Hot on the heels of ANZ, which launched a subordinated note on Tuesday, Colonial Holding Co. Ltd. launched a subordinated note of its own yesterday.Colonial Holding is the holding company for Colonial Group, a wealth management and insurance business owned by Commonwealth Bank.Colonial Holding aims to raise A$500 million through an offer to retail and institutional investors. The floating rate securities will pay a margin over the 90-day bank bill rate. That margin will be set through an institutional book-build.The indicative range is understood to be between 3.25 per cent and 3.75 per cent.The offer includes a guaranteed minimum first-quarter interest payment of 7.5 per cent.The term is 25 years, although the issuer may redeem early. The securities will be listed on the Australian Securities Exchange.