Westpac has gained bondholder approval to convert five outstanding hard bullet covered bonds to soft bullet structures, while a meeting for a sixth and final hard bullet has been adjourned after the quorum was not met.

Westpac launched the consent solicitation on 1 March, targeting six issues across Australian dollars, euros, Norwegian kroner and US dollars, and on Friday announced it had gained approval to convert all but one, a US dollar-denominated issue.

The last of the bonds targeted in the consent solicitation was issued in 2013, with the Australian bank now issuing soft bullet covered bonds. The six bonds are understood to have been Westpac’s only remaining hard bullets.

The five bonds for which bondholder consent was given are:

A$1.7bn 5.75% 2017 series 2013-C3 AU3CB0189322

A$1.9bn FRN 2017 series 2013-C4 AU3FN0014874

Eu1bn 2.125% 2019 series 2012-C6 XS0801654558

Nkr1.8bn 5% 2022 series 2012-C1 XS0735613373

Nkr1bn 5% 2022 series 2012-C2 XS0735794819

Bondholders that consented to the proposals by an early instruction deadline of 16 March will receive a five cent early participation fee.

The quorum of two-thirds of bondholders for the meeting in respect of the sixth issue targeted in the consent solicitation, a US$1bn 2.45% 2016 series 2011-C1 US96122XAA63 series, was not met. The voting deadline for this series has therefore been extended to Tuesday of next week (12 April) and the meeting adjourned to 15 April. The quorum for the adjourned meeting will be one-third of bondholders.

Credit Suisse and Westpac are solicitation agents.