| | |
Per Note
|
| |
Total
|
| ||||||
Public Offering Price(1)
|
| | | | 100.000% | | | | | US$ | 1,000,000,000 | | |
Underwriting Discount(2)
|
| | | | 0.400% | | | | | US$ | 4,000,000 | | |
Proceeds to Westpac (before expenses)
|
| | | | 99.600% | | | | | US$ | 996,000,000 | | |
|
BofA Securities
|
| |
Citigroup
|
| |
Morgan Stanley
|
| |
Westpac Banking Corporation
|
|
|
ICBC Standard Bank
|
| | Scotiabank | |
| | |
Page
|
| | |||||
PROSPECTUS SUPPLEMENT
|
| | ||||||||
| | | | S-ii | | | | |||
| | | | S-ii | | | | |||
| | | | S-iv | | | | |||
| | | | S-v | | | | |||
| | | | S-1 | | | | |||
| | | | S-10 | | | | |||
| | | | S-21 | | | | |||
| | | | S-22 | | | | |||
| | | | S-23 | | | | |||
| | | | S-31 | | | | |||
| | | | S-32 | | | | |||
| | | | S-39 | | | | |||
| | | | S-39 | | | | |||
| | | | S-41 | | | | |||
| | | | S-42 | | | | |||
| | | | S-42 | | | | |||
| | | | S-43 | | | | |||
PROSPECTUS
|
| | | | ||||||
| | | | 1 | | | | |||
| | | | 2 | | | | |||
| | | | 4 | | | | |||
| | | | 6 | | | | |||
| | | | 7 | | | | |||
| | | | 43 | | | | |||
| | | | 45 | | | | |||
| | | | 54 | | | | |||
| | | | 56 | | | | |||
| | | | 57 | | | | |||
| | | | 58 | | | | |||
| | | | 59 | | | | |||
| | | | 60 | | | | |||
| | | | 61 | | | | |||
| | | | 62 | | | |
|
Conversion
Number for each note |
| |
=
|
| |
Outstanding Principal Amount of the Subordinated Debt Security (translated into Australian Dollars in accordance with paragraph (b) of the definition of Outstanding Principal Amount where the calculation date shall be the Non-Viability Trigger Event Date)
|
|
|
P × VWAP
|
|
|
Maximum
Conversion Number for each note |
| |
=
|
| |
Outstanding Principal Amount of the Subordinated Debt Security (translated into Australian Dollars in accordance with paragraph (b) of the definition of Outstanding Principal Amount where the calculation date shall be the ASX Business Day prior to the Issue Date of the notes)
|
|
|
0.20 × Issue Date VWAP
|
|
| | |
As of and for the half-year
ended March 31, |
| |
As of and for the financial year ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2022(1)
|
| |
2022
|
| |
2021
|
| |
2021(1)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||||||||||||||
| | |
(in US$
millions) |
| |
(in A$ millions)
|
| |
(in US$ millions)
|
| |
(in A$ millions)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Income statement(2),(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income
|
| | | | 6,215 | | | | | | 8,288 | | | | | | 8,348 | | | | | | 12,642 | | | | | | 16,858 | | | | | | 16,696 | | | | | | 16,907 | | | | | | 16,505 | | | | | | 15,516 | | |
Net fee income
|
| | | | 634 | | | | | | 845 | | | | | | 700 | | | | | | 1,111 | | | | | | 1,482 | | | | | | 1,592 | | | | | | 1,655 | | | | | | 2,424 | | | | | | 2,603 | | |
Net wealth management and insurance income
|
| | | | 301 | | | | | | 401 | | | | | | 598 | | | | | | 908 | | | | | | 1,211 | | | | | | 751 | | | | | | 1,029 | | | | | | 2,061 | | | | | | 1,800 | | |
Trading income
|
| | | | 257 | | | | | | 343 | | | | | | 442 | | | | | | 539 | | | | | | 719 | | | | | | 895 | | | | | | 929 | | | | | | 945 | | | | | | 1,202 | | |
Other income
|
| | | | 265 | | | | | | 353 | | | | | | 598 | | | | | | 714 | | | | | | 952 | | | | | | 249 | | | | | | 129 | | | | | | 72 | | | | | | 529 | | |
Net operating income before
