Australian banks are working out the pricing of term debt that enjoys a government guarantee.ANZ early this morning was still working out pricing on US dollar term debt issues and privately placed with US investors (under US SEC rule 144a).Bloomberg reported this morning that ANZ plans to sell US$500 million of two-year, floating-rate notes priced to yield 70 basis points more than the three-month London interbank offered rate, though this pricing was still not confirmed. ANZ may also US$1.25 billion of three-year, fixed-rate bonds at a spread of 100 basis points more than the benchmark midswaps rate, Bloomberg reported, though again the pricing was preliminary.The price levels are consistent with the price talk yesterday in the Australian market on the bonds.Reuters yesterday reported that Commonwealth Bank is likely to confirm terms today for two debt issues; one carrying the government guarantee and one without.CBA expects to sell at least A$750 million of fixed and floating rate notes due in 2013 at a margin of around 120 basis points over swap and which will utilise the guarantee.A second offer of a minimum of $500 million of fixed and floating rate notes with a three-year term CBA expects to sell at a margin of around 150 to 160 basis points over swap, Reuters reported and citing CBA. This second batch of bonds will not be covered by the guarantee.Reuters had also reported that Westpac was expected to sell a guaranteed, US$ issue overnight, though no details have emerged on this.