2 October 2009

Mallesons has acted for 13 lead managers (JLMs) on Commonwealth Bank of Australia’s hybrid issue - PERLS V. This is believed to be the largest number of JLMs ever engaged on an Australian equity capital offer.

CBA is looking to raise approximately A$1.5 billion via its issue of perpetual exchangeable resaleable listed securities (PERLS V). Originally the bank was intending to raise $900m, but the offer was expanded due to high retail interest.

Mallesons lead Partner, Jonathan Hamer, said the number of lead managers involved is a reflection of the significant retail component of this transaction: “It's an indication of the strong appetite of the retail market for hybrids with their higher interest rates, if issued by a sound credit like a bank". 

Mallesons has also acted for the lead managers on all of CBA's PERLS issues.

The lead Managers involved in PERLS V are:

• CommSec;
• Macquarie Capital Advisers;
• ANZ Securities;
• Citi;
• Credit Suisse;
• Deutsche Bank;
• Goldman Sachs JBWere;
• J.P.Morgan;
• Morgan Stanley;
• National Australia Bank;
• The Royal Bank of Scotland;
• UBS AG; and
• Westpac Banking Corporation.

More information:

Annelise Cleary, Communications Manager - +612 9296 3758

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