Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

Westpac NZD Subordinated Notes


The information on this page is only applicable to persons who are resident in New Zealand, who are not a resident of the United States or Australia, who are not US Persons (as defined in Regulation S under the United States Securities Act of 1933, as amended), who are not acting for the account or benefit of a US Person and who are not prohibited by the laws of any jurisdiction from accessing the Product Disclosure Statement or this website.

Redemption Notice for Westpac NZD Subordinated Notes (Notes)

On 9 July 2021, Westpac Banking Corporation, acting through its Sydney head office (Westpac), notified Notes holders that it would redeem all Notes on issue on 1 September 2021 (being the First Optional Redemption Date for the Notes).

A copy of the letter and the redemption notice sent or emailed to Notes holders can be found here: Letter and redemption notice for Westpac NZD Subordinated Notes (PDF 182KB)

Holders of Notes will be paid the redemption proceeds of NZ$1.00 for each Note, together with the final interest payment for the period from 1 June to 31 August 2021 (inclusive) on any Notes, held on the Record Date of 20 August 2021. The interest rate for this period is 4.6950% per annum.

The offer of Westpac NZD Subordinated Notes (Offer) is now closed.

On 1 September 2016, Westpac issued NZ$400 million of  unsecured, subordinated, fixed rate Notes at a price of NZ$1.00 per Note.

The Notes commenced trading on the NZX Debt Market on 2 September 2016 under the NZX ticker code WBC010.

Westpac Banking Corporation (acting through its New Zealand branch) was Arranger and a Joint Lead Manager for the Offer. BNZ, Deutsche Craigs, First NZ Capital, Forsyth Barr and Macquarie were the other Joint Lead Managers. JBWere and Macquarie Equities were Co-Managers for the Offer.

There are restrictions on offering, issuing or selling the Notes outside New Zealand, as set out in the Product Disclosure Statement (PDF 515KB) for the Offer dated 26 July 2016. There is other useful information about this Offer on

The Notes are complex financial products that are not suitable for many investors. If you do not fully understand how the Notes work or the risks associated with them, then you should not invest in them. You should read the Product Disclosure Statement for the Notes in full. You can seek advice from a financial adviser to help you make an investment decision.


Key dates

Rate Set Date 4 August 2016
Opening  Date 5 August 2016
Closing Date 26 August 2016
Issue and Allotment Date 1 September 2016
Initial quotation and trading of the Notes on the NZX Debt Market 2 September 2016
Interest Payment Dates 1 March, 1 June, 1 September and 1 December in each year
First Interest Payment Date 1 December 2016
First Optional Redemption Date 1 September 2021
Maturity Date 1 September 2026
Things you should know

Terms and conditions of website

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

Terms and Conditions document (PDF 212KB)