CBA soaks up hybrid capital

Ian Rogers
Commonwealth Bank will sell more than twice as much in hybrid securities under its PERLS V offer than first suggested, raising at least $1.5 billion.

With a limited retail share offer (but now no general offer) still under way, CBA may end up rasing in the vicinity of $2 billion through the hybrid.

CBA four weeks ago said it aimed to raise at least $700 million, and lifted that to at least $900 million when publishing the prospectus two weeks ago.

Institutional demand for the hybrids was around $3 billion, CBA said yesterday.