Commonwealth Bank has completed the bookbuild for its offer of PERLS VIII capital notes. The bank has allocated A$910 million under the broker firm offer at a margin of 5.2 per cent. The bank will continue to accept applications under the reinvestment offer open to PERLS III holders. Westpac yesterday began marketing a "Basel 3 compliant tier two", or subordinated debt transaction. The benchmark ten-year non-call five-year transaction will be offered to wholesale investors and subject to market conditions. Westpac has around A$2.2 in tier two debt callable next year, in March and July.