Wide Bay Australia sold only $15 million, rather than $25 million in lower tier II, subordinated notes, the lender disclosed on Friday. Either the generous interest rate Wide Bay was willing to pay was too little to attract debt investors or Wide Bay's board decided that after a month of seeking investors in the securities, a smaller capital raising would be sufficient.Wide Bay, a building society based in Bundaberg, said on Friday that A$15 million of notes had been sold with a coupon of bank bills plus 1000 basis points.Investors accepted that these terms will also receive a step-up to 1500 bps over bank bills if the bonds are not called under the 10 year, non-call five maturity structure. The bonds will be rated 'BB+' by Standard & Poor's.