Commonwealth Bank of Australia plans to issue ¥20 billion of Tier 2 capital subordinated notes.

The bank said Dec. 13 that the notes will be issued in two series, with each series consisting of ¥10 billion of callable fixed- to floating-rate subordinated notes. They will mature on the interest payment date falling in or nearest to December 2026.

The notes will be issued on Dec. 15 under the bank's euro medium-term note program. They are convertible into shares of the bank if a nonviability trigger event occurs.

As of Dec. 12, US$1 was equivalent to ¥115.45.