Shaw and Partners appointed Co-Manager to the CommBank PERLS X Capital Notes offer News07 Mar 2018

Commonwealth Bank of Australia today announced the offer for a new Tier 1 Hybrid, CommBank PERLS X Capital Notes (“PERLS X”) (“Offer”).

 

Shaw and Partners has been appointed Co-Manager to the CommBank PERLS X Capital Notes issue along with Crestone Wealth Management and Ord Minnett.

 

PERLS X will qualify as Tier 1 capital. The offer is expected to raise A$750 million, with the ability to raise more or less. PERLS X are expected to be quoted on the ASX under the trading code CBAPG.

 

PERLS X are subordinated, unsecured notes, scheduled to pay floating rate distributions quarterly and are expected to be fully franked.

 

PERLS X have a call date of 15 April 2025 and will mandatorily exchange into ordinary shares on 15 April 2027 (subject to certain conditions). PERLS X have an initial face value of A$100.

 

 

For more information please contact your Shaw and Partners Adviser.

 

Disclaimer: The Prospectus relates to the offer by the Commonwealth Bank of Australia ABN 48 123 123 124 (“CBA”) of CommBank PERLS X Capital Notes (“PERLS X”) in Australia to raise A$750 million, with the ability to raise more or less (“Offer”). The Prospectus is dated 7 March 2018 and a copy was lodged with the Australian Securities and Investments Commission (“ASIC”) on this date. 13 months after this date the Prospectus will expire and no PERLS X will then be issued on the basis of the Prospectus. ASIC and ASX Limited (“ASX”) take no responsibility for the contents of the Prospectus or for the merits of investing in PERLS X. The Prospectus does not provide information in relation to the credit ratings of CBA or PERLS X as the companies which provide ratings in relation to CBA may only disclose this information to certain investors under the terms of their Australian Financial Services Licences.  The information provided in the Prospectus is not investment advice and has been prepared without taking into account your investment objectives, financial situation or particular needs (including financial and taxation considerations). It is important that you read The Prospectus in full before deciding to invest in PERLS X and consider the risks that could affect an investment in PERLS X. The Prospectus can also be obtained electronically from www.commsec.com.au.

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