ANZ covered cruises in Euro bond market 17 November 2014 4:49PM Philip Bayley National Australia Bank (rated AA-) was the largest financial services issuer in the domestic bond market last week, with a A$600 million tap of its November 2019 floating rate note. NAB's increase, priced at 82 basis points over bank bills - exactly where it opened the line in August - takes the total outstanding to $2 billion. Volkswagen Financial Services Australia (rated A) also sold five-year bonds, paying just 90 bps over swap for the $150 million raised.Credit Union Australia (rated BBB+) added $30 million to its December 2017 line to take the total outstanding to $80 million, while ME Bank (rated BBB+) raised $200 million for three years, at a spread of 100 bps over bank bills. ME Bank has become very active in the market this year, with this issue being its fifth.Offshore, ANZ (rated AA-) sold €1.0 billion of five-year covered bonds. The bonds were priced at just one basis point over mid-swaps, giving a swapped back margin of 65 bps over.QBE Insurance Group (rated A-), meanwhile, is understood to be marketing a US dollar denominated tier two bond issue.