Westpac to launch $70 bn debt instrument program

Westpac Banking Corporation is launching a U.S.$70,000,000,000 Programme for the Issuance of Debt Instruments, which may include subordinated instruments. The Information Memorandum, dated November 7, 2025, states these instruments are designed to qualify as Tier 2 Capital. The issuance aims to support Westpac's business activities and meet regulatory capital requirements.

The program includes provisions for potential conversion of subordinated instruments into ordinary shares or write-off under non-viability trigger events, subject to APRA approval. The ordinary shares are currently listed on the ASX. The issuance also acknowledges ongoing regulatory changes, including the phase-out of Additional Tier 1 Capital by January 1, 2027.

Westpac indicated that the net proceeds will be used for general corporate purposes. The program's success is critical for managing the bank's capital levels and maintaining its financial performance.