Reoffer: CHF 190m 10yr: SARON MS+34bp / 100 / 0.9225%
Spread Set: SARON MS+34; (new Min size CHF 175m)
IPTs: 10yr: SARON MS+34a (initial min size CHF 150m)
Issuer: Westpac Banking Corporation (Ticker: WSTP)
Issuer Domicile: Australia
Guarantor: BNY Trust Company of Australia Limited, in its capacity as Trustee of the Westpac Covered Bond Trust
Guarantor Domicile: Australia
Format: Public Fixed Rate Covered Bonds
Status of the Covered Bonds: Direct, unconditional, unsubordinated and unsecured obligations of the Issuer
Status of the Covered Bond Guarantee: Direct obligations secured against the assets of the Covered Bond Guarantor and recourse is limited to such assets
Guarantor Rating: Aa2/AA-/AA- (Moody's/S&P/Fitch)
Expected Instrument Rating: Aaa/AAA (Moody's/Fitch)
Size: CHF 190m
Settlement Date: 01-Apr-26 (T+5)
Maturity: 01-Apr-36
Coupon: 0.9225% p.a.
Reoffer Price: 100
Reoffer Yield: 0.9225%
Reoffer Spread: SARON MS+34bp
Lead Manager(s): DB, UBS
SNB Repo-eligibility: At the discretion of the SNB, expected yes
Documentation: Issuer’s US$40 billion Global Covered Bond Programme, dated 07-Nov-25, as supplemented on 16-Dec-25 and 13-Feb-26, and as further supplemented from time to time (“Issuer’s Programme”)
FinSA Prospectus: Delayed approval in accordance with art 51(2) FinSA
Governing Law: The Covered Bonds and Trust Deed are governed by English law. The (Security) Trust Deed is governed by the laws of New South Wales, Australia
Covenants: PP, XD each in accordance with Terms and Conditions of the Covered Bonds
SIX Listing: 30-Mar-26
Denomination: CHF 5'000 and multiples thereof
Sales Restrictions: As per the Issuer’s Programme
Target Market: As defined by the manufacturer domiciled in the EEA and UK (MIFID II/UK MIFIR): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.
Timing: Priced 26-Mar-26.