Commentary & Deal Flow

Launched: 5yr: €1bn @ MS+28bp
Books above €1.3bn (incl. €175m JLM)
IPTs: 5yr: MS+32bp area

• Ticker: WSTP
• Issuer: Westpac Banking Corporation (ABN 33 007 457 141)
• LEI: EN5TNI6CI43VEPAMHL14
• Covered Bond Guarantor: BNY Trust Company of Australia Limited, in its capacity as Trustee of the Westpac Covered Bond Trust
• Type: Australian legislative Covered Bond, backed 100% by prime Australian residential mortgages
• Issuer Ratings: Aa2/AA-/AA- (Moody's/Fitch/S&P)
• Expected Issue Rating: Aaa/AAA (Moody's/Fitch)
• Format: Reg S (Bearer Form, Classic Global Covered Bonds, TEFRA D rules apply – no communications with or into the US)
• Size: €1bn
• Settle: 02-Apr-26 (T+6)
• Maturity Date: 02-Jan-31 (short 5-years), soft bullet maturity
• Coupon: Fixed, Annual, Act/Act (ICMA), Unadjusted, Short first coupon
• Listing/Denoms: London Stock Exchange’s Main Market / €100k + €1k
• ISIN: XS3328597060
• Joint Leads: Barclays, BNP Paribas, Commerzbank, HSBC, Natixis and Westpac Banking Corporation
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No PRIIPS or UK PRIIPs KID – Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK)
• Timing: Books open, today’s business
• Books Subject: 11h30 UKT / 12h30 CET
• Advertisement: US$40 billion Global Covered Bond Programme, Prospectus dated 07-Nov-25 and as supplemented from time to time. The base prospectus relating to the Programme, including any supplements thereto are, and any Final Terms, when published, will be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism