VPN starts marketing multi-tranche Australian dollar benchmark deal

On 14 April, Victoria Power Networks (VPN) (A- by S&P) began taking indications of interest for its new multi-tranche, Australian dollar denominated, benchmark transaction. The five-year fixed- and floating-rate note tranches are being marketed at 85 basis points area over swap benchmarks, while the seven-year tranche has an initial price guidance of 100 basis points area over semi-quarterly swap. Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank are leading.