On 11 February, Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC Sydney) (A/A1/A) launched a new 2.5-year, Australian dollar denominated, senior-unsecured, floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 70 basis points area over three-month bank bills.