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Commonwealth Bank of Australia Issues 650 Million Pounds of Subordinated Fixed Reset Notes

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Commonwealth Bank of Australia (ASX:CBA) issued 650 million pounds sterling worth of subordinated fixed reset notes due Aug. 21, 2036, on Friday, according to a same-day Australian bourse filing.

The notes will carry an initial interest rate of 5.597% per annum payable semi-annually until the optional redemption date of Aug. 21, 2031.

The notes potentially exchange into fully paid ordinary shares of the bank if a non-viability trigger event occurs. The number of ordinary shares issued on exchange is limited to the maximum exchange number of 55.28 shares per subordinated security with a nominal value of AU$1,911.53.

The lender's shares rose 1% in recent trading on Friday.

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