On 2 June, Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC Sydney) (A/A1/A) launched a new Australian dollar denominated, senior-unsecured, multi-tranche transaction. The three-year, floating-rate note (FRN) tranche is being marketed at 100 basis points area over three-month bank bills, while indicative price guidance for the five-year fixed and FRN tranches is 120 basis points area over swap benchmarks.