perls v heavily oversubscribed

From smh.com.au:

CBA hybrid issue doubles to $2b
October 9, 2009 - 9:46AM

Commonwealth Bank of Australia will issue $2 billion of hybrid securities, more than double the amount the country's biggest lender had aimed for, after a successful offer period.

The perpetual, exchangeable, resaleable listed securities (PERLS V) will be issued to successful applicants on October 14 at a price of $200, Sydney-based CBA said in a statement today.

In August, CBA said it was aiming to raise about $900 million under the PERLS V offer.

CBA chief financial officer, David Craig, said the hybrid issue would increase the bank's Tier 1 ratio by about 40 basis points. That would take it to about 8.47 per cent, given it was at 8.07 per cent at June 30.

Hybrid securities have characteristics of both bonds and equity by paying a regular income until maturity, at which point investors usually have the option to convert their holding to common stock.

Of the new securities, $1.507 billion was sold to brokers and institutions, $488 million went to existing security holders, and a further $5 million was sold under a general offer.

The securities will begin trading on a deferred basis on October 15, then normal trading will begin on the Australian Securities Exchange on October 20.

AAP

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Who thinks these securities will start trading at a discount on day 1?