On 19 June, Industrial and Commercial Bank of China New Zealand (ICBC NZ) (A/A1) launched a new domestic deal to come in either or both three-year floating-rate and five-year fixed-rate formats. Both tranches have minimum volume of NZ$75 million (US$49 million). The three-year tranche is being marketed at 100-110 basis points area over three-month bank bills, while the five-year tranche has an indicative margin of 125-135 basis points area over mid swap.