Bendigo is planning to issue around A$300 million in converting preference shares through a bookbuild to be conducted on 23 October. The bank yesterday gave price guidance for the perpetual non-call 6.5 year floating rate note, known as CPS4. Bendigo said it expected the issue to be priced from 375 to 395 basis points over the 90-day Bank Bill Swap Rate. Joint lead managers are JP Morgan, National Australia Bank and Westpac. Westpac is the arranger for the offer. Commercial lending in the month of August rose 2.3 per cent in seasonally adjusted terms, according to the Australian Bureau of Statistics. The ABS said that revolving credit commitments rose 4.3 per cent on July, while fixed lending commitments rose 1.8 per cent. In trend terms, the value of commercial finance commitments was flat. Former ANZ chair Charles Goode is pushing for a letter writing campaign against the bank liability levy, reports The Australian. Speaking to shareholders of the investment companies he now chairs (Australian United Investments and Diversified United Investments), Goode described the planned levy on the five major banks as "discriminatory, unfair and a poor policy approach" and urged the audience to complain to their MPs.