February 27, 2017 / 11:18 PM / 6 months ago

Commonwealth Bank of Australia doubles hybrid size to A$1.45 bln

SYDNEY, Feb 28 (Reuters) - Commonwealth Bank of Australia , the country's biggest mortgage lender, said on Tuesday it had allocated A$1.45 billion ($1.1 billion) in hybrid securities at a margin of 390 basis points over the bank bill swap rate.

The issue size is around twice the amount initially announced last week and the margin is at the low end of the guidance range of 390 to 410 basis points.

The issue, to be listed under the name of PERLS IX on the Australian Stock Exchange, consists of perpetual notes with a mandatory exchange date of March 31, 2024, according to the prospectus. ($1 = 1.3028 Australian dollars) (Reporting by Cecile Lefort; Editing by Shri Navaratnam)

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