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Commonwealth Bank of Australia to issue A$750M of hybrid notes

Commonwealth Bank of Australia plans to raise about A$750 million through the issuance of Tier 1 hybrid security.

The perpetual notes are expected to have a margin of between 3.00% and 3.20% above the market rate, to be determined during a bookbuild process Oct. 16.

The notes will mandatorily exchange into ordinary shares April 20, 2029, according to an Oct. 9 release. CBA may redeem or resale the notes April 20, 2027.

The offer will open Oct. 17 and close Nov. 8. The notes will be issued Nov. 14.

CBA is the arranger and joint lead manager of the offer. ANZ Securities Ltd., Morgan Stanley Australia Securities Ltd., Morgans Financial Ltd., National Australia Bank Ltd., Ord Minnett Ltd., UBS AG Australia branch and Westpac Institutional Bank are also joint lead managers of the offer.