Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 66

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 66
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16 September 2032   ​   16 September 2027   ​       525   ​       541
NZD 600 million        ​                      Fixed/Floating         ​    14 February 2034   ​    14 February 2029   ​       554   ​       572
Total subordinated notes issued by Westpac New Zealand Limited       ​                   ​   ​                   ​   ​     1,079   ​     1,113
Total subordinated notes                                                                                                  31,435        27,779
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a.   Certain subordinated notes have a fixed interest rate for the period up to the optional redemption date and a floating interest rate thereafter.
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b.   Certain Tier 2 instruments may have more than one optional redemption date and for the purposes of the table above the first optional redemption date is shown. Westpac Banking Corporation may elect to redeem the relevant Tier 2 instrument on the optional redemption date or dates, subject to APRA’s prior written approval.
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c.   For subordinated notes issued by Westpac New Zealand Limited, it may elect to redeem all or some of the Tier 2 instruments for their face value together with accrued interest (if any) on the optional redemption date or any interest payment date thereafter, subject to RBNZ’s prior written approval. Early redemption of all of the Tier 2 instruments for certain tax or regulatory reasons is permitted on an interest payment date subject to the RBNZ’s prior written approval.
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FINANCIAL   EXHIBITS INDEX   STRATEGIC   PERFORMANCE   EXHIBIT 15.4   ADDITIONAL 
REPORT                       REVIEW      REVIEW                       INFORMATION
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Note 14.Loan capital (Continued)
Common features of subordinated notes
Issued by Westpac Banking Corporation
Interest payments are subject to Westpac being solvent at the time of, and immediately following, the interest payment. 
Non-viability trigger event
The definition of non-viability trigger event is described under AT1 loan capital. Upon the occurrence of a non-viability trigger event, Westpac will be required to convert some or all subordinated notes into a variable number of Westpac ordinary shares calculated in a manner similar to that described under AT1 loan capital.
Following the occurrence of a non-viability trigger event, if conversion of a Tier 2 instrument does not occur within five business days, holders’