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Our strategy

General

The Group Funding team is part of Group Treasury. Our strategy is to ensure sufficient, cost-effective and sustainable funding in the long term to meet the ongoing liquidity needs of the Commonwealth Bank Group and to satisfy the prudential requirements imposed by management and monetary authorities. This strategy is supported by regular calling programs and roadshows to ensure the Bank’s international profile is maintained and its credit strength is well understood by investors and intermediaries.

The Bank targets an ‘AA’ credit rating band and the maintenance of the Bank’s credit rating is paramount. Group Funding is responsible for keeping the ratings agencies informed of all material developments in the Bank Group’s business which may impact on the credit ratings and therefore affect the cost of the Bank’s wholesale funding. 

Funding diversification

Group Funding’s role is to ensure that the Commonwealth Bank Group has ready access to funding from capital markets offshore and in Australia.

The major borrowing programs are:

  • USD70 billion EMTN program
  • USD35 billion USCP program
  • USD30 billion USMTN program
  • Domestic Debt Program
  • ECP/CD program

Target markets are sophisticated international and domestic, wholesale and retail investors.

Additional investor information.

Issue parameters

Target costs of funds from long-term and short-term debt raisings are set by Group Funding. These are revised from time to time to reflect changing market conditions and the Bank’s appetite for funding.

Minimum issue size for private placements off the EMTN and USMTN programs is USD1 million (or equivalent) and terms can be as short as one month. Most structures are acceptable and reverse enquiry is encouraged on the Bank's programs.


Important Information

The information (including any documentation) on this and the following website pages (the Website):

  • Does not constitute and is not intended to constitute an offer, or invitation, inducement, solicitation or recommendation to subscribe for or purchase any securities (as defined in, but not limited to, the Corporations Act 2001 (Cth), the U.S. Securities Act 1933, as amended (Securities Act), the New Zealand Securities Act 1978 or the UK Financial Services and Markets Act 2000, including but not limited to shares in the capital of Commonwealth Bank or financial products as defined in the Corporations Act (Securities));
  • Does not constitute an offer of Securities for sale in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the Securities Act) (U.S. Persons). The Securities may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons absent registration, or an exemption from the registration requirements of, the Securities Act and any applicable U.S. state securities laws. It is not intended that the Securities will be registered under the Securities Act or any U.S. state securities laws;
  • Is directed at legal entities that are qualified investors as defined in the Prospectus Directive 2003/71/EC (and amendments thereto, including the Directive 2010/73/EC (Prospectus Directive)) and in any other circumstances falling within Article 3(2) of the Prospectus Directive; is only intended to be available to qualifying high net worth companies, unincorporated associations, trustees and other persons who fall within the exemption created by article 49 of the FSMA (Financial Promotion) Order 2005 (FPO) and within article 19 of the FPO (United Kingdom Relevant Person). If you are a person of any other description, you should not act upon the information contained on this Website;
  • Is not directed to any resident of Japan (including any person, corporation or other entity organised under the laws of Japan). The Securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended; the FIEA) and may not be, directly or indirectly, offered or sold in Japan or to, or for the benefit of, any resident of Japan or to others for re-offering or re-sale, directly or indirectly in Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and governmental guidelines of Japan, and;
  • Is not intended to constitute general or specific securities advice or a recommendation. The information does not take into account the investment objectives, financial situation and particular needs of any particular investor. Before making an investment decision on the basis of the information, you should consider whether it is appropriate in light of your particular investment needs, objectives and financial circumstances. We recommend that you consult with your professional advisers before making any form of investment.

The Group does not warrant or represent that the information on this Website free from errors or omissions or that it is fair or up to date. To the maximum extent permitted by law, neither the Group nor its directors, employees, agents or advisers (Associated Persons) accepts any liability whatsoever for any loss (including, without limitation, any liability arising from any fault or negligence on the part of the Group or its respective Associated Persons) arising from the use of material accessible from this site or otherwise arising in connection with the material on this site. This Website will not form the basis of any contract or commitment whatsoever. No sale of any Securities described on this Website will occur in any jurisdiction in which such offer, invitation, inducement, solicitation, recommendation or sale would be unlawful.