On 9 October, Bendigo and Adelaide Bank (BEN) (BBB+/A3/A-) launched its benchmark, Australian dollar denominated 3.25-year floating-rate note (FRN) transaction. The forthcoming deal has indicative price guidance of 103 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers ANZ, National Australia Bank and Nomura.