operating expenses and impairment charges |
| | | | 7,671 | | | | | | 10,230 | | | | | | 10,686 | | | | | | 15,914 | | | | | | 21,222 | | | | | | 20,183 | | | | | | 20,649 | | | | | | 22,007 | | | | | | 21,650 | | |
Operating expenses
|
| | | | (4,029) | | | | | | (5,373) | | | | | | (5,997) | | | | | | (9,982) | | | | | | (13,311) | | | | | | (12,739) | | | | | | (10,106) | | | | | | (9,566) | | | | | | (9,282) | | |
Impairment charges
|
| | | | (104) | | | | | | (139) | | | | | | 372 | | | | | | 442 | | | | | | 590 | | | | | | (3,178) | | | | | | (794) | | | | | | (710) | | | | | | (853) | | |
Profit before income tax
|
| | | | 3,538 | | | | | | 4,718 | | | | | | 5,061 | | | | | | 6,375 | | | | | | 8,501 | | | | | | 4,266 | | | | | | 9,749 | | | | | | 11,731 | | | | | | 11,515 | | |
Income tax expense
|
| | | | (1,075) | | | | | | (1,434) | | | | | | (1,616) | | | | | | (2,278) | | | | | | (3,038) | | | | | | (1,974) | | | | | | (2,959) | | | | | | (3,632) | | | | | | (3,518) | | |
Net profit attributable to non-controlling interests
|
| | | | (3) | | | | | | (4) | | | | | | (2) | | | | | | (4) | | | | | | (5) | | | | | | (2) | | | | | | (6) | | | | | | (4) | | | | | | (7) | | |
Net profit attributable to owners of Westpac Banking Corporation
|
| | | | 2,460 | | | | | | 3,280 | | | | | | 3,443 | | | | | | 4,093 | | | | | | 5,458 | | | | | | 2,290 | | | | | | 6,784 | | | | | | 8,095 | | | | | | 7,990 | | |
Balance sheet(2),(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans
|
| | | | 539,595 | | | | | | 719,556 | | | | | | 688,218 | | | | | | 532,267 | | | | | | 709,784 | | | | | | 693,059 | | | | | | 714,770 | | | | | | 709,690 | | | | | | 684,919 | | |
Other assets
|
| | | | 183,870 | | | | | | 245,193 | | | | | | 201,201 | | | | | | 169,547 | | | | | | 226,093 | | | | | | 218,887 | | | | | | 191,856 | | | | | | 169,902 | | | | | | 166,956 | | |
Total assets
|
| | | | 723,465 | | | | | | 964,749 | | | | | | 889,419 | | | | | | 701,814 | | | | | | 935,877 | | | | | | 911,946 | | | | | | 906,626 | | | | | | 879,592 | | | | | | 851,875 | | |
Deposits and other borrowings
|
| | | | 484,140 | | | | | | 645,606 | | | | | | 585,401 | | | | | | 470,154 | | | | | | 626,955 | | | | | | 591,131 | | | | | | 563,247 | | | | | | 559,285 | | | | | | 533,591 | | |
Debt issues
|
| | | | 100,208 | | | | | | 133,629 | | | | | | 127,850 | | | | | | 96,571 | | | | | | 128,779 | | | | | | 150,325 | | | | | | 181,457 | | | | | | 172,596 | | | | | | 168,356 | | |
Loan capital
|
| | | | 21,774 | | | | | | 29,036 | | | | | | 26,294 | | | | | | 21,797 | | | | | | 29,067 | | | | | | 23,949 | | | | | | 21,826 | | | | | | 17,265 | | | | | | 17,666 | | |
Other liabilities
|
| | | | 64,600 | | | | | | 86,145 | | | | | | 77,813 | | | | | | 59,230 | | | | | | 78,984 | | | | | | 78,467 | | | | | | 74,589 | | | | | | 65,873 | | | | | | 70,920 | | |
Total liabilities
|
| | | | 670,723 | | | | | | 894,416 | | | | | | 817,358 | | | | | | 647,752 | | | | | | 863,785 | | | | | | 843,872 | | | | | | 841,119 | | | | | | 815,019 | | | | | | 790,533 | | |
Total shareholders’ equity and non-controlling interests
|
| | | | 52,743 | | | | | | 70,333 | | | | | | 72,061 | | | | | | 54,062 | | | | | | 72,092 | | | | | | 68,074 | | | | | | 65,507 | | | | | | 64,573 | | | | | | 61,342 | | |
| | |
As of and for the half-year
ended March 31, |
| |
