Commentary & Deal Flow

Final Books > €2.15bn (incl. €225m JLM). Peak book > €2.25bn.

Launched: 7yr: €1.25bn @ MS+32bp - Books > €2.2bn (incl. €225m JLM)
Spread set at: 7yr: MS+32bp - Books > €2.25bn (incl. €225m JLM)
Book Update: Books in excess of €2.15bn (incl. €225m JLM)
Guidance: 7yr: MS+39a

• Issuer: Commonwealth Bank of Australia (ABN 48 123 123 124) (“CBA”)
• LEI: MSFSBD3QN1GSN7Q6C537
• Covered Bond Guarantor: Perpetual Corporate Trust Limited (ABN 99 000 341 533) in its capacity as trustee of the CBA Covered Bond Trust
• Type: Australian legislative Covered Bond, backed 100% by prime Australian residential mortgages
• Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Format: Bearer Form, Classic Global Covered Bonds, Reg S (TEFRA D rules apply - no communications with or into the US or to US persons), ECBC Covered Bond Label Compliant (non-EEA)
• Size: €1.25bn
• Maturity: 01-Jun-33 (7-years), Soft Bullet Maturity
• Settlement Date: 01-Jun-26 (T+7)
• Reference Benchmark: DBR 2.3% 33 TWIN - HR 104%
• Hedge Deadline: 12:45 UKT / 13:45 CET
• Coupon: Fixed until maturity date, Annual, Act/Act (ICMA), Unadjusted Floating thereafter until extended due date for payment, Monthly, Act/360, Adjusted
• Denom/Listing: €100k + €1k / London Stock Exchange’s main market
• Joint-Leads: BNP Paribas, CBA, Crédit Agricole CIB, Deutsche Bank (B&D)
• Timing: Books now closed. Allocation and pricing this pm.
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or UK
• Governing Law: The Covered Bonds and the Bond Trust Deed are governed by English law. The Security Deed is governed by New South Wales, Australia law.
• ISIN / Common Code: XS3386669694 / 338666969
• Documentation: The Base Prospectus in relation to CBA’s U.S.$40bn Covered Bond Programme dated 22-Jul-25 and any supplements thereafter are available, and the Final Terms, when published, will also be available via: https://www.commbank.com.au/about-us/investors/covered-bonds.html