Bendigo and Adelaide Bank has raised A$300 million through an issue of Basel III-compliant subordinated debt. The bank will pay institutional investors a floating rate of interest priced at 280 basis points over the three-month bank bill swap rate. The bank said pricing was five points tighter than the original guidance of 285 bps to 300 bps over the swap rate. The issue, which includes a non-viability trigger, was the first issue of its kind offered to the institutional market. ANZ faces questions over its due diligence and its adherence to ethical standards after it was revealed that it is financing a Cambodian sugar plantation that has involved child labour, military-backed land grabs, forced evictions and food shortages. According to a report in Fairfax Media, ANZ executives have been meeting with families affected by the forced removal. A bank representative said it was monitoring the situation. The loans, said to be worth tens of millions of dollars, were arranged by ANZ's subsidiary ANZ Royal Bank.