ICBC Sydney launches three-year benchmark FRN

Industrial and Commercial Bank of China Sydney Branch (ICBC Sydney) (A/A1/A) launched a new, three-year senior-unsecured benchmark domestic floating-rate note (FRN) transaction on 16 April. Indicative price guidance for the forthcoming deal is 105 basis points area over three-month bank bills. Pricing is expected on or before 17 April, according to lead managers ANZ, ICBC, National Australia Bank, UBS and Westpac Institutional Bank.