Join

Enter Details

Comment on stories, receive email newsletters & alerts.

@
This is your permanent identity for Business Insider Australia
Your email must be valid for account activation
Minimum of 8 standard keyboard characters

Subscribe

Email newsletters but will contain a brief summary of our top stories and news alerts.

Forgotten Password

Enter Details


Back to log in

Commonwealth Bank shares are down

Scott Olson/Getty Images

Shares in the Commonwealth Bank fell in early trade as Australia’s biggest company traded ex-dividend.

A short time ago, they were down more than 3% to $71.94.

The local market was in positive territory with the ASX 200 at 4,858.90, up 15.44 points or 0.32%.

The other major banks are trading mostly flat with the ANZ up 0.79% to $23.02.

The Commonwealth also announced raising $1.25 billion in its latest PERLS hybrid offering.

The PERLS VIII are unsecured notes with a face value of A$100. They have a call date in October 2021 and will exchange into CBA ordinary shares.

They will pay the 90 day bank bill rate plus a margin, expected to be between 5.20% and 5.35%.

“The net proceeds of the offer will be used to fund the group’s business,” the Commonwealth says.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.