Mallesons Stephen Jaques has acted for 13 lead managers (JLMs) on CBA's hybrid issue - PERLS V. This is believed to be the largest number of JLMs engaged on an Australian equity capital offer.
CBA hopes to raise approximately $1.5 billion through the issue of perpetual exchangeable resaleable listed securities (PERLS V). Originally the bank was intending to raise $900m, but the offer was expanded due to high retail interest.
Lead Mallesons partner Jonathan Hamer commented, "This transaction shows the appetite of the retail market for hybrids, with their higher interest rates if issued by a sound credit like a bank."
The lead managers involved in this transaction were : CommSec, Macquarie Capital Advisers, ANZ Securities, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs JBWere, J.P.Morgan, Morgan Stanley, National Australia Bank, The Royal Bank of Scotland, UB AG and Westpac Banking Corporation
Mallesons has acted for the lead managers on all of CBA's PERLS issues (PERLS 1,2, 3, 4 and now 5).