ISSUER PROFILES
WESTPAC BANKING CORPORATION AUSTRALIAN ADI
YES
SECURITISATION PROGRAMME NAMES
WST, CRUSADE RMBS, CRUSADE ABS
W
estpac Banking Corporation is Australia’s secondlargest banking organisation and one of the largest in New Zealand. Through its unique portfolio of brands, Westpac provides a broad range of banking and financial services in these markets including retail, business and institutional banking. With strong market-share positions in its home markets and more than 14 million customers, Westpac focuses on organic growth, increasing customer numbers in chosen segments and building stronger and deeper customer relationships. A key element of Westpac’s approach is its unique portfolio of financial-services brands, which enables the group to appeal to a broader range of customers and provides the strategic flexibility to offer solutions that better meet customer needs. Westpac has sound financial, capital, funding and liquidity positions, all comfortably above regulatory minima, and maintains a prudent level of provisioning. This is recognised in the group’s high credit ratings. At 30 September 2020, Westpac had total assets of A$912 billion. Westpac’s ordinary shares and certain other securities are quoted on the Australian Securities Exchange and, at 30 September 2020, the bank’s market capitalisation was A$61 billion. Westpac’s wholesale-funding activities are focused on diversity and flexibility, with a view to providing the group with a stable and efficiently priced wholesale funding base within the parameters of prudent liquidity management. Diversity is assessed from several perspectives, including currency, product type and maturity term, as well as investor type and geographic location. Securitisation forms an important part of this strategy, adding valuable diversity to the group’s funding franchise. In recent years, Westpac’s annual term-funding volume has been A$30-35 billion equivalent, including capital. However, the introduction of the term funding facility in March 2020 has reduced the Group’s needs to access wholesale markets and significantly reduced annual issuance volumes.
WST RMBS USE OF SE CURI T I SAT I ON TYPE OF SECURITISATION ISSUED
RMBS
PROPORTION OF OUTSTANDING WHOLESALE FUNDING SOURCED VIA SECURITISATION1
3.5%
NUMBER OF SECURITISATIONS ISSUED
44
TOTAL VOLUME ISSUED
~A$84.3BN
TOTAL DOMESTIC VS OFFSHORE ISSUANCE2
100% DOMESTIC
OUTSTANDING VOLUME OF SECURITISED ISSUES2
~A$7BN
PROPORTION OF SECURITISATION PORTFOLIO IN COVID-19 PAYMENT RELIEF AT 31 OCT 20203
3.7%
1 Includes RMBS and ABS. As at 30 September 2020. Residual maturity basis. 2 Based on issues currently outstanding as at 31 October 2020. 3 WST only. Reported as a percentage of balance.
CRUSADE ABS USE OF SE CURI T I SAT I ON TYPE OF SECURITISATION ISSUED
ABS
PROPORTION OF OUTSTANDING WHOLESALE FUNDING SOURCED VIA SECURITISATION1
3.5%
NUMBER OF SECURITISATIONS ISSUED
10
TOTAL VOLUME ISSUED2
~A$10.3BN
TOTAL DOMESTIC VS OFFSHORE ISSUANCE3
100% DOMESTIC
OUTSTANDING VOLUME OF SECURITISED ISSUES3
~A$2.2BN
PROPORTION OF SECURITISATION PORTFOLIO IN COVID-19 PAYMENT RELIEF AT END 31 OCT 20204
0.8%
1 Includes RMBS and ABS. As at 30 September 2020. Residual maturity basis. 2 100% Crusade ABS. 3 Based on issues currently outstanding as at 31 October 2020. 4. Reported as a percentage of balance.
◆ please contact:
Guy Volpicella Head of Structured Funding and Capital +61 2 8254 9261 | gvolpicella@westpac.com.au www.westpac.com.au 110 · Australian Securitisation Journal | Issue 19_2021
