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Prospect News home > News index > List of issuers Tenders > Headlines for 2021 > News item
Published on 3/9/2021 in the Prospect News Investment Grade Daily, Prospect News Liability Management Daily and Prospect News Preferred Stock Daily.

Commonwealth Bank of Australia gives results of tender offers

By Taylor Fox

New York, March 9 – Commonwealth Bank of Australia announced the results of its two concurrent but separate cash tender offers for any and all outstanding €1.25 billion 2% subordinated notes due April 22, 2027 (ISIN: XS1219642441) and $1.25 billion 4.5% subordinated notes due Dec. 9, 2025 (ISINs: US20710HR32, US2027A1HR15), according to a news release.

As of the 5 p.m. ET March 8 expiration time, €659,743,000 of the 2% notes were tendered and $652,698,000 of the 4.5% notes were tendered. All tendered notes will be accepted for purchase.

As previously reported, the euro-denominated notes will be purchased at a price of €1,024.06 per €1,000 of notes, priced using the 2022 interpolated mid-swap rate and a fixed spread of 35 basis points.

The dollar-denominated notes will be purchased at a price of $1,149.24 per $1,000 of notes, priced using the 0.5% U.S. Treasuries rate due Feb. 25, 2026 plus 40 bps.

The purchase prices for the euro-denominated notes were determined at 9 a.m. ET on March 8 and the dollar-denominated notes at 2 p.m. ET on March 8.

The guaranteed delivery date is March 10.

The settlement date is expected to be March 11.

BofA Securities, Inc. (888 292-0070, 980 387-3907), Merrill Lynch International (+44 20 7996 5420; dg.lm-emea@bofa.com), Commonwealth Bank of Australia (+61 2 9118 1221), Deutsche Bank AG, London Branch (+44 20 7545 8011), Deutsche Bank Securities Inc. (866 627-0391, 212 250-2955), UBS AG London Branch (+44 20 7568 1121, ol-liabilitymanagement-eu@ubs.com) and UBS Securities LLC (+44 20 7568 1121, ol-liabilitymanagement-eu@ubs.com are serving as dealer managers.

Global Bondholder Servicers is the information and tender agent (https://gbsc-usa.com/registration/commonwealth).

The banking and financial services company is based in Sydney, Australia.


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