POST-TRANSACTION PAYMENT ENABLEDBOND COMPLEXITY : HIGHISIN: XS3382707555
WSTP 3.000% 19May2038 Corp (SGD)
WESTPAC BANKING CORP
Indicative Bid Price
99.417
Bid Yield to Maturity
3.076%
Bid Yield to Call
3.095%
Min. Investment (Nominal)
250000
Indicative Ask Price
99.650
Ask Yield to Maturity
3.053%
Ask Yield to Call
3.057%
Next Call Date
18 May 2033
Credit Rating (Bond)
A-
High Investment Grade
Seniority
Subordinated
Investor Profile
Stable Income Seeker
Chart
Created with Highcharts 9.3.2Bid Yield to CallAsk Yield to CallBid Yield to MaturityAsk Yield to Maturity24. Jun26. Jun28. Jun30. Jun2. Jul4. Jul6. Jul8. Jul10. Jul12. Jul14. Jul16. Jul18. Jul20. Jul22. Jul2.92.9533.053.13.15FSM Global
Bond Information
Westpac Banking Corporation provides banking services. The Bank offers accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and internet banking services. Westpac Banking serves customers worldwide.
Bond Issuer
Westpac Banking Corp
Guarantor
-
Announcement Date
11 May 2026
Issue Date
18 May 2026
Maturity Date / Next Call Date
18 May 2038 / 18 May 2033
Years to Maturity / Next Call
11.821 / 6.818
Issue/Reoffer Price
100.000
Issue/Reoffer Yield
3.000
Coupon Type
Variable
Annual Coupon Rate (%)
3
Annual Coupon Frequency
Semi Annually
Seniority
Subordinated
Exchange Listed
Others
Reference Rate
Reset Date:19 May 2033
Reset Rate: prevailing 5-year SORA OIS + Initial Spread (0.923%)
ISIN
XS3382707555
CUSIP
DK6302725
Bond Currency
SGD
Total Issue Size
SGD 500,000,000
Minimum Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Registration
Wholesale
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/AA-
Bond Credit Rating (S&P/ Fitch)
***/A-
Shariah Compliant
No
W-8BEN Declaration needed 
No
Bond Feature(s)
Tier 2

A Non-Viability Trigger Event will occur when APRA notifies the Issuer in writing that it believes:

• Conversion or Write-off of Subordinated Instruments or conversion, write-off or write down of Relevant Securities is necessary because, without it, the Issuer would become non-viable; or

• a public sector injection of capital, or equivalent support, is necessary because, without it, the Issuer would become non-viable.

If for any reason Conversion of a Subordinated Instrument (or a percentage of the Outstanding Principal Amount of each Subordinated Instrument) required to be Converted under Condition 5.1 (“Non-Viability Trigger Event”) does not occur within five ASX Business Days after the Non-Viability Trigger Event Date, then the relevant Holders’ rights and claims in relation to such Subordinated Instruments or the percentage of the Outstanding Principal Amount of such Subordinated Instruments to be Converted (including to payments of interest or accrued but unpaid interest, any Additional Amounts and the repayment of the Outstanding Principal Amount and, in the case of Conversion, to be issued with the Conversion Number of Ordinary Shares in respect of such Subordinated Instruments or percentage of the Outstanding Principal Amount of each Subordinated Instrument), are immediately and irrevocably written-off and terminated with effect on and from the Non-Viability Trigger Event Date and investors will lose all or some of their investment and will not receive any compensation.

In respect of Conversion, Condition 6.10 (“Conversion: Clearing Systems, where the Holder does not wish to receive Ordinary Shares or is an Ineligible Holder”) includes a provision that enables the sale of shares, on Conversion, for cash, subject to possible Write-off.
Subject to the rest of this paragraph, the Issuer may redeem the Subordinated Instruments in whole, or in part, on the Interest Payment Date scheduled to fall on 19 May 2033 (the “Optional Redemption Date”). Any early redemption will be subject to the prior written approval of APRA. Any such approval is at the discretion of APRA and may or may not be given and Holders should not expect that APRA approval will be given if requested by the Issuer. Any redemption of Subordinated Instruments does not imply or indicate that the Issuer will in future exercise any right it may have to redeem any other outstanding regulatory capital instruments issued by the Issuer. Any such redemption would also be subject to APRA’s prior written approval (which may or may not be given).
Additional Issuer Call Rights

The Issuer may redeem the Subordinated Instruments in whole, but not in part, before the Maturity Date for certain tax and regulatory reasons. Redemption shall be at the Outstanding Principal Amount together with accrued but unpaid interest (if any). Any early redemption will be subject to the prior written approval of APRA. Any such approval is at the discretion of APRA and may or may not be given and Holders should not expect that APRA approval will be given if requested by the Issuer. Any redemption of Subordinated Instruments does not imply or indicate that the Issuer will in future exercise any right it may have to redeem any other outstanding regulatory capital instruments issued by the Issuer. Any such redemption would also be subject to APRA’s prior written approval (which may or may not be given). Holders have no right to request redemption before the Maturity Date.
Price History
(Daily prices for the last 3 months), if you wish to view more than 3 months price history you may export the file
DATE
BID PRICE
ASK PRICE
ASK YIELD (CALL)
ASK YIELD (MATURITY)
23 Jul 202699.41799.6503.0573.053
22 Jul 202699.50099.7333.0433.015
21 Jul 202699.56799.8003.0322.987
20 Jul 202699.56799.8003.0322.994
19 Jul 202699.56799.8003.0322.977
16 Jul 202699.56799.8003.0322.977
15 Jul 202699.56799.8003.0322.982
14 Jul 202699.56799.8003.0322.995
13 Jul 202699.56799.8003.0322.971
12 Jul 202699.57599.8083.0312.962
Total of 54 entries
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FSM Global strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
Credit Rating

