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CBA Issued $3 Bonds Despite Money-laundering Allegations


September, 14 2017
watermark Economic news

Bonds worth $3 billion was successfully issued by the Commonwealth Bank of Australia (CBA) in the United States amid the money-laundering allegations against the biggest lender in the country.


The bank had it in three-parts and sold more cheaply than anticipated that increased the funds and garnered $5.9 billion orders as reported by the Reuters on Thursday morning. It is separated into three partitions, 10-year bonds worth $700 million, 5-year bonds worth $1.15 billion and 3-year bonds worth $1.15 billion stated by the IFR magazine. Following the sudden increase in the U.S. bond market, the demand surged up with scarcity in high credit rating as it is highly applied for.


During the CBA meeting with the investors last week, they were able to discuss if the money-laundering issue would affect raising of debt. The Australian Transaction Reports and Analysis Centre (AUSTRAC), a financial intelligence agency of the country, filed a lawsuit against the CBA and faces anti-money and counter terrorism financing laws. At the same time, they are also confronted with a separate examination from two regulatory companies and a possible legal action. The Australian banks lost 9 percent A$14.3 billion or $11.5 billion following the AUSTRAC case.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.