CBA prints A$1.25 billion 10NC5 tier-two deal

Tuesday, 17 October 2023

Issuer name: Commonwealth Bank of Australia
Issuer rating: AA-/Aa3/A+
Issue rating: BBB+/Baa1/A-
Pricing date: 17 October 2023
Settlement date: 25 October 2023
Optional call date: 25 October 2028
Maturity date: 25 October 2033
Total volume: A$1.25 billion (US$800 million)
Lead manager: Commonwealth Bank of Australia
Transaction type: tier-two subordinated notes

FRN tranche
Volume: A$700 million
Coupon type: FRN
Coupon rate: 3m BBSW +205bp
Issue/re-offer price: par
Margin: 205bp/3m BBSW

fixed-to-FRN tranche
Volume: A$550 million
Coupon type: fixed
Coupon rate: 6.446%
Issue/re-offer price: par
Issue yield: 6.446%.
Margin to swap: 205bp/s-q