Welcome to Westpac’s Guide to Bank Hybrids

This Guide has been developed by Westpac to help investors understand some of the typical features and risks associated with an investment in Australian hybrid capital securities (Hybrids). In particular, the Guide focuses on Hybrids typically issued by Australian banks to retail investors (Bank Hybrids). (See Bank Hybrids for further details on the features and risks of Bank Hybrids).

At Westpac, we believe it is important for investors to understand the features and risks of an investment in Hybrids, including Bank Hybrids. Australian corporates (including banks) issue Hybrids to meet their funding and capital requirements. As Hybrids are complex instruments, Australian regulators recommend that potential investors fully understand the risks before investing, to determine whether a Hybrid investment suits an investor’s risk profile.

This Guide covers:

Tip: Click on underlined words throughout this Guide for more information, including definitions and links to sections with further detail.

This Guide only looks at some of the typical features and risks associated with an investment in Hybrids. The Guide does not provide investment advice and cannot address your individual circumstances, objectives or needs. Prior to investing in a Hybrid, you should ensure that you understand the features and risks of the particular Hybrid and you should read the prospectus carefully, paying attention to the investment risks. In the event you need further information, you should seek professional guidance from your stockbroker, solicitor, accountant or other independent and qualified professional adviser.