New Zealand's ASB Bank launches NZ$100 mln notes

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SYDNEY, May 6 (Reuters) - New Zealand's ASB Bank Ltd said
on Tuesday it has launched at least NZ$100 million ($79
million) of three-year senior notes at 90 basis points over
swap.

The offer, which can accept an unlimited amount in
oversubscriptions, is being sold to retail and institutional
investors.

The issue closes on May 13, with the interest rate expected
to be set on May 14.

ASB Bank is wholly owned by the Commonwealth Bank of
Australia (CBA.AX: Quote, Profile, Research, Stock Buzz).

The deal details are as follows:

Issuer: ASB Bank Ltd

Facility: Fixed rate subordinated notes

Amount issued: at least NZ$100 million

Maturity: May 21, 2011

Set date: May 21

Coupon: to be set

Yield: to be set

Margin: +90 basis points over swap

Issue price: to be set

Lead(s): ASB Bank

Issuer rating: AA (S&P) and Aa2 by Moody's

Offer dates: May 6-13
($1=NZ$1.27)
(Reporting by Cecile Lefort)