The Commonwealth Bank (ASX:CBA) has announced that it plans to raise around $750 million Australian dollars through the issue of hybrid capital notes.
The bank said that the “PERLS X” capital notes would offer an expected margin of 3.4 to 3.6 per cent above the bank bill rate.
Distributions will be paid quarterly in arrears and are expected to be fully franked. The first distribution is scheduled for 15 June 2018.
Shares in CBA (ASX:CBA) are trading 0.36 per cent lower to $75.42.