On 27 February, Western Australian Treasury Corporation (WATC) (AA+/Aa2) launched a capped A$1 billion (US$785.2 million), five-year, syndicated floating-rate note (FRN). The forthcoming transaction is being marketed at 22.5-24.5 basis points area over three-month bank bills. Pricing is expected within a day of launch according to lead managers ANZ, National Australia Bank and Westpac Institutional Bank.