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Commonwealth Bank of Australia Issues 1.25 Billion Euros of Subordinated Notes

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Commonwealth Bank of Australia (ASX:CBA) issued 1.25 billion euros worth of subordinated fixed reset notes due May 21, 2037, on Thursday, as part of its euro medium term note program totaling $70 billion, according to a Thursday Australian bourse filing.

The notes will carry an initial interest rate of 4.454% per annum payable annually in arrears up to, but excluding, the optional redemption date of May 31, 2036.

The subordinated notes potentially exchange into fully paid ordinary shares of the bank if a non-viability trigger event occurs. The maximum exchange number is 48.04 ordinary shares per subordinated security, with a nominal value of AU$1,628.70.

The bank's shares rose 1% in recent trading on Thursday.

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