Commonwealth Bank of Australia Completes $3 Billion Offering of Notes

March 10, 2017

S&C client Commonwealth Bank of Australia completed an offering of $3 billion principal amount of notes, comprising: (i) $900 million principal amount of 2.250% fixed rate notes due March 10, 2020; (ii) $600 million principal amount of floating rate notes due March 10, 2020; (iii) $900 million principal amount of 2.750% fixed rate notes due March 10, 2022; and (iv) $600 million principal amount of floating rate notes due March 10, 2022. The notes were sold under CBA's $50 billion U.S. medium term notes program, which allows CBA to issue senior medium term notes from time to time pursuant to Rule 144A / Regulation S of the Securities Act. CBA also acted as a bookrunner for notes sold outside the United States pursuant to Regulation S.

CBA operates primarily in Australia and New Zealand, and is Australia's largest bank in terms of retail deposits and residential mortgages. The S&C team representing CBA was led by Waldo Jones, along with Connor Schillerstrom. Slki Hong advised on U.S. taxation matters, and Donald Toumey and Mark Ma advised on certain U.S. bank regulatory issues.