The Commonwealth Bank of Australia has announced today the launch of CommBank PERLS VIII. PERLS VIII will qualify as new Tier 1 capital for the Group, and will raise around $1.25b. The notes will be subordinated, unsecured notes, scheduled to pay quarterly, floating rate distributions. The margin over the bank bill rate will be between 5.2-5.35% and will be fully franked. The notes will trade under the code CBAPE, and have a call date in October 2021, with a mandatory exchange into CBA shares in October 2023.

Commonwealth Bank of Australia and Goldman Sachs Australia are the Arrangers and Joint Lead Managers. ANZ securities, JP Morgan Australia, Morgan Stanley Australia, Morgans Financial Limited, UBS Australia, and Westpac Institutional Bank are also Joint Lead Managers to the offer. Bell Potter Securities, Citigroup, and Ord Minnett Ltd are Co-Managers.

For further information, please refer to the prospectus.