Commonwealth Bank of Australia A$1.25 billion unsecured PERLS VIII notes issue

Overview:

• Commonwealth Bank of Australia (CBA) has raised A$1.3 billion by issuing CommBank PERLS VIII capital notes and making a PERLS III reinvestment offer.
• The CommBank PERLS VIII capital notes are subordinated, unsecured notes, and the proceeds from the issue will raise Tier 1 capital to satisfy the bank's regulatory capital requirements and maintain the diversity of its sources and types of funding.
• The arrangers for the offer are Commonwealth Bank of Australia (Capital Markets Division) (CBA Markets) and Goldman Sachs Australia.
• The joint lead managers were CBA Markets, Goldman Sachs, ANZ Securities, JPMorgan Australia, Morgan Stanley Australia, Morgans Financial, UBS, and Westpac Institutional Bank.

Adam Majeed - Asia Editor