%||$0.9599||91|
|8 December 2015||3.7555%||$0.9363||91|
|8 September 2015||3.7403%||$0.9428||92|
|9 June 2015||3.8710%||$0.9757||92|
|10 March 2015||4.1440%||$1.0218||90|
|8 December 2014||4.0775%||$1.0166||91|
|8 September 2014||4.1148%||$1.0372||92|
|10 June 2014||4.0915%||$1.0313||92|
|11 March 2014||4.0518%||$0.9991||90|
|9 December 2013||4.0423%||$1.0078||91|
|9 September 2013||4.1796%||$1.0535||92|
|11 June 2013||4.3540%||$1.0974||92|
Prospectus and Notes Deed Poll
Refer to Section 2.13 of the Prospectus for information regarding the Notes Deed Poll.
ATO Class Ruling
2013 ASX announcements and Investor Presentation
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.