Westpac Banking Corporation (ASX:WBC) has disclosed a fully franked distribution of AUD 1.3318 per security on its Westpac Capital Notes 8 (WBCPK) for the distribution period from 22 September 2026 to 21 December 2026, with a distribution rate of 5.3418% per annum.

Key Points

  • Distribution amount of AUD 1.3318 per Westpac Capital Notes 8 security, fully franked at 100%
  • Distribution rate set at 5.3418% per annum, based on the 3-month BBSW rate of 4.7312% plus a margin of 2.9000%, multiplied by (1 minus the 30% tax rate)
  • Distribution period covers 91 days, from 22 September 2026 to 21 December 2026 (inclusive)
  • Ex date is 10 December 2026, record date is 11 December 2026, and payment date is 21 December 2026

Westpac Capital Notes 8 Distribution Rate Calculation

According to the filing, the distribution rate for Westpac Capital Notes 8 (WCN 8) was set on 22 September 2026, the first business day of the distribution period. The 3-month BBSW rate on that date was 4.7312% per annum. Adding the fixed margin of 2.9000% per annum produced a combined rate of 7.6312% per annum. This figure was then multiplied by a factor of 0.70, reflecting the application of the 30% Australian corporate tax rate, to arrive at the final distribution rate of 5.3418% per annum.

Cash Distribution Amount Per Security

The filing states the cash distribution on each WCN 8 security was calculated by applying the 5.3418% per annum distribution rate to a face value of AUD 100, then multiplying by the fraction 91/365 to reflect the 91 days in the distribution period. This produced a cash distribution amount of AUD 1.3318 per security, which is fully franked. The applicable corporate tax rate for franking credit purposes is 30.0000%, and the franked amount per security is AUD 1.3318, with an unfranked amount of AUD 0.00.

Distribution Timetable and Payment Conditions

The ex date for the WCN 8 distribution is 10 December 2026, with a record date of 11 December 2026 and a payment date of 21 December 2026. The distribution relates to a period of one quarter, ending 21 December 2026. The filing notes that the distribution payment is subject to Westpac's absolute discretion and the distribution payment conditions being satisfied in respect of the distribution payment date. No external approvals, including security holder, court, ACCC, or FIRB approval, are required before the distribution timetable commences.