Westpac New Zealand Economic and Sustainability Strategy Update
Covered bond programme structural overview
3
Westpac
New Zealand
Limited (WNZL)
Seller, Group Guarantor, &
Interest Rate Swap Provider
7
Westpac Securities
NZ Limited (WSNZL)
(London Branch)
Issuer
6
Covered
Bondholders
5
1
2
8
Westpac NZ
Covered Bond
Limited (CBG)
Covered Bond
Guarantor
8
00
Westpac Banking
Corporation (WBC)
Covered Bond Swap Provider
Key
1. Loans sold by WNZL to CBG
2. CBG pays WNZL, funded via Intercompany Loan from
WNZL
3. WNZL issues guarantee to Bond Investors
4. CBG issues guarantee to Bond Investors
5. WSNZL (London branch) issues Covered Bonds to
Bond Investors
6. WSNZL receives proceeds of covered bonds
7. WSNZL on-lends proceeds to WNZL
8. WNZL is the Interest Rate Swap Provider and WBC is
the Covered Bond Swap Provider to CBG
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