New Issue Commentary — Westpac Banking Corporation

Dealer commentary on this issuer’s latest new issue, summarised.

Westpac Banking Corporation mandated Barclays, BofA Securities, Citigroup, HSBC, Morgan Stanley and itself as joint bookrunners for a benchmark US$ transaction comprising three tranches: a 3year fixedrate senior note issued under Section 3(a)(2), a 3year floatingrate senior note, and an 11NC10 Tier 2 note. Initial price talk was T+70 bps area for the fixed senior tranche and T+165170 bps for the Tier 2 tranche, with the floating tranche quoted only as SOFR Equivalent. All three tranches were set to price on November 5, 2026 in New York afternoon, subject to market conditions, and settle on November 13, 2026 (T+5). The available commentary contains no final pricing, order book size, oversubscription or allocation details, so investor demand for these tranches cannot be characterized.