On 7 August, Police Bank (BBB/BBB+) launched a new one-year, indicative A$15 million (US$10.1 million) floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 55 basis points area over three-month bank bills. Westpac Institutional Bank is the sole lead manager.