Australian Military Bank launches 10NC5 tier-two FRN

On 19 October, Australian Military Bank (Baa1) launched a new A$15 million (US$10.6 million) 10-year non-call five-year (10NC5), tier-two, floating-rate note (FRN) transaction. The forthcoming deal is being marketed at 380 basis points area over three-month bank bills and is expected to be rated Baa3. Pricing is expected on the day of launch, according to lead manager Westpac Institutional Bank.