Notification of interest payment & interest rate change

Announcement Summary

Entity name

WESTPAC BANKING CORPORATION

Security on which the Interest Payment will be paid

WBCHA - SUB BOND 3-BBSW+2.75% 23-8-22 RED T-08-17

Announcement Type

New announcement

Date of this announcement

Thursday August 25, 2016

Interest Payment Amount

AUD 1.1279

Ex Date

Monday November 14, 2016

Record Date

Tuesday November 15, 2016

Payment Date

Wednesday November 23, 2016

Additional Information

The Interest Rate was determined using the following formula:

Bank Bill Rate + Margin as follows:

Bank Bill Rate is the 90 day Bank Bill Rate on 23 August 2016: 1.7250%

+ Margin: 2.7500%

= Interest Rate: 4.4750% pa

The Interest on each Westpac Subordinated Note (WSN) was calculated as follows:

Interest Rate: 4.4750% pa x Face Value: AUD 100

x days in Interest Period: 92

/ 365

= Interest: AUD 1.1279, unfranked

Refer to below for full details of the announcement

Announcement Details

Part 1 - Entity and announcement details

  1. Name of +Entity

    WESTPAC BANKING CORPORATION

  2. Registered Number Type

    ABN

    33007457141

    Registration Number

  3. ASX issuer code

    WBC

  4. The announcement is

    New announcement

  5. Date of this announcement

    Thursday August 25, 2016

  6. ASX +Security Code for Interest Payment

WBCHA

ASX +Security Description

SUB BOND 3-BBSW+2.75% 23-8-22 RED T-08-17

Part 2A - Interest period dates and interest payment details

Interest Rate Calendar Type

Rule 7(2), 7 calendar day

2A.1 Payment date

Wednesday November 23, 2016

2A.3 Ex-Date

Monday November 14, 2016

2A.5 Last day of payment period

Tuesday November 22, 2016

2A.7 Interest rate expressed as a per annum rate

4.475000 %

2A.9 Currency in which the interest payment is made ("primary currency")

AUD - Australian Dollar

2A.10 Interest payment amount per +security

AUD 1.12790000

2A.2 +Record Date

Tuesday November 15, 2016

2A.4 First day of payment period

Tuesday August 23, 2016

2A.6 Number of days in the payment period

92

2A.8 Interest rate pro-rated for the number of days in the payment period

1.127900 %

2A.10(i) Comment on how the interest payment amount per security is calculated

Refer to 4.3

2A.11 Are any of the below approvals required for the interest payment before business day 0 of the timetable?

Security holder approval Court approval

Lodgement of court order with +ASIC ACCC approval

FIRB approval

Another approval/condition external to the entity required before business day 0 of the timetable for the interest payment.

No

2A.12 Is the interest payment franked?

No

2A.13 Is the interest payment payable in the form of +securities rather than cash?

No

2A.14 Does the entity have arrangements relating to currency in which the interest payment is paid to security holders that it wishes to disclose to the market?

No

2A.15 Is there a principal amount payment component payable?

No

Part 3 - Floating rate +securities - details of interest rate applicable to the payment notified in Part 2A

  1. Date interest rate is set

    Tuesday August 23, 2016

  2. Comments on how the date that interest rate is set is determined

    First Business Day of the Interest Period

  3. Interest base rate

    1.7250 %

  4. Comments on how interest base rate is set

    90 day Bank Bill Rate on the first Business Day of the Interest Period. For more information, refer to the WSN Information Memorandum.

  5. Interest margin

    2.7500 %

  6. Comments on how interest margin is set

    Margin set at the time of issue of WSN and will not change. For more information, refer to the WSN Information Memorandum.

  7. Any other rate/multiplier used in calculating interest rate

    0.0000 %

  8. Comments on how other rate used in calculating interest rate is set

  9. Total interest rate expressed as a per annum rate

    4.4750 %

  10. Comment on how the total interest rate expressed as a per annum rate is set

Interest Rate = Bank Bill Rate + Margin

Part 4 - Further information

  1. Please provide any further information applicable to this payment

    Capitalised terms in this announcement have the meanings given in the WSN Information Memorandum.

  2. URL link to a copy of the prospectus/PDS or further information about the +security

    www.westpac.com.au/westpacsubnotes

  3. Additional information for inclusion in the Announcement Summary

The Interest Rate was determined using the following formula:

Bank Bill Rate + Margin as follows:

Bank Bill Rate is the 90 day Bank Bill Rate on 23 August 2016: 1.7250%

+ Margin: 2.7500%

= Interest Rate: 4.4750% pa

The Interest on each Westpac Subordinated Note (WSN) was calculated as follows:

Interest Rate: 4.4750% pa x Face Value: AUD 100

x days in Interest Period: 92

/ 365

= Interest: AUD 1.1279, unfranked

Westpac Banking Corporation published this content on 25 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 25 August 2016 06:44:03 UTC.

Original documenthttp://ir.iguana2.com/westpac/news-item?S=WBC&E=ASX&N=968298

Public permalinkhttp://www.publicnow.com/view/F8B7410E4B1324E1835FD1B61B40DB2BC19788B3