A new $1.2 billion local registered stock goes on sale today at an indicative coupon rate of 12.25 per cent.

The five-year debt instrument remains on the market until Friday.

The minimum bid is $5,000. Investors applying for stock exceeding $20,000 have the option of making a competitive bid or not specifying a price.

Interest on the LRS will be paid semi-annually until its maturity on July 13, 2012.

The last LRS, a $1.6 billion 10-year instrument issued in May, yielded an average 13.15 per cent.

Allotments were made across a range of 12.75 cent and 13.299 per cent.