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Commonwealth Bank of Australia raises A$1.59B in note issue

Commonwealth Bank of Australia on Dec. 17 said it raised A$1.59 billion through an issuance of perpetual subordinated notes.

The notes, dubbed PERLS XI, are expected to commence trading on the Australian stock exchange on a normal settlement basis Dec. 20. The bank previously said it will use net proceeds of the issuance to fund its business and to replenish its Tier 1 capital.