Commonwealth Bank of Australia (CommBank) (AA-/Aa2/AA) has become the final major Australian bank to complete its debut covered bond transaction, pricing a €$1.5 billion (US$1.9 billion) five-year deal on January 4. It was also the first covered bond issued by an Australia big four bank into the European market, and CommBank's Sydney-based group treasurer, Lyn Cobley, tells KangaNews that market was targeted for the wider distribution and larger volume available.