As of and for the financial year ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||||||||
| | |
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
Key Financial Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business Performance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses to operating income
ratio (%)(4) |
| | | | 52.52 | | | | | | 56.12 | | | | | | 62.72 | | | | | | 63.12 | | | | | | 48.94 | | | | | | 43.47 | | | | | | 42.87 | | |
Net interest margin (%)
|
| | | | 1.91 | | | | | | 2.06 | | | | | | 2.06 | | | | | | 2.03 | | | | | | 2.12 | | | | | | 2.13 | | | | | | 2.06 | | |
Return on average assets(%)(5)
|
| | | | 0.69 | | | | | | 0.77 | | | | | | 0.60 | | | | | | 0.25 | | | | | | 0.76 | | | | | | 0.94 | | | | | | N/A | | |
Capital Adequacy | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
APRA Basel III: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common equity Tier 1 (%)
|
| | | | 11.33 | | | | | | 12.34 | | | | | | 12.32 | | | | | | 11.13 | | | | | | 10.67 | | | | | | 10.63 | | | | | | 10.56 | | |
Tier 1 ratio (%)
|
| | | | 13.41 | | | | | | 14.55 | | | | | | 14.65 | | | | | | 13.23 | | | | | | 12.84 | | | | | | 12.78 | | | | | | 12.66 | | |
Total capital ratio (%)
|
| | | | 17.71 | | | | | | 18.43 | | | | | | 18.86 | | | | | | 16.38 | | | | | | 15.63 | | | | | | 14.74 | | | | | | 14.82 | | |
Credit Quality(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan written off (net of recoveries)
|
| | | | 464 | | | | | | 299 | | | | | | 594 | | | | | | 977 | | | | | | 982 | | | | | | 948 | | | | | | 1,488 | | |
Loans written off (net of recoveries) to average loans (basis points)
|
| | | | 6 | | | | | | 4 | | | | | | 8 | | | | | | 14 | | | | | | 14 | | | | | | 14 | | | | | | 22 | | |
Net impaired assets to equity and collectively assessed provisions (%)
|
| | | | 1.15 | | | | | | 1.43 | | | | | | 1.28 | | | | | | 2.21 | | | | | | 1.41 | | | | | | 1.14 | | | | | | 1.29 | | |
Total provisions for expected credit losses to total loans (basis points)
|
| | | | 65 | | | | | | 79 | | | | | | 70 | | | | | | 88 | | | | | | 54 | | | | | | 43 | | | | | | 45 | | |
| | |
As of
March 31, 2022 |
| |||||||||
| | |
Actual
|
| |
As adjusted
|
| ||||||
| | | | | | | | |
(unaudited)
|
| |||
| | |
(in A$ millions)
|
| |||||||||
Cash and balances with central banks
|
| | | | 102,410 | | | | | | 102,410 | | |
Debt issues
|
| | | | 133,629 | | | | | | 143,508(1) | | |
Notes offered hereby
|
| | | | — | | | | | | 1,448(2) | | |
Loan capital
|
| | | | 29,036 | | | | | | 29,036 | | |
Shareholders’ equity and non-controlling interests | | | | | | | | | | | | | |
Share capital
|
| | | | 39,016 | | | | | | 39,016 | | |
Reserves
|
| | | | 2,901 | | | | | | 2,901 | | |
Retained profits
|
| | | | 28,362 | | | | | | 28,362 | | |
Non-controlling interests
|
| | | | 54 | | | | | | 54 | | |
Total shareholders’ equity and non-controlling interests
|
| | | | 70,333 | | | | | | 70,333 | | |
Total capitalization
|
| | | | 232,998 | | | | | | 244,325 | | |
Underwriter
|
| |
Principal Amount
of Notes |
| |||
BofA Securities, Inc.
|
| | | US$ | 250,000,000 | | |
Citigroup Global Markets Inc.
|
| | | | 250,000,000 | | |
Morgan Stanley & Co. LLC
|
| | | | 250,000,000 | | |
Westpac Banking Corporation
|
| | | | 240,000,000 | | |
ICBC Standard Bank Plc
|
| | | | 5,000,000 | | |
Scotia Capital (USA) Inc.
