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Redemption of Westpac Subordinated Notes II
Westpac Banking Corporation redeemed all of its Westpac Subordinated Notes II (Notes) (representing 9,252,850 Notes at $100 each) on their first optional redemption date of 22 August 2018.
Each holder of Westpac Subordinated Notes II was paid the face value of $100 and a final interest payment of $1.0700 (for the interest period from 22 May 2018 to 21 August 2018, inclusive) for each Note held on 14 August 2018 (the record date for final payments).
Below is a copy of the Australian Securities Exchange (ASX) redemption annoucement, which was lodged with the ASX on 22 August 2018.
For further information, call the Westpac Subordinated Notes II information line on +61 1300 551 756 (Monday to Friday, 8:30am to 5:30pm Sydney time).
About Westpac Subordinated Notes II
On 22 August 2013, Westpac issued 9,252,850 Westpac Subordinated Notes II, at an Issue Price of $100 each, raising approximately $925 million of Tier 2 Capital. The Notes traded under the ASX code WBCHB. The last day of trading in Notes on the ASX was 10 August 2018.
Further details on the Notes, including the Note Conditions, can be found in the Prospectus and Deed Poll relating to the Notes.
Interest payments on Westpac Subordinated Notes II
The Notes paid a floating rate of Interest, quarterly in arrear, equal to the sum of the 90 day Bank Bill Rate plus the Margin. The Margin was 2.30% per annum.
|Interest payment date||90 day bank bill rate||Interest rate||Interest amount per Westpac Subordinated Note II||Number of days in the interest period|
|22 August 2018||1.9453% p.a.||4.2453% p.a.||$1.0700||92|
|22 May 2018||1.7650% p.a.||4.0650% p.a.||$0.9912||89|
|22 February 2018||1.7250% p.a.||4.0250% p.a.||$1.0145||92|
|22 November 2017||1.7050% p.a.||4.0050% p.a.||$1.0095||92|
|22 August 2017||1.7350% p.a.||4.0350% p.a.||$1.0170||92|
|22 May 2017||1.7800% p.a.||4.0800% p.a.||$0.9948||89|
|22 February 2017||1.7550% p.a.||4.0550% p.a.||$1.0221||92|
|22 November 2016||1.7250% p.a.||4.0250% p.a.||$1.0145||92|
|22 August 2016||1.9950% p.a.||4.2950% p.a.||$1.0826||92|
|23 May 2016||2.2767% p.a.||4.5767% p.a.||$1.1285||90|
|22 February 2016||2.2500% p.a.||4.5500% p.a.||$1.1468||92|
|23 November 2015||2.1150% p.a.||4.4150% p.a.||$1.1128||92|
|25 August 2015||2.1300% p.a.||4.4300% p.a.||$1.1166||92|
|22 May 2015||2.3167% p.a.||4.6167% p.a.||$1.1257||89|
|23 February 2015||2.7250% p.a.||5.0250% p.a.||$1.2666||92|
|24 November 2014||2.6350% p.a.||4.9350% p.a.||$1.2439||92|
|22 August 2014||2.7050% p.a.||5.0050% p.a.||$1.2615||92|
|22 May 2014||2.6267% p.a.||4.9267% p.a.||$1.2013||89|
|24 February 2014||2.5850% p.a.||4.8850% p.a.||$1.2313||92|
|22 November 2013||2.6000% p.a.||4.9000% p.a.||$1.2351||9|
Announcements and investor presentation
- 5 July 2018:
- Media release 22 August 2013:
- Media release 17 July 2013:
- Media release 10 July 2013:
- Media release 10 July 2013:
- 10 July 2013:
ASIC guidance for retail investors
ASIC has published guidance for retail investors who are considering investing in hybrid securities called "Hybrid securities and notes" (under the heading "Complex investments" at www.moneysmart.gov.au/investing).
Free copies of the ASIC guidance can be obtained from ASIC's website at www.moneysmart.gov.au/investing or by calling ASIC on 1300 300 630 from Australia or +61 3 5177 3988 (from outside Australia).
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.
Terms and Conditions of website
Unless otherwise defined, capitalised terms used on this website have the same meaning as those in the Prospectus.