China's Bank of Communications has priced a A$350 million three -year senior unsecured floating-rate note. The fixed rate note, issued at par via BOCOM's Sydney branch, will pay a coupon of 105 basis points over the three-month bank bill swap rate with a settlement date of 25 October, according to one of the bankers working on the deal. The lead managers for the transaction are ANZ, CBA, HSBC, and NAB. BOCOM is rated A2 (stable) by Moody's, A (stable) by Fitch and A- (stable) by Standard and Poor's. ANZ CEO Shayne Elliott told an Auckland fundraising lunch to help students at his former school that Australia's banks had lost their way and become unbalanced in their pursuit of profit, reports The NZ Herald. Elliott went on to say that is was "heart breaking" to preside over a bank and thousands of staff during this time. The New Zealand government has released the terms of reference for further reform of the Overseas Investment Act. It says it is likely a "broad, but rarely used, discretion to decline approval for significant foreign investment, such as infrastructure assets with monopoly characteristics, will be introduced". The first round of reform (brought in soon after the Labour-led coalition got into government) restricted foreigners from buying residential property.