Bendigo and Adelaide Bank's first-ever retail bond issue opened for subscription yesterday and the bank plans to raise a maximum of A$250 million via three-year floating rate bonds (unsecured debentures).The bank will use the funds for general banking and other operations.The offer will close on March 8 and the securities will start trading on the Australian Securities Exchange on March 22. As indicated earlier, Bendigo said the bond would pay a spread of 140 basis points over the 90-day bank bill rate.Bendigo and Adelaide Bank has a BBB+ rating from Fitch and from Standard & Poor's, and an A2 rating from Moody's.The only other retail bond from a bank was issued by AA-rated Commonwealth Bank, which raised $570 million in December via five-year floating rate bonds at a spread of 105 basis points over the 90-day bank bill rate.