CBA prices $1 bln 4-yr Australia govt-backed bonds

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SYDNEY, July 9 (Reuters) - Commonwealth Bank of Australia
(CBA.AX) (CBA), the nation's third-largest lender, has
privately placed $1 billion of July 2013 notes backed by an
Australian government guarantee, it said on Thursday.

The floating rate note offer, which priced on Tuesday in
the United States under a 144a reg S documentation, paid 42
basis points over U.S. Libor, said a source familiar with the
terms.

Barclays Capital, CBA and Morgan Stanley were joint leading
the issue, the source said.

The issue, rated triple A by S&P and Moody's, was placed
with around six accounts, all fund managers, according to CBA.

CBA raised has now raised about A$3.3 billion ($2.6
billion) in notes this week, with the latest issue following
Tuesday's A$2 billion 5-year issue of non-guaranteed notes
priced at 145 basis points over swap [ID:nSYD534266].

Australian banks have been keen users of the government
guarantee put in place last year to help them weather the
global credit crisis. They have raised more than A$100 billion
equivalent in funds, compared with only A$23 billion without
the guarantee in the same timeframe, according to Deutsche Bank
data.

However, Australia's top banks, including CBA, have been
slowly weaning themselves off the guarantee despite a cost
premium.

Bankers estimate CBA's recent non-guaranteed issue paid
around 30 bps more than a similar offer with the guarantee.

CBA plans to raise around A$30 billion in funding during
its 2009/10 year that started in July, slightly higher than the
A$26-27 billion it raised in 2008/09, the bank said.
($1=A$1.2822)
(Reporting by Cecile Lefort)