A relative calm draws DCM borrowers back 27 October 2014 4:34PM Philip Bayley Unlike the week before, global financial markets were relatively calm last week. This encouraged some corporate bond issuance by Australian borrowers, particularly in international markets.Commonwealth Bank (rated AA-) stuck its head above the parapet early in the week, to sell €1 billion of nearly riskless covered bonds. The seven-year bonds sold in the Euromarket, were priced at seven basis points over mid-swaps. This should have swapped back at around the mid-50s over bank bills.Macquarie Bank (rated A) was the next to venture out. Macquarie raised a total of US$1.75 for three years, in the US s144A market. The issue comprised US$1 billion of fixed rate notes priced at 85 bps over US Treasury bonds, and US$750 million of floating rate notes priced at 63 bps over Libor.ANZ (rated AA-) raised €1 billion for five years. The ANZ issue was priced at 40 bps over mid-swaps, which would have swapped back at around 88 bps over. This pricing suggests that spreads have widened a little since ANZ issued five-year notes in the domestic market at 82 bps over, in July.Property group Stockland (rated A-) sold €300 million in seven year bonds. The Stockland bonds were priced at 82 bps over mid-swaps.Suncorp-Metway (rated A+) and Province of Ontario (rated AA-) were the only issuers in the domestic market.Suncorp made a two-tranche issue of five-year covered bonds. The A$900 million of FRNs and A$250 million of fixed rate notes were priced at 70 bps over bank bills/swap.Suncorp issued A$600 million of five year covered bonds in November 2012, and paid a spread of 90 bps.Province of Ontario added A$75 million to its August 2024 line to take the total outstanding to A$300 million. The increase was priced at 84 bps over Commonwealth bonds.