Commonwealth Bank published details yesterday of its anticipated hybrid capital issue – a security that qualifies as "tier one" capital – with the release of the prospectus to the ASX.
CBA is looking to sell at least A$750 million of the PERLS VI notes. It said the proceeds would be used to redeem the PERLS IV notes and to meet general corporate needs, if there is any excess.
With almost A$1.5 billion of PERLS IV notes outstanding and due for repayment in seven weeks, the CBA must be expecting to significantly upsize the issue.
The usual arrangements are in place for...
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