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Westpac NZD Subordinated Notes

Introduction

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.
 

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

On 1 September 2016, Westpac Banking Corporation, acting through its Sydney head office (Westpac), issued NZ$400 million of  unsecured, subordinated, fixed rate notes (Notes) at an issue 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 www.business.govt.nz/disclose.

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

Interest Payments

The Notes pay a fixed rate of interest subject to Westpac satisfying the solvency condition.

The Interest Rate for the period from 1 September 2016 to (but not including) 1 September 2021 is 4.6950% per annum. The cash amount of interest scheduled to be paid quarterly in arrears is NZ$0.0117375 per Note.

The interest rate will be reset on 1 September 2021 for a further five years.

Product Disclosure Statement and other relevant documents

1. Westpac NZD Subordinated Notes Offer Product Disclosure Statement - lodged with NZX on 26 July 2016 (PDF 515KB)

2. Westpac NZD Subordinated Notes Offer Master Deed Poll (PDF 140KB)

3. Westpac NZD Subordinated Notes Offer Supplemental Deed Poll (including Conditions) (PDF 271KB)

4. Westpac NZD Subordinated Notes Offer Final Terms Sheet (PDF 127KB).  

Announcements and roadshow presentation 

1. NZX Westpac considers NZD Subordinated Notes Offer (PDF 201KB)

2. NZX Westpac launches NZD Subordinates Notes Offer (PDF 265KB)

3. Westpac NZD Subordinated Notes Offer Roadshow Presentation, 26 July 2016 (PDF 1MB)

4. Westpac announces interest rate for NZD Subordinated Notes (PDF 212KB)

5. Allotment Notice for Westpac NZD Subordinated Notes (PDF 60KB)

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)