Commonwealth Bank of Australia A$1.45 billion PERLS IX 3.90% notes issue

Overview:

• The Commonwealth Bank of Australia (CBA) has undertaken a A$1.45 billion issue of PERLS IX subordinated, unsecured notes.
• The 3.90% notes have a call date of March 2022 and a mandatory exchange date of March 2024.
• CBA and Morgan Stanley Australia Securities acted as arrangers.
• CBA Markets, Morgan Stanley, Evans and Partners, JPMorgan Australia, Morgans Financial, National Australia Bank and Westpac Institutional Bank acted as joint lead managers.
• The proceeds from the issue will raise Tier 1 Capital to satisfy CBA’s regulatory capital requirements.
• The net proceeds of the offer will be used to fund CBA’s business.

Adam Majeed - Regional editor