BoC Sydney launches benchmark three-year domestic FRN

Bank of China Sydney Branch (BoC Sydney) (A/A1/A) launched its benchmark, three-year domestic floating-rate note (FRN) transaction on 8 November, with 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 Bank of China, Commonwealth Bank of Australia, National Australia Bank and Nomura.