Bank of New Zealand last week became the first bank to issue in the New Zealand domestic market with a government guarantee. The bank raised NZ$180 million for five years at a margin of 80 basis points over swap. This is 10 bps wide of the most recent five-year, government guaranteed issuance by one of the majors in the Australian domestic market. The bank will also pay the New Zealand government 90 bps per annum for the provision of its guarantee, compared with 70 bps for an Australian government guarantee. The bond issue was not directed at retail investors.However, Auckland City Council became the next to announce a retail bond issue. Opening today, the council is seeking to raise NZ$150 million for five years. The issue will close on March 20 and the coupon on the bonds will be set at the greater of 6 per cent or swap plus 2 per cent, on March 23.As for offshore bond issuance, Suncorp-Metway added a further £200 million to its January 2014 Euro medium term note, taking outstandings to £750 million. The top-up was reportedly priced in the low 90s over mid-swaps, compared with 105 bps when the line was opened in early January.National Australia Bank quietly issued a $60 million EFRN for five years at 70 bps over bank bills and a US$35 million EMTN for four years. CBA also privately placed a $40 million five-year EMTN, and Westpac raised NZ$60 million via a three-year Euro floating rate note.