RACQ Bank launches three-year domestic FRN deal

On 15 May, Members Banking Group (BBB+/Baa1), operating as RACQ Bank, launched a new, three-year, indicative A$50 million (US$34.6 million) floating-rate note (FRN) deal. The forthcoming transaction is being marketed in the area of 105-110 basis points over three-month bank bills. The deal is expected to price as early as the day of launch, according to joint lead managers ANZ and National Australia Bank.