On 7 May, Bank of Queensland (BBB+/A3/A-) launched an inaugural five-year, Australian dollar denominated, conditional pass-through (CPT) covered bond transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 110-115 basis points area over three-month bank bills. ANZ, National Australia Bank and UBS are leading. The notes are expected to be rated Aaa/AAA.