Why CBA shares outrun PERLS

CBA’s latest PERLS hybrid issue has been beefed up … but its shares are tastier.

PORTFOLIO POINT: Investors considering CBA’s PERLS VI hybrid note offer should do their homework, including a comparison with the returns from the bank’s ordinary shares.

Commonwealth Bank of Australia announced last Wednesday that the book-build for its PERLS VI hybrid note offer had achieved a volume of $1.5 billion and the credit spread on the fully franked coupon was set at 380bps over the 90-day bank bill rate.

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