On September 1, the South Australian Government Financing Authority (SAFA) (AA/Aa1) announced its intention to issue up to A$1.5 billion (US$1.4 billion) of a new floating-rate note (FRN) benchmark issue. The indicative price range on the forthcoming December 2018 maturity bond is 7-10 basis points over bank bill swap rate (BBSW), SAFA says.
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