ANZ priced a $500 million subordinated debt issue in the domestic market, Suncorp Metway priced a £325 million subordinated eurobond issue and Bank of Queensland announced a $150 million hybrid capital issue (which is yet to be priced). ANZ priced a $290 million 10 year fixed rate tranche at 75 basis points over swap and a $210 million floating rate note at 75 basis points over the 90 days bank bill swap rate.ANZ group treasurer Rick Moscati said earlier this year the bank was pricing senior debt in the teens and subordinated debt at around 25 basis points. The last subordinated debt issue, in August, was priced at 42 basis points over.He said: "My own view is that the market will improve from here. We are seeing the losses coming out in the US investment bank reports. They are well spread. It is controlled. The world is still here."The market stopped operating because there was a concern about a lack of transparency. Now it is working through the reporting system and it is public. "The market is gaining confidence from that. We will continue to see volatility and moments of weakness but we are getting back to business as usual."Suncorp Metway's eurobond issue is the bank's largest surbodinated debt issue. Suncorp priced the 10 year bonds at 95 basis points over swap on Wednesday night.Eighty-four investors participated in the issue, with new investors making up half the number. More than half were UK-based and a significant number were from Asia the company said.Moscati said ANZ had maintained its average volume of issuance through the credit crunch over the last two months. "We have paid a higher cost but we did not want to interrupt the process."Others are coming in now because they have had a couple of months to see how the market is pricing. It is not going to get better tomorrow."He said the banks wanted to maintain their capital growth because there were plenty of business opportunities in the current climate.Another factor was the strong appreciation of the Australian dollar, which had devalued capital raised in foreign currencies.A third factor is that, especially in the case of larger banks such as ANZ, risk-weighted assets have increased more quickly than expected as the bank takes over funding of "conduits" that invest in asset-backed securities.Some European banks were quick to sell subordinated debt in the early weeks of the global credit crunch but Australian banks have had more options.