On 9 April, Bank of China New Zealand (BoC NZ) (A/A1) launched a domestic deal as part of Bank of China (BoC)’s planned multicurrency transaction under the “One Belt, One Road” initiative. The deal will come in either or both of three-year floating-rate format, with indicative price guidance in the area of 110-120 basis points over three-month bank bills, and five-year fixed-rate format, being marketed in the area of 130-140 basis points over mid-swap.