On 8 November, AMP (A by S&P) launched an indicative A$200 million (US$145.5 million), 10-year non-call five-year subordinated notes transaction. The deal is expected to be rated BBB+ and is being marketed at 275-300 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers ANZ, Commonwealth Bank of Australia, National Australia Bank and UBS.