The highlight of a short week in the domestic corporate bond market was an A$800 million five-year floating rate note issue from the Sydney branch of Royal Bank of Canada (rated AA-). The branch sold $660 million of one-year FRNs two weeks earlier, but returned last week with an even larger issue, priced at 128 basis points over bank bills.

On Friday, Toronto Dominion Bank (rated AA-) opened a new February 2026 line at $125 million. The bonds were priced at 135.25 bps over swap to yield 4.02 per cent.

Apart from this, it was a week for top-ups from both domestic but mostly supranational, sovereign and agency kangaroo issuers.

ANZ (rated AA-) added A$50 million to the July 2022 line that it opened two weeks earlier. The increase takes the size of the line to A$180 million.
 
International Finance Corporation made a second addition to its July 2026 line, opened in mid-January. The $20 million addition puts the line at $175 million.

Lloyds Bank Plc (rated A) added $100 million to its August 2025 line. The increase takes the size of the line to $400 million and was priced at 149.75 bps over commonwealth government securities.

After adding to its October 2025 line twice the week before last, Inter-American Development Bank (rated AAA) added a further $55 million last week. The top-up was priced at CGS plus 54.5 bps and leaves the line at $555 million.

Rentenbank (rated AAA), which hasn't been seen in the market since October, returned to add $75 million to its June 2026 line. The line now stands at $325 million and the increase was priced at 47.25 bps over CGS.

European Investment Bank (rated AAA) added $200 million to the $300 million January 2021 line it opened at the beginning of the month. The tap was priced at 67.25 bps over CGS.And lastly, Eurofima (rated AA+) made its sixth tap of its December 2025 line, which it opened in June last year. The $75 million addition, priced at CGS plus 68 bps, takes the line to A$395 million. 

Offshore, Commonwealth Bank made two sizeable covered bond issues in the Euromarket. The bank sold €750 million of five-year covered bonds, priced at 33 bps over the swap rate, and €500 million of 15-year covered bonds priced at 50 bps over.

Westpac (rated AA-) was busy raising one-year funds. It sold £260 million of EFRNs, priced at 26.5 bps over Libor, and in the US deposit market, sold US$545 million and US$50 million of FRNs, with both tranches priced at 51 bps over Libor.

And the Australian branch of Rabobank (rated A+) raised A$100 million for five years in the Euromarket. The bonds will pay a coupon of 3.375 per cent.

In New Zealand, Bank of New Zealand (rated AA-) was the only domestic issuer, selling NZ$300 million of seven-year bonds, priced at 110 bps over the swap rate.

In the US 144A market, ANZ New Zealand (rated AA-) raised US$750 million for three years and US$500 million for five years. The bonds were priced at 115 bps