Commonwealth Bank of Australia’s A$1.18 Billion PERLS XIII Capital Notes

Herbert Smith Freehills advised the Joint Lead Managers of the Commonwealth Bank of Australia’s offer of CommBank PERLS XIII Capital Notes.

CBA is one of Australia’s leading providers of integrated financial services including retail, business and institutional banking, funds management, superannuation, insurance and broking services.

CommBank PERLS XIII Capital Notes are subordinated, unsecured notes. The proceeds from the issue will raise Tier 1 Capital to satisfy CBA’s regulatory capital requirements and maintain the diversity of CBA’s sources and types of funding. The net proceeds of the Offer will be used to fund CBA’s business.

Herbert Smith Freehills acted for the seven Joint Lead Managers, being Commonwealth Bank of Australia (Capital Markets Division) (who was also the sole Arranger), ANZ Securities Limited, Morgan Stanley Australia Securities Limited, Morgans Financial Limited, National Australia Bank Limited, Ord Minnett Limited and Westpac Institutional Bank.

The Herbert Smith Freehills team was led by partner Philippa Stone (Picture), supported by Senior Associate Michael Burrell and solicitor Joseph Swaysland.

Involved fees earner: Michael Burrell – Herbert Smith Freehills; Philippa Stone – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: ANZ Securities Limited; Commonwealth Bank of Australia; Morgan Stanley Australia; Morgans Financial Limited; National Australia Bank; Ord Minnett; Westpac Banking Corporation;

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Sonia Carcano

Author: Sonia Carcano