There are no credit rating changes for this bond for the past 3 years.

Related Documents
pdfIcon
Offering Circular
U.S. $70,000,000,000 Programme for the Issuance of Debt Instruments. Information Memorandum dated 7 November 2025.
pdfIcon
Preliminary Pricing Supplement
Issuer Term Sheet. SGD [•] [•]% Fixed Rate Reset Subordinated Instruments due 19 May 2038.
Related Bonds
BOND NAME

ISSUER

MATURITY DATE / NEXT CALL DATE
ASK PRICE
ASK YTM / YTW
BOND CREDIT RATING (S&P/FITCH)
action
WSTP 4.650% 07Sep2032 Corp (SGD)

Westpac Banking Corp

 06 Sep 2027
(Next Call Date)		 102.800 2.079% p.a. ***/N.R
TRANSACT
WSTP 5.351% 12Feb2035 Corp (AUD)

Westpac Banking Corp

 11 Feb 2030
(Next Call Date)		 98.417 5.820% p.a. ***/A-
TRANSACT
WSTP 5.815% 04Jun2040 Corp (AUD)

Westpac Banking Corp

 03 Jun 2035
(Next Call Date)		 96.380 6.331% p.a. ***/A-
TRANSACT
WSTP 7.199% 15Nov2038 Corp (AUD)

Westpac Banking Corp

 14 Nov 2033
(Next Call Date)		 105.758 6.204% p.a. ***/N.R
TRANSACT
WSTP 5.000% 15Jan2029 Corp (AUD)

Westpac Banking Corp

 14 Jan 2029 99.469 5.232% p.a. ***/N.R
TRANSACT
WSTP 6.135% 13Nov2045 Corp (AUD)

Westpac Banking Corp

 12 Nov 2045 96.415 6.462% p.a. ***/A-
TRANSACT
WSTP 5.141% 12Feb2031 Corp (AUD)

Westpac Banking Corp

 11 Feb 2031 99.087 5.370% p.a. ***/AA-
TRANSACT
WSTP 5.405% 10Aug2033 Corp (USD)

Westpac Banking Corp

 09 Aug 2032
(Next Call Date)		 99.939 5.417% p.a. ***/A-
TRANSACT
Total of 8 entries
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FSM's Fees
For more information, please refer to the Pricing Structure
For each Buy & Sell Order (Retail^, Wholesale, Bond Express)
Processing Fee
0.35% / Min. SGD 10*
Platform Fee
0.05% per quarter
Other Charges
Goods & Services Tax (GST)
9% (GST is applicable to Singaporean residents on FSM’s fee)
Order Processing Time
Buy Wholesale Bonds / SGS Bonds / Retail (All payment type)
Generally T+2 business days upon payment clearance
Sell Wholesale Bonds / SGS Bonds / Retail Bonds
Generally T+2 business days (Redemption proceeds will be credited on next day)
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Remark

  1. *Processing fee is subjected to a minimum of SGD 10 (or in its equivalent currency).
  2. ^ For the purchase of the Retail Bonds, FSM Global will be absorbing SGX related Charges, till further notice.
  3. T = Transaction Date
    The Order processing time refers to the order completion and reflected in your account.
    ^The Purchase date will be based on T date

Platform Charge
  1. For the purpose of benefiting from lower rates based on higher investment holding tiers, the effective platform fee rate is based on the total combined holdings of all FSM accounts under main account holder (including beneficiary accounts), while Stock / ETF / Cash Account holdings are excluded from the combined holdings amount.
  2. Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.

Note
  1. All fees and commission quoted are exclusive of Goods and Services Tax (GST).
  2. Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.

Potential Income Explained
EDIT
Est. Payable Amount
SGD 251,681.49
Years to Call
6 years 9+ months
Est. Total Income
SGD 52,500.00
Yield to Call
2.776%
Indicative Cash Flow
Nominal Value
SGD 250,000.00
  • 2033
    May
    Coupon
    SGD 3,750.00
    Early Redemption
    SGD 250,000.00
  • 2032
    Nov
    Coupon
    SGD 3,750.00
  • May
    Coupon
    SGD 3,750.00
  • 2031
    Nov
    Coupon
    SGD 3,750.00
  • May
    Coupon
    SGD 3,750.00
Disclaimer: Cash flow calculations are computed based on current coupon rate till next possible call or maturity date. Figures reflected are indicative and subjected to changes in case of any corporate actions.
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