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

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

HBA Legal salutes women in all-female promotions round

Promotions highlight development programs' success at Piper Alderman

HFW adds to global fraud and insolvency partnership with UK litigation specialist

Tax expert from Big 4 firm joins Clayton Utz’s partnership

Final week of nominations to In-House Leaders 2020

Major international firms band together to speed up tech use in global dispute resolution

Most Read Articles

HSF managing partner embraces innovation and technology in a COVID-19 world

Tax expert from Big 4 firm joins Clayton Utz’s partnership

KHQ Lawyers welcomes two to principal solicitor team in Melbourne

Women dominate 2020 promotions at Cooper Grace Ward