Commonwealth Bank of Australia announced today a new Tier 1 hybrid, CommBank Perls VII Capital Notes. The offer (via prospectus) is expected to raise $2b (more or less) and quoted on the ASX under CBAPD. Perls VII are subordinated, unsecured notes scheduled to pay quarterly, floating rate distributions which are expected to be fully franked. Indicative margin of 2.80-3.00%, face value is $100, and a mandatory conversion into CBA ordinary shares in December 2024 subject to certain conditions.   Commonwealth Bank of Australia and Morgan Stanley Australia Securities Limited are the Arrangers to the Offer. Goldman Sachs Australia Pty Ltd, J.P. Morgan Australia Limited, Morgans Financial Limited, UBS AG Australia Branch, and Westpac Institutional Bank have also been appointed Joint Lead Managers. ANZ Securities Ltd, Bell Potter Securities Ltd, Deutsche Bank AG Sydney Branch, and Ord Minnett Ltd have been appointed as Co-Managers to the Offer.   For further information please download a copy of the prospectus from www.commsec.com.au For Australian Investors only, not for distribution in the United States.