Westpac Banking offers fixed-to-floating subordinated notes due 2031

By Devika Patel

Knoxville, Tenn., Nov. 14 – Westpac Banking Corp. intends to price an offering of fixed-to-floating rate subordinated notes due November 2031, according to a 424B5 filed with the Securities and Exchange Commission on Monday.

The notes bear interest at a fixed rate until November 2026 and then carry a coupon based on the five-year mid-swap rate. The notes are redeemable in November 2026.

BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used for general corporate purposes.

The Australian bank and financial services provider is based in Sydney.

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