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CBA issues $750 million of capital notes

CBA issues $750 million of capital notes

Philippa Stone

The Commonwealth Bank of Australia has been advised on the issuance of CommBank PERLS IX capital notes.

Firm: Herbert Smith Freehills (Commonwealth Bank of Australia)

Deal: The Commonwealth bank of Australia (CBA) has been advised on the issuance of CommBank PERLS IX capital notes.

Value: $750 million

Area: Banking and finance

Key players: The Herbert Smith Freehills team advising CBA was led by partners Philippa Stone (pictured) and Patrick Lowden. Senior associate Charlotte Cameron and solicitors Ben Robinson and Michael Burrell assisted on the deal.

The CBA legal team working with HSF included group general counsel Anna Lenahan, Mark Alexander and Henrietta Rowe of the advisory, and M&A legal team and Tricia Ho-Hudson, head of capital and regulatory strategy.

Deal significance: CBA has issued its CommBank PERLS IX capital notes to raise approximately $750 million.

The subordinated, unsecured notes will raise Tier 1 capital to meet CBA’s regulatory capital requirements and maintain the diversity of its sources and types of funding.

“We are delighted to be acting for our valued client, Commonwealth Bank of Australia, on its issue of CommBank PERLS IX capital notes,” said lead partner Philippa Stone.

The arrangers for the offer are CBA’s capital markets division (CBA Markets) and Morgan Stanley Australia Securities Limited (Morgan Stanley). The joint lead managers are CBA Markets, Morgan Stanley, Evans & Partners Pty Limited, J.P. Morgan Australia Limited, Morgans Financial Limited, National Australia Bank Limited and Westpac Institutional Bank, a division of Westpac Banking Corporation.


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