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CBAAU 5.632% 05Mar2036 Corp (AUD)
Commonwealth Bank of Australia
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Bond Issuer
Commonwealth Bank of Australia
Guarantor
-
Announcement Date
24 Feb 2026
Issue Date
05 Mar 2026
Maturity Date
05 Mar 2036
Years to Maturity / Next Call
9.316 / 4.310
Modified Duration
7.026 @ 11 Nov 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.632
Coupon Type
Variable
Annual Coupon Rate
5.632
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 05 March 2031 and every quarter thereafter
Reset Rate: 3 Month BBSW + Initial Margin (1.280%)
ISIN
AU3CB0332039
CUSIP
DF7011045
Bond Currency
AUD
Total Issue Size
300,000,000
Min. Investment Quantity (Nominal)
AUD 10,000
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
Others
Loss Absorption
Bail-in
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 5 March 2031
Additional Note
Subject to Condition 7.7, 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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