St George pays higher price for shorter term

St George Bank yesterday sold $800 million of floating rate transferable deposits with a maturity date of August 2009. The bank priced the notes at 39 basis points over the 90-day swap rate.

The spread over swap on this 18 month series of notes is a couple of basis points higher than the spread on floating rate notes sold in October 2007 with a maturity of two years and nine months.