On 9 August, HSBC New Zealand (HSBC NZ) (AA-/Aa3) launched a new, three-year floating-rate note (FRN) and five-year fixed-rate domestic senior deal. Each tranche has a minimum volume of NZ$100 million (US$64.7 million). The three-year FRN is being marketed at 65-70 basis points over three-month bank bills, while the five-year tranche is being marketed at 85-90 basis points over mid swap.