CBA to sell AU$202 mln step-up uridashi bond

TOKYO, April 24 (Reuters) - Commonwealth Bank of Australia Ltd (CBA.AX) will sell a AU$202 million ($191 million) uridashi bond, documents filed with Japanese financial authorities showed on Thursday.

The bond will be issued on May 15, with the sales period running from May 1 through 9.

The bond is a step-up bond, with an initial coupon set at 6.85 percent for the first year. The coupon will rise by 0.2 percentage point each year after that.

The maturity date is May 24, 2012, though the issuer reserves the right to call back the bond after a year.

CBA is rated Aa1 by Moody's Investors Service, and AA by Standard & Poor's and Fitch.

Uridashis are foreign bonds sold to Japanese retail investors. (Reporting by Rika Otsuka)