On 1 September, Commonwealth Bank of Australia (CommBank) (AA-/Aa3/A+) launched a new self-led Australian dollar denominated, 10-year non-call five-year (10NC5), subordinated transaction, offered in either or both fixed and floating-rate note formats. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 195 basis points area over swap benchmarks. The notes are expected to be rated BBB+/Baa1/A-.