BNZ launches new three-year domestic FRN

Bank of New Zealand (BNZ) (AA-/A1/AA-) launched an indicative NZ$100 million (US$90.5 million) – with the right to accept unlimited oversubscriptions – three-year floating-rate notes transaction on 6 September. The self-led wholesale deal has an indicative margin of 80-83 basis points over bank bills, with the margin scheduled to be set on 8 September.