HSBC NZ launches NZ$100 million three-year domestic FRN

On 22 March, HSBC New Zealand (HSBC NZ) (AA-/Aa3) launched a minimum NZ$100 million (US$72.2 million) three-year domestic floating-rate note (FRN) transaction. The forthcoming deal has indicative price guidance of 75-77 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers BNZ, Commonwealth Bank and HSBC.