On 3 July, WEL Networks revealed an indicative margin of 230-250 basis points over swap for its forthcoming five-year, unsecured subordinated transaction. A minimum interest rate of 4.9 per cent was also revealed. The announcement follows the launch of the NZ$125-150 million (US$83.8-100.5 million) deal on 2 July. The final margin and interest rate will be determined following a bookbuild, scheduled for 9 July.