On 13 October, Challenger launched Capital Notes 3, a new subordinated, unsecured, perpetual convertible security, seeking to raise approximately A$250 million (US$180.2 million). The indicative margin for the deal is 460-480 basis points area over three-month bank bills. The final margin will be set, following a bookbuild, on 20 October. The offer is expected to open on 21 October and close 13 November.
