Suncorp launches 15.25NC5.25 subordinated FRN

On 25 August, Suncorp Group (A/A2/A+) launched a new Australian dollar denominated, 15.25-year non-call 5.25-year (15.25NC5.25), subordinated, floating-rate note (FRN), benchmark transaction. The forthcoming deal, which is expected to price on the day of launch, is being marketed at 250 basis points area over three-month bank bills. The notes are expected to be rated BBB/A-, according to lead managers Citi, National Australia Bank, UBS and Westpac Institutional Bank.