Demand strong for hybrid capital from Australian banks, Allens says

The firm is helping a banking giant on its $1.25bn hybrid issue

Demand strong for hybrid capital from Australian banks, Allens says

There is continued strong demand for hybrid capital from the nation’s banks, a top firm has said.

“Whist there has been some recent turbulence in equity markets, it is pleasing to see evidence of ongoing strong demand for hybrid capital from Australia's banks,” Allens partner Julian Donnan said.

Donnan, who jointly heads firm’s equity capital markets team with partner Robert Pick, made the comment after the firm confirmed that it is advising the Commonwealth Bank of Australia (CBA) on its offer of CommBank PERLS XI Capital Notes.

Originally announced at the start of the month, the offer was intended to raise about $750m, but was boosted to $1.25bn during bookbuild off the back of strong demand from the syndicate of brokers and institutional investors. The raising is expected to close on 7 December.

Pick and Donnan led the Allens team on the deal. They were supported by associate Niki Haralmbidis and lawyers Elise Blume and Bridgette Gorman.

Julian Donnan and Robert Pick

Recent articles & video

Law Squared named Melbourne Symphony Orchestra's international legal partner

Law Council of Australia criticizes newly passed Migration Amendment (Bridging Visa Conditions) Act

Addleshaw Goddard elects new managing partner

Global Best in Law 2023 revealed

Thomson Geer advises Accolade Wines on House of Arras sale

Recruitment for deputy presidents and senior members of new Administrative Review Tribunal begins

Most Read Articles

White & Case expands global mergers & acquisitions practice in Dubai

MinterEllison solicitor wins first Queensland Government John Monash Scholarship

Holding Redlich appoints seasoned investment funds star as new partner

Hicksons strengthens commercial dispute resolution team with new partner