|
| | | | 5,000,000 | | |
Total
|
| | | US$ | 1,000,000,000 | | |
Financial Year
|
| |
At Period End
|
| |
Average Rate(1)
|
| |
High
|
| |
Low
|
| ||||||||||||
2017
|
| | | | 0.7840 | | | | | | 0.7624 | | | | | | 0.8071 | | | | | | 0.7174 | | |
2018
|
| | | | 0.7238 | | | | | | 0.7583 | | | | | | 0.8105 | | | | | | 0.7107 | | |
2019
|
| | | | 0.6746 | | | | | | 0.7023 | | | | | | 0.7360 | | | | | | 0.6730 | | |
2020
|
| | | | 0.7160 | | | | | | 0.6815 | | | | | | 0.7388 | | | | | | 0.5755 | | |
2021
|
| | | | 0.7228 | | | | | | 0.7490 | | | | | | 0.7953 | | | | | | 0.7006 | | |
2022(2)
|
| | | | 0.6985 | | | | | | 0.7186 | | | | | | 0.7598 | | | | | | 0.6744 | | |
|
SEC Registration Fee
|
| |
US$92,700
|
|
|
Printing Expenses
|
| |
15,000
|
|
|
Trustee’s Fees and Expenses
|
| |
7,500
|
|
|
Accountants’ Fees and Expenses
|
| |
65,000
|
|
|
Legal Fees and Expenses
|
| |
130,000
|
|
|
Total
|
| | US$310,200 | |
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 4 | | | |
| | | | 6 | | | |
| | | | 7 | | | |
| | | | 43 | | | |
| | | | 45 | | | |
| | | | 54 | | | |
| | | | 56 | | | |
| | | | 57 | | | |
| | | | 58 | | | |
| | | | 59 | | | |
| | | | 60 | | | |
| | | | 61 | | | |
| | | | 62 | | |
|
Conversion Number for
each Subordinated Debt Security |
| |
=
|
| |
Outstanding Principal Amount of the Subordinated Debt Security
(translated into Australian Dollars in accordance with paragraph (b) of the definition of Outstanding Principal Amount where the calculation date shall be the Non-Viability Trigger Event Date) |
|
|
P × VWAP
|
|
|
Maximum Conversion
Number for each Subordinated Debt Security |
| |
=
|
| |
Outstanding Principal Amount of the Subordinated Debt Security
(translated into Australian Dollars in accordance with paragraph (b) of the definition of Outstanding Principal Amount where the calculation date shall be the ASX Business Day prior to the issue date of the Subordinated Debt Securities of a series) |
|
|
0.20 × Issue Date VWAP
|
|
Financial Year
|
| |
At Period End
|
| |
Average Rate(1)
|
| |
High
|
| |
Low
|
| ||||||||||||
2017
|
| | | | 0.7840 | | | | | | 0.7624 | | | | | | 0.8071 | | | | | | 0.7174 | | |
2018
|
| | | | 0.7238 | | | | | | 0.7583 | | | | | | 0.8105 | | | | | | 0.7107 | | |
2019
|
| | | | 0.6746 | | | | | | 0.7023 | | | | | | 0.7360 | | | | | | 0.6730 | | |
2020
|
| | | | 0.7160 | | | | | | 0.6815 | | | | | | 0.7388 | | | | | | 0.5755 | | |
2021
|
| | | | 0.7228 | | | | | | 0.7490 | | | | | | 0.7953 | | | | | | 0.7006 | | |
2022(2) | | | | | 0.7510 | | | | | | N/A | | | | | | 0.7547 | | | | | | 0.7258 | | |
|
BofA Securities
|
| |
Citigroup
|
| |
Morgan Stanley
|
| |
Westpac Banking Corporation
|
|
|
ICBC Standard Bank
|
| | Scotiabank | |
Exhibit 107
Calculation of Filing Fee Tables
424(b)(5)(1)
(Form Type)
Westpac Banking Corporation
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
Security Type | Security Class Title | Fee Calculation or Carry Forward Rule | Amount Registered | Proposed Maximum Offering Price Per Unit | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee | Carry Forward Form Type | Carry Forward File Number | Carry Forward Initial effective date | Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward | ||||||||||||||||||||||||||
Newly Registered Securities | |||||||||||||||||||||||||||||||||||||
Fees to Be Paid | Subordinated Debt Securities | 5.405% Subordinated Notes due 2033 | Rule 457(r) | US$ | 1,000,000,000 | 100.000 | % | US$ | 1,000,000,000 | 0.0000927 | US$ | 92,700 | |||||||||||||||||||||||||
Ordinary Shares | Ordinary Shares | Rule 457(i) | (2) | (2) | (2) | (3) | (3) | ||||||||||||||||||||||||||||||
Total | US$ | 1,000,000,000 | US$ | 92,700 |
1 | Final Prospectus Supplement | |
2 | Represents an indeterminate number of fully paid ordinary shares in the capital of the registrant, which we refer to as the Ordinary Shares, that may be issued from time to time upon conversion of the 5.405% Subordinated Notes due 2033. | |
3 | Pursuant to Rule 457(i) under the Securities Act, no separate registration fee is required for the Ordinary Shares underlying the notes because no additional consideration is to be received in connection with the exercise of the conversion privilege. |
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