The highlight in the domestic credit market last week was the A$2.57 billion, five-year note issue by ANZ (rated AA-). The issue is the largest seen this year and only the second with a five year term to maturity from a major bank.With the introduction of the net stable funding ratio looming there will no doubt have to be more issuance of this tenor. But as everyone knows, it will be expensive and this issue provides ample confirmation of this.The only other five-year issue undertaken by a major bank this year was from the Commonwealth in early January, when it was able to raise funds at 115 basis points over bank bill swap rate. On Thursday ANZ paid 118 bps over, showing that credit spreads are still widening.But we are yet to get back to the February 2012 peak of 185 bps for five-year funds.The other highlight, also on Thursday, was the listing of CBA's PERLS VIII hybrid notes on the Australian Securities Exchange.The final size of the issue actually came in at $1.45 billion - $200 million more than the amount originally sought. So much for scaling back orders to drive secondary market demand.In any event, the issue price just managed to hold its head above water, closing at $100.20 at the end of the day.Apart from these highlights, activity was limited to more line tapping by supranational, sovereign and agency issuers.Rentenbank (rated AAA) added $90 million to its May 2026 line, priced at commonwealth government securities plus 52.75 bps and taking the face value of the outstanding line to $545 million.Kommunalbanken (rated AAA) added $100 million to its July 2025 line, priced at CGS plus 67 bps and taking the face value of the outstanding line to $1.01 billion.Inter-American Development Bank (rated AAA) added $30 million to its October 2025 line, priced at CGS plus 54 bps and taking the face value of the line $645 million.Oesterreichische Kontrollbank (rated AA+) added $50 million to its August 2025 line, priced at CGS plus 67.75 bps and taking the face value of the line to $390 million.Municipality Finance Plc (rated AA+) $25 million to its added February 2026 line, priced at CGS plus 71 bps and taking the face value of the line to $150 million.KfW (rated AAA) added $300 million to its April 2020 line, priced at CGS plus 66.75 bps and taking the face value of the line to $2.3 billion.Swedish Export Credit Corporation (rated AA+) added $25 million to its September 2026 line, priced at CGS plus 70.5 bps and taking the face value of the line to $75 million.