On 11 May, Barclays revealed plans for a potential new Australian dollar denominated, multi-tranche transaction. The offer includes any or all of six-year non-call five-year tenor, in fixed-to-floating rate and floating-rate note formats, and an 11-year non-call 10-year, fixed-to-floating rate, senior-callable tranche. Initial price guidance is 125 and 170 basis points area over swap benchmarks.