Westpac Capital Notes 10

20 Nov 2023

Gamma Advisory

Disclaimer:  This advice is general in nature and may not be construed as personal advice

Westpac Banking Corporation is offering investors the opportunity to invest in the upcoming issue of Westpac Capital Notes 10.  Westpac is looking to raise $750m with the proceeds from the raise being used to fund the regulatory capital requirements and for inclusion as Additional Tier 1 Capital.

Details of the offer:

Offer Price :                         $100.00

Offer Size:                            $750 million

Minimum Investment:         $5,000 

ASX Code:                           WBCPM


In the event of Westpac winding up, the Westpac capital Notes will rank ahead of ordinary shares but behind all senior ranking creditors of Westpac.

Term of Notes:   

The Westpac Notes do not have a fixed maturity date, however they are first due to convert into ordinary shares on 22nd September, 2031.

Margin Return:                

It is expected that Westpac will pay investors between 310bps – 330bps over the 90 day Bank Bill Swap Rate (BBSW). The current 90 day BBSW rate is approximately 4.38% so the initial total return will be 7.48% – 7.68%.


The distributions are expected to be floating and paid on a quarterly basis. These payments are discretionary and non- cumulative.

The PDS for this offer can be found by clicking on the report below.  You will also see a report from Bond Adviser (which is an independent research house).


This offer is suitable for those investors requiring income from their investments.  As per the Bond Adviser Report, this investment is considered to be in the Higher Risk category for this asset class.



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