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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.

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