Hybrid capital instrument information
Overview
BNK Floating Rate Subordinated Notes (“the Notes”), issued by BNK Banking Corporation Limited ABN 63 087 651 849 (Bloomberg Code: BBC AU) are unsecured and subordinated debt securities. The Notes pay interest quarterly and the interest rate applicable during each quarterly Interest Period will be the sum of the three month Australian Bank Bill Swap Rate on the first day of the Interest Period plus the Margin referenced below.
The Notes qualify for inclusion as tier 2 regulatory capital in accordance with the Prudential Standards established by the Australian Prudential Regulation Authority (“APRA”). Further details of BNK’s regulatory capital can be found at the following link https://www.bnk.com.au/investor-centre/corporate-governance/
Key Features
| Date Issued | 1 February 2021 | 12 May 2021 | 30 September 2021 |
|---|---|---|---|
| Series | GMYL01 | GMYL02 | GMYL03 |
| Margin | 5.40% per annum above 3 month bank bills | 5.40% per annum above 3 month bank bills | 3.95% per annum above 3 month bank bills |
| Amount raised | $8,750,000 | $1,250,000 | $14,000,000 |
| ISIN | AU3FN0058053 | AU3FN0060422 | AU3FN0063269 |
| Registrar | Austraclear Services Limited | Austraclear Services Limited | Austraclear Services Limited |
| Optional redemption date | 1 February 2026 and Interest Payment Date thereafter | 1 August 2026 and Interest Payment Date thereafter | 30 September 2026 and Interest Payment Date thereafter |
| Maturity Date | 1 February 2031 | 1 August 2031 | 30 September 2031 |
| Denominations | $10,000 | $10,000 | $10,000 |
| Early redemption requires the prior approval of APRA and satisfaction of certain other conditions. |
Interest payment information
| Record Date | Payment Date | Interest Rate – GMYL01 | Interest Rate – GMYL02 |
|---|---|---|---|
| 26/04/2021 | 3/05/2021 | 5.4100% | N/A |
| 26/07/2021 | 3/08/2021 | 5.4417% | 5.4403% |
| 25/10/2021 | 1/11/2021 | 5.4190% | 5.4190% |
| 25/01/2022 | 1/02/2022 | 5.417% | 5.417% |
| 26/04/2022 | 2/05/2022 | 5.4708% | 5.4708% |
| 25/07/2022 | 1/08/2022 | 6.100% | 6.100% |
| 25/10/2022 | 1/11/2022 | 7.5815% | 7.5815% |
| 25/01/2023 | 1/02/2023 | 8.5333% | 8.5333% |
| 24/04/2023 | 1/05/2023 | 8.7417% | 8.7417% |
| 25/07/2023 | 1/08/2023 | 9.0674% | 9.0674% |
| 25/10/2023 | 1/11/2023 | 9.6627% | 9.6627% |
| 25/01/2024 | 1/02/2024 | 9.7521% | 9.7521% |
| 24/04/2024 | 1/05/2024 | 9.7252% | 9.7252% |
| 25/07/2024 | 1/08/2024 | 9.7996% | 9.7996% |
| 25/10/2024 | 1/11/2024 | 9.8170% | 9.8170% |
| 27/01/2025 | 3/02/2025 | 9.8117% | 9.8117% |
| 24/04/2025 | 1/05/2025 | 9.6349% | 9.6349% |
| 25/07/2025 | 1/08/2025 | 9.2797% | 9.2797% |
| 27/10/2025 | 3/11/2025 | 9.0899% | 9.0899% |
| 26/01/2026 | 2/02/2026 | 9.0350% | 9.0350% |
| 24/04/2026 | 1/05/2026 |
| Record Date | Payment Date | Interest Rate – GMYL03 |
|---|---|---|
| 23/12/2021 | 30/12/2021 | 3.9696% |
| 23/03/2022 | 30/03/2022 | 4.0174% |
| 23/06/2022 | 30/06/2022 | 4.1807% |
| 23/09/2022 | 30/09/2022 | 5.7632% |
| 23/12/2022 | 30/12/2022 | 7.0131% |
| 23/03/2023 | 30/03/2023 | 7.2147% |
| 23/06/2023 | 30/06/2023 | 7.6588% |
| 23/09/2023 | 30/09/2023 | 8.3007% |
| 23/12/2023 | 30/12/2023 | 8.0900% |
| 23/03/2024 | 30/03/2024 | 8.3075% |
| 23/06/2024 | 30/06/2024 | 8.2942% |
| 23/09/2024 | 30/09/2024 | 8.3953% |
| 23/12/2024 | 30/12/2024 | 8.3841% |
| 23/03/2025 | 30/03/2025 | 8.3700% |
| 23/06/2025 | 30/06/2025 | 8.0754% |
| 23/09/2025 | 30/09/2025 | 7.5537% |
| 23/12/2025 | 30/12/2025 | 7.5264% |
| 23/03/2026 | 30/03/2026 | 7.6849% |
Ranking
The Notes are direct, subordinated and unsecured obligations of BNK and rank in a winding up of BNK as follows:
- ahead of the claims of Junior Ranking Creditors;
- equally among themselves and with the claims of Equal Ranking Securities; and
- behind all claims of Senior Creditors and all liabilities mandatorily referred to by law.
The Notes are not deposit liabilities of BNK for the purposes of the Banking Act, are not protected accounts for the purposes of the Financial Claims Scheme established under Part II of the Banking Act and are not guaranteed or insured by any government, government agency or compensation scheme of Australia or any other jurisdiction or by any other person.
Information memorandums
- 1 February 2021 – click here
- 12 May 2021 – click here
- 30 September 2021 – click here