Commonwealth bank of australia (Aa2/AA-/ AA-) set a new domestic five-year benchmark clearing level with last Wednesday's A$2.275bn (US$1.68bn) self-led offering of dual-tranche senior unsecured bonds. The lender priced floating-rate notes of A$1.8bn to yield three-month BBSW plus 121bp and 2.9% fixed-rate paper of A$475m at 99.617 for a yield of 2.983%, 121bp wide of asset swaps. Pricing was within the initial talk of 120bp-123bp area and at the tight end of low 120s preliminary thoughts.
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