On 7 March, Commonwealth Bank of Australia (CommBank) launched its new tier-one hybrid capital notes transaction, PERLS X. The offer is expected to raise A$750 million (US$587 million) and has an expected margin of 340-360 basis points over three-month bank bills. The final margin will be announced following a bookbuild on 15 March, and the offer is expected to close on 29 March.
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