Commonwealth Bank has declared a fully franked AUD 0.4983 distribution for CBAPJ, payable on 20 October 2026, the scheduled redemption date for PERLS XIII. The payment remains subject to CBA’s discretion under the security terms.
- AUD 0.4983 per CBAPJ security
- 100% franked at a 30% tax rate
- 5.1968% annualised distribution rate
- Ex date of 9 October 2026
- Payment and scheduled redemption date of 20 October 2026
Final CBAPJ Distribution Set for Redemption Date
Commonwealth Bank of Australia (ASX:CBA) has declared what is scheduled to be the final cash distribution on its CBAPJ capital notes before the PERLS XIII securities’ scheduled redemption on 20 October 2026. Holders are due AUD 0.4983 per security, with the payment also scheduled for that date.
The distribution covers the 35-day period from 15 September to 19 October, rather than a standard full quarter. CBA says the amount is actual and expects it to be fully franked, although the terms of PERLS XIII give the bank discretion to make or not make the distribution in full.
Rate Reflects BBSW Plus Capital Note Margin
The annualised distribution rate is 5.1968%. It was calculated from a 4.6740% 90-day bank bill swap rate fixed on 15 September, plus the 2.7500% margin specified in the PERLS XIII terms, with the 30% tax adjustment applied to the combined rate.
That calculation produces a pre-tax reference rate of 7.4240%, reduced by the tax adjustment to arrive at the stated distribution rate. The announcement describes the AUD 0.4983 payment as 100% franked, with no unfranked or conduit foreign income component.
Key Dates for CBAPJ Holders
The security will trade ex-distribution from 9 October, with the record date on 12 October. Payment is due by electronic transfer on 20 October, the same date identified in the announcement as the scheduled redemption date.
For holders, the important distinction is between a declared distribution and an unconditional entitlement: CBA’s stated discretion under the security terms leaves the final payment outcome subject to the applicable conditions. The filing does not provide a separate redemption amount or detail the mechanics of any redemption proceeds, so the distribution timetable should not be read as a complete statement of the cash outcome at maturity.
Bottom Line?
The near-term catalyst is the 20 October payment and scheduled redemption, but holders still face the terms-based discretion over whether the distribution is paid in full.
Questions in the middle?
- Will CBA exercise its discretion to pay the declared distribution in full?
- Will the scheduled PERLS XIII redemption proceed on 20 October 2026?
- What redemption proceeds, separate from the AUD 0.4983 distribution, will CBAPJ holders receive?