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ASB issues notes

As part of its efforts to raise tier two capital in line with capital requirements, ASB is offering $250 million in subordinated unsecured convertible notes.

Monday, November 7th 2016, 8:52PM

It will have the ability to accept $150m in oversubscriptions from retail investors and eligible institutions.

The offer closes on November 2.

The notes will have a term of about 10 years but could be repaid earlier.

They will be converted into ordinary shares in Commonwealth Bank of Australia or written off if a “non-viability” trigger event occurs, such as ASB or CBA experiencing severe financial difficulty.

The notes are not guaranteed.

Tags: ASB

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