Commonwealth Bank of Australia is understood to be putting the finishing touches on its latest $1 billion hybrid issue, as the nation's biggest banks assess how mooted legislative change will impact retail investors accessing future hybrids.

Sources told The Australian Financial Review CBA had hired joint lead managers on the hybrid issue and was planning to make the offer public in coming weeks. The exact timing by CBA – on the latest PERLS – will hinge on broader market conditions and how similar securities are trading in the secondary market.