Commonwealth Bank of Australia yesterday finalised pricing for the offer of a new Tier 1 hybrid, to be known as CommBank PERLS IX Capital Notes. The bank upsized the security sale to A$1.45 billion from $750 million. The net proceeds will be used to fund CBA's business. The investor presentation accompanying the prospectus indicates that these notes will be issued through CBA's New Zealand branch.These are subordinated, unsecured notes, scheduled to pay quarterly, floating rate distributions which are expected to be fully franked. The notes have an optional early call date of 31 March 2022 (which can be triggered after this date if the distribution is not fully franked) and, in any case, will mandatorily exchange into CBA ordinary shares in March 2024.The securities are expected to be quoted on ASX under the trading code CBAPF, and will pay a margin of 3.90 per cent.Interestingly, the prospectus shows the expected rate for PERLS IX rate is roughly in line with CBA's PERLS VI, with a non-mandatory first call date of December 2018, but about 110 basis points above PERLS VII and below PERLS VIII, respectively, despite their similar call dates."The offer raises Tier 1 Capital to satisfy CBA's regulatory capital requirements and maintain the diversity of CBA's sources and types of funding," according to the prospectus. CBA and Morgan Stanley Australia Securities are the arrangers and joint lead managers to the offer.