WATC launches five-year syndicated domestic FRN

Western Australian Treasury Corporation (WATC) (AA+/Aa1) launched a new five-year, Australian dollar denominated, syndicated, benchmark, floating-rate note (FRN) transaction on 11 February. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 25.5-28.5 basis points area over three-month bank bills. ANZ and Deutsche Bank are leading.