Auswide issues floating rate note

The bank said in a statement that the 364-day, $25 million FRN was priced at a margin of 70 basis points over the relevant bank bill swap rate.

The FRN was issued to investors in the capital market under Auswide’s existing debt issuance program, with Laminar Capital acting as lead manager.

Auswide Bank managing director Martin Barrett said he is pleased with the solid demand from investors for the bank’s FRN.

“It provides cost-effective funding and further diversifies our funding sources,” he said.

“The successful issue will assist with current growth in our housing, consumer and business loan portfolio.”