Teachers Mutual launches three-year domestic FRN

On 25 June, Teachers Mutual Bank (Teachers Mutual) (BBB/Baa1) launched an indicative A$100 million (US$74.4 million) three-year domestic floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal is 140 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers National Australia Bank and Westpac Institutional Bank.