CBA to raise $750 million via issue of hybrid capital notes

Company News

by Anna Napoli

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.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.