Westpac Financial Performance Update
32 |
WNZL Covered Bond - Structural overview
Westpac
New Zealand
Westpac NZ
Covered Bond
8
Limited (WNZL)
Limited (CBG)
Seller, Group Guarantor, &
Interest Rate Swap Provider
2
Covered Bond
Guarantor
7
3
Westpac Securities
NZ Limited (WSNZL)
Issuer
6
5
Covered
Bond Investors
8
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. Bond Investors pay WSNZL for 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
PRIVATE & CONFIDENTIALView entire presentation