Westpac gained approval to convert its final hard bullet covered bond to a soft bullet structure in an adjourned bondholder meeting on Friday.

The Australian bank launched the consent solicitation on 1 March to convert to soft bullets six issues across Australian dollars, euros, Norwegian kroner and US dollars, and on 1 April announced it had gained approval from the holders of all but one, a US dollar-denominated issue.

The quorum of two-thirds of bondholders for the meeting in respect of the US$1bn 2.45% 2016 series 2011-C1 US96122XAA63 series was not met, and the meeting was therefore adjourned to Friday and the quorum lowered to one-third of bondholders.

After the meeting, the Australian issuer announced on Friday that the extraordinary resolution had been passed.

The six bonds targeted in the consent solicitation are understood to have been Westpac’s only remaining hard bullets.

Credit Suisse and Westpac are solicitation agents.