Commentary & Deal Flow

Spread set at: 3.7yr: MS+20bp - Books above €1.75bn+ (incl. €275m JLM) 10yr: MS+42bp - Books above €1.25bn+ (incl. €265m JLM)
Book Update: 3.7yr: €1.5bn+ (incl. €275m JLM) 10yr: €1.25bn+ (incl. €265m JLM)
Guidance: 3.7yr: MS+25a 10yr: MS+47a

• 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 Rating: Aa2/AA-/AA- (Moody's/Fitch/S&P)
• Expected Issue Rating: Aaa/AAA (Moody's/Fitch)
• Format: Bearer Form, Classic Global Covered Bonds, Reg S (TEFRA D rules apply – no communications with or into the US)
• Tenor:
• • 3.7-year
  • 10-year
• Currency / Size:
• • EUR benchmark
  • EUR benchmark
• Settlement Date: 23-Jun-26 (T+7)
• Maturity Date:
• • 3.7yr: 01-Mar-30, soft bullet maturity
  • 10yr: 23-Jun-36, soft bullet maturity
• Coupon:
• • 3.7yr: Fixed, Annual, Act/Act (ICMA), Unadjusted. Short first coupon
  • 10yr: Fixed, Annual, Act/Act (ICMA), Unadjusted
• Spread Set:
• • 3.7yr: MS+20
  • 10yr: MS+42
• ISIN:
• • 3.7yr: XS3413338065
  • 10yr: XS3413338149
• Listing / Denoms: London Stock Exchange’s Main Market / EUR100k + EUR1k
• Joint Leads: Barclays, Crédit Agricole CIB, Natixis, Societe Generale, UBS and Westpac Banking Corporation
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No EEA PRIIPS KID or disclosure document required by the FCA Product Disclosure Sourcebook – Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or UK)
• Timing: Books open, today’s business
• Books Subject: Books to go subject at 12:15 UKT / 13:15 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