- 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