King & Wood Mallesons has advised Westpac Banking Corporation ("Westpac") on its issuance of US$1,500,000,000 2.668% Subordinated Notes due 2035 and US$1,000,000,000 2.963% Subordinated Notes due 2040, with BofA Securities, Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, Westpac Banking Corporation, BMO Capital Markets, CIBC Capital Markets, ICBC Standard Bank and Scotiabank acting as the underwriters on the issuance.
The Notes were offered pursuant to Westpac's SEC Shelf Registration Statement and are expected to constitute Tier 2 Capital of Westpac. The issuance was met with high anticipation by investors and marked Westpac's first return to the US dollar bond market since the 2020 US election result.
The KWM team, which acted as Australian counsel on the transaction, was led by partner Jo Dodd with support from senior associate Sankalp Labroo and solicitor Natasha Rodricks. Debevoise & Plimpton LLP and Sidley Austin LLP acted as US counsel to Westpac and the underwriters, respectively.