Commonwealth Bank of Australia gained consent to convert seven issues totalling A$9.3bn (Eu5.8bn) from hard to soft bullets at meetings yesterday (Thursday).

The exercise was launched on 1 September and took in issues across Australian dollars, euros, Norwegian kroner, sterling and Swiss francs. A quorum of two-thirds of noteholders for each issue was required at yesterday’s meetings with three-quarters voting in favour for the resolutions to pass. A 5 cent early participation fee was available.

The 100% success rate at the first attempt comes after ING Bank earlier this month became the first issuer to achieve this for a hard to soft bullet consent solicitation move. CBA is the first issuer from Australia or New Zealand to engage in such an exercise.

CBA and Credit Suisse were solicitation agents.