Bond Factsheet
CBAAU 6.152% 27Nov2039 Corp (AUD)
Commonwealth Bank of Australia
Indicative
Full Lot
Bid Price 96.416
Change in Bid Price 0.217
Bid Yield (%) 6.628 %
Change in Bid Yield 0.025
Ask Price 96.737
Change in Ask Price 0.244
Ask Yield (%) 6.591 %
Change in Ask Yield 0.028
Indicative price as of 06 Oct 2026, 4:04pm
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
15 Nov 2024
Issue Date
27 Nov 2024
Maturity Date
27 Nov 2039
Years to Maturity / Next Call
13.148 / 8.145
Modified Duration
8.620 @ 06 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.152
Coupon Type
Variable
Annual Coupon Rate
6.152
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 27 November 2034 and every quarter thereafter
Reset Rate: 3 Month BBSW + Initial Margin (1.650%)
ISIN
AU3CB0315638
CUSIP
YT2590727
Bond Currency
AUD
Total Issue Size
1,500,000,000
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
Non-Viability Trigger Event:
A Non-Viability Trigger Event occurs when APRA notifies the Issuer in writing that it believes:
(i) an Exchange or, if the relevant Subordinated Pricing Supplement (as defined below) 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).
Exchange or Write Down:
If a Non-Viability Trigger Event occurs, the Issuer must:
(i) Exchange; or
(ii) if the relevant Subordinated Pricing Supplement specifies Write Down, Write Down,
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) 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 in circumstances where APRA believes a public sector injection of capital, or equivalent support, is necessary because, without it, the Issuer would become non-viable, the Issuer must Exchange or, if the relevant Subordinated Pricing Supplement specifies, Write Down all Subordinated Securities.
In determining the number of Subordinated Securities, or percentage of the Outstanding Principal Amount of each Subordinated Security, which must be Exchanged, or Written Down, the Issuer will:
(i) first, exchange, convert or write down the face value of any Relevant Tier 1 Securities whose terms require or permit, or are taken by law to require or permit, them to be exchanged, converted or written down before Exchange or Write Down of the Subordinated Securities; (ii) secondly, exchange, convert or write down the face value of any Relevant Tier 2 Securities whose terms require or permit, or are taken by law to require or permit, them to be exchanged, converted or written down before Exchange or Write Down of the Subordinated Securities; and (iii) thirdly, if exchange, conversion or write down of those securities is not sufficient, Exchange or Write Down (in the case of the Subordinated Securities) or exchange, convert or write down (in the case of any other Relevant Tier 2 Securities) on a pro-rata basis or in a manner that is otherwise, in the opinion of the Issuer, fair and reasonable, the Subordinated Securities and any other Relevant Tier 2 Securities whose terms require or permit, or are taken by law to require or permit, them to be exchanged, converted or written down in that manner (subject to such adjustments as the Issuer may determine to take into account the effect on marketable parcels and whole numbers of Ordinary Shares and any Subordinated Securities or other Relevant Tier 2 Securities remaining on issue),
but such determination will not impede the immediate Exchange or Write Down of the relevant number of Subordinated Securities or percentage of the Outstanding Principal Amount of each Subordinated Security (as the case may be).
Issuer Call
(a) If a “Call Option” is specified in the relevant Pricing Supplement as being applicable to a Series, the Issuer may, on an Optional Redemption Date, having given not less than 15 nor more than 30 days’ prior irrevocable notice (subject to such other notice period as may be specified in the Pricing Supplement under “Option Exercise Date”) to the Holders (with a copy to the Registrar), redeem all or, if so provided, some of the Securities at their Optional Redemption Amount together with accrued but unpaid interest (if any). If only some of the Securities are to be redeemed at the option of the Issuer, such redemption must be for an amount at least equal to the minimum (if any) specified in the relevant Pricing Supplement (Minimum Redemption Amount) and no greater than the maximum amount (if any) specified in the relevant Pricing Supplement (Maximum Redemption Amount).
Call date on 27 Nov 2034
Additional Note
If convertible, conversion trigger (s): Non-Viability Trigger Event APRA may trigger via Non-Viability Trigger Event Contractual approach
If convertible, fully or partially:All or some securities may be converted
If convertible, conversion rate: AUD 10,000 value of ordinary shares subject to 1% discount and Maximum Exchange Number
If convertible, mandatory or optional conversion: Mandatory upon occurrence of Non-Viability Trigger Event
If convertible, specify instrument type convertible into Ordinary shares
Write-down feature: Yes if conversion fails
If write-down, write-down trigger(s):Non-Viability Trigger Event APRA may trigger via Non-Viability Trigger Event Contractual approach
If write-down, full or partial : All or some securities may be written down
If write-down, permanent or temporary: Permanent
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).
However, the Issuer may only Redeem the Subordinated Securities under this Condition if:
(a) the Issuer has given notice of its election to do so at least 20 Business Days (and no more than 60 Business Days) before the proposed Redemption Date specified in the notice to the Registrar and the Subordinated Holders;
(b) the proposed Redemption Date is an Interest Payment Date (in the case of a Floating Rate Subordinated Note only); and
(c) the notice of Redemption is not given earlier than 60 Business Days before the Interest Payment Date occurring immediately before the earliest date on which all, some or a percentage of all or some of the Subordinated Securities will cease to be treated as Tier 2 Capital.
Subordinated Holders should not expect that APRA's approval will be given for any Redemption of the Subordinated Securities.
Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
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