CBA launches PERLS XIII AT1 deal

On 24 February, Commonwealth Bank of Australia (CBA) launched a new, additional tier-one capital transaction, PERLS XIII, seeking A$750 million (US$595.2 million) with the ability to raise more or less. The deal has a call date in October 2026 and mandatory exchange in October 2028. Indicative price guidance is 275-295 basis points over three-month bank bills with the final margin to be determined on 3 March following a bookbuild.