On 16 June, Heritage Bank (Baa1/BBB+) launched a new A$50 million (US$34.7 million), 10-year non-call five-year (10NC5), tier-two, floating-rate note transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 350-360 basis points area over three-month bank bills. The notes are expected to be rated Baa3, according to joint lead managers ANZ and National Australia Bank.