Commonwealth Bank's ASB has raised NZ$320 million from an issue of three-year unsecured floating-rate notes at the indicated margin of 65 basis points over the 90-day bill rate. This was lower than the 75 basis points and more achieved by comparable New Zealand bank bond issues earlier this year. The amount raised was also more than three times the NZ$100 million minimum set earlier in the week, suggesting strong demand from institutional and overseas investors. Mortgage broker franchise group Mortgage Choice has been fined for false advertising. The Australian Securities and Investments Commission released details of the matter yesterday, saying Mortgage Choice had been fined $30,600 for three infringements. Television advertisements claimed that the company had saved borrowers money by refinancing their loans when no such savings had actually been achieved. The Reserve Bank of New Zealand has appointed Ernst and Young to help it review the NZClear and ESAS high value settlement systems it owns and runs ahead of big upgrades over the next two to four years. The system was last upgraded six years ago and technology had moved on since then, said RBNZ chief financial officer Mike Wolyncewicz. The review early in 2014 would look at market requirements, alternative service delivery systems and ask for input from users.