Westpac New Zealand Economic and Sustainability Strategy Update
Covered bond programme overview¹
Issuer
Group Guarantor
Group Guarantor Rating
Format
Expected Covered Bond Rating
Programme Size
Maturity Options
Covered Bond Guarantor
Covered Bond Guarantee
LVR Cap in Asset Coverage Test
Asset Percentage
Collateral
Programme Listing
Covered Bond Governing Law
Westpac Securities NZ Limited, London Branch
Westpac New Zealand Limited
AA- (Negative Outlook) / A1 (Stable Outlook) / A+ (Rating Watch Negative) by S&P / Moody's / Fitch
Legislative Covered Bond
Aaa / AAA by Moody's / Fitch
€5 billion
Soft and Hard Bullet
Westpac NZ Covered Bond Limited, a special purpose vehicle (SPV)
Covered Bond Guarantor has guaranteed payments of interest and principal under the Covered Bonds secured over the
Mortgage Loans and its other assets (limited in recourse to its assets)
75%
Subject to rating agency requirements, Programme maximum 90%
New Zealand prime, first ranking residential mortgages
London Stock Exchange
English Law
1 Investors in WSNZL Covered Bonds should read the Prospectus dated 17 December 2020, as supplemented.
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