Bond Factsheet
CBAAU 6.860% 09Nov2032 Corp (AUD)
Commonwealth Bank of Australia
Indicative
Full Lot
Bid Price 101.019
Change in Bid Price 0.077
Bid Yield (%) 5.876 %
Change in Bid Yield 0.075
Ask Price 101.066
Change in Ask Price 0.082
Ask Yield (%) 5.831 %
Change in Ask Yield 0.080
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Commonwealth Bank of Australia
Guarantor
-
Announcement Date
27 Oct 2022
Issue Date
09 Nov 2022
Maturity Date
09 Nov 2032
Years to Maturity / Next Call
6.101 / 1.095
Modified Duration
4.767 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.860
Coupon Type
Variable
Annual Coupon Rate
6.860
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 09 Nov 2027 and every quarter thereafter
Reset Rate: 3 Months ASX Aus Bank Bill Short Term Rates+ Margin (2.700%)
ISIN
AU3CB0293769
CUSIP
BZ9744195
Bond Currency
AUD
Total Issue Size
900,000,000
Min. Investment Quantity (Nominal)
AUD 200,000
Incremental Quantity (Nominal)
AUD 10,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA
Bond Credit Rating (S&P/ Fitch)
***/ A
Shariah Compliant
No
Exchange Listed
No
Loss Absorption
Automatic Exchange or Write Down upon the occurrence of a Non-Viability Trigger Event
Non-Viability Trigger Event
(a) A Non-Viability Trigger Event occurs when APRA notifies the Issuer in writing that it believes:
(i) an Exchange or, if the Subordinated Pricing Supplement specifies, Write Down of all or some Subordinated Securities, or conversion or write down of capital instruments of the CBA Group, is necessary because, without it, the Issuer would become non-viable; or
(ii) a public sector injection of capital, or equivalent support, is necessary because, without it, the Issuer would become non-viable.
APRA may specify an aggregate face value of capital instruments which must be Exchanged, Written Down, converted or written down (as applicable).
If a Non-Viability Trigger Event occurs, the Issuer must:
(i) Exchange in accordance with Conditions 4.2 and 4.3; or
(ii) if the Subordinated Pricing Supplement specifies Write Down, Write Down in accordance with Condition 4.3, such number of Subordinated Securities (or, if it so determines, such percentage of the Outstanding Principal Amount of each Subordinated Security) as is equal (taking into account any conversion or write down of other Relevant Securities as referred to in Condition 4.1(c)) to the aggregate face value of capital instruments which APRA has notified the Issuer must be Exchanged, Written Down converted or written down (or, if APRA has not so notified the Issuer, such number or, if the Issuer so determines, such percentage of the Outstanding Principal Amount of each Subordinated Security, as is necessary to satisfy APRA that the Issuer will no longer be non-viable). If a Non-Viability Trigger Event occurs under Condition 4.1(a)(ii), the Issuer must Exchange or, if the Subordinated Pricing Supplement specifies, Write Down all Subordinated Securities.
Exchange
(a) If a Non-Viability Trigger Event has occurred and all or some of the Subordinated Securities (or percentage of the Outstanding Principal Amount of each Subordinated Security) are required to be Exchanged in accordance with Condition 4.1, then:
(i) Exchange of the relevant Subordinated Securities or percentage of the Outstanding Principal Amount of each Subordinated Security will occur in accordance with Conditions 4.1 and 5 immediately upon the date of occurrence of the Non-Viability Trigger Event; and
(ii) the entry of the corresponding Subordinated Security in each relevant Subordinated Holder’s holding in the Register will constitute an entitlement of that Subordinated Holder (or, where Condition 5.10 applies, of the nominee) to the relevant number of Ordinary Shares (and, if applicable, also to any remaining balance of the Subordinated Securities or remaining percentage of the Outstanding Principal Amount of each Subordinated Security), and the Issuer will recognise the Subordinated Holder (or, where Condition 5.10 applies, the nominee) as having been issued the relevant Ordinary Shares for all purposes,
in each case without the need for any further act or step by the Issuer, the Subordinated Holder or any other person (and the Issuer will, as soon as possible thereafter and without delay on the part of the Issuer, take any appropriate procedural steps to record such Exchange, including updating the Register and the Ordinary Share register and seek quotation of Ordinary Shares issued on Exchange).
If convertible, conversion rate
AUD 10,000 value of ordinary shares subject to 1% discount and Maximum Exchange Number
Ordinary Share means a fully paid ordinary share in the capital of the Issuer.
Issuer Call
(a) Subject to Condition 7.6, the Issuer may, on an Optional Redemption Date, having given irrevocable notice within the Option Notice Period to the Subordinated Holders (with a copy to the Registrar), Redeem all or, if so provided, some of the Subordinated Securities for their Optional Redemption Amount together with any accrued but unpaid Interest as at the Redemption Date.
(b) In the case of a Redemption of some but not all of the Subordinated Securities of a Subordinated Series (a Partial Redemption), Subordinated Securities to be Redeemed will be specified in the notice and selected: (i) in a manner that is, in the opinion of the Issuer, fair and reasonable; and
(ii) in compliance with any applicable laws and stock exchange requirements.
Optional call date: Call date on 9 Nov 2027
Subsequent call dates, if applicable: Any interest payment date after the first call date
Optional Redemption Date means, for any Subordinated Securities, any Interest Payment Date on or after the fifth anniversary of the Issue Date of the Subordinated Securities or such other date(s) specified in the relevant Subordinated Pricing Supplement, provided that any such date is on or after the fifth anniversary of the Issue Date.
Additional Note
(a) for any reason, Exchange of any Subordinated Security (or a percentage of the Outstanding Principal Amount of any Subordinated Security) required to be Exchanged under Condition 4.1 fails to take effect under Condition 4.2 and the Issuer has not otherwise issued the Ordinary Shares required to be issued in respect of such Exchange within five Business Days after the date of the occurrence of the Non-Viability Trigger Event; or
(b) the Subordinated Pricing Supplement specifies Write Down, then the relevant Subordinated Holder’s rights (including to payment of the Outstanding Principal Amount and Interest, and any right to receive Ordinary Shares) in relation to such Subordinated Securities or percentage of the Outstanding Principal Amount of the Subordinated Securities are immediately and irrevocably terminated (Written Down) and such termination will be taken to have occurred immediately on the date of the occurrence of the Non-Viability Trigger Event.
No set-off
To the maximum extent permitted by applicable law, none of the Issuer, any Subordinated Holder or any person claiming through any of them has any right of set-off in respect of any amounts owed by one person to the other person.
Redemption for regulatory reasons
Subject to Condition 7.6, if, at any time after the Issue Date, the Issuer determines that as a result of a change in the laws of Australia or a change in APRA’s prudential standards (including following any announcement of a prospective change or amendment which has been or will be introduced) all, some or a percentage of all or some Subordinated Securities are not or will not be treated as Tier 2 Capital of the CBA Group under APRA’s prudential standards (as amended from time to time), other than as a result of a change of treatment expected by the Issuer as at the Issue Date, then the Issuer may Redeem all (but not some) of those Subordinated Securities for their Early Redemption Amount together with any accrued but unpaid Interest on the Redemption Date at any time (if the Subordinated Security is a Fixed Rate Subordinated Security) or on any Interest Payment Date (if the Subordinated Security is a Floating Rate Subordinated Security).
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