RACQ Bank launches three-year FRN

On 18 February, Members Banking Group (BBB+/Baa1), trading as RACQ Bank, launched an indicative A$50 million (US$33.6 million), three-year, floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 93 basis points area over three-month bank bills. ANZ and National Australia Bank are leading.