The Commonwealth Bank is marketing a new $750 million, ASX-listed tier one, or hybrid, security that will pay investors an interest rate of about 7 per cent based on prevailing short-term bank rates.

The securities offer, titled PERLS XVI, is rare in that it is a new issue rather than a refinancing of an existing security. It is the second ASX-listed hybrid issue by a major Australian bank this year, after ANZ raised $1 billion from investors in February.