Conditions in credit markets may be tough, but it could be an exaggeration to say they are effectively closed, as ANZ's CEO Mike Smith suggested during a talk to a business lunch on Friday.Smith's remarks were reported with varying degrees of precision on Friday afternoon, though the thrust of his comments, following a prepared address, were that it was the European credit markets that were closed, while those of Asia and the United State remained open.Against this background of aversion, banks undertaking term-funding initiatives over the last week included National Australia Bank (doubled to A$1 billion) and Heritage Bank (both of whom have launched retail bond issues), Bank of New Zealand sold term debt, while Westpac, AMP Bank and Lloyds, though Capital Finance Australia, have launched structured note issues.Four relatively infrequent issuers also sold "corporate" bonds last week, with Telstra, which sold term Australian-dollar debt in the Euromarket, being among them.The term-funding of NAB, Heritage and Westpac has already been reported. The structured finance issues, from AMP Bank and Capital Finance, are covered in the next article.In one more piece of term-funding news, NAB subsidiary Bank of New Zealand, rated AA-, launched a NZ$200 million bond for three years at 155 basis points over bank bills.Among corporates, agencies and sovereigns selling debt last week were:-- African Development Bank, which returned with an A$150 million increase to its March 2022 line that it opened earlier in the year. The increase takes outstandings to A$650 million and was priced at 116.5 bps over Commonwealth bonds.-- Bank Nederlandse Gemeenten opened a new 10-year line to raise A$250 million. The bonds were priced at 142.5 bps over swap and 218.75 bps over Commonwealth bonds. The bank added A$80 million to the line a day later, which was priced at 217.5 bps over swap.-- Fonterra Cooperative Group's subsidiary, New Zealand Milk (Australia), rated A+, made its second visit to the market, this time to raise A$150 million for 10 years. The company made its market debut in July last year, when it raised $300 million for five years, priced at 100 bps over swap.New Zealand Milk (Australia) achieved very tight pricing once again last week, coming in at just 125 bps over swap. The secondary market spread on its five-year bond is now just 77.5 bps, according to Yieldbroker.-- Telstra, rated A, raised A$130 million for 10 years in the Euromarket. The bonds were priced at 191.5 bps over swap.Also of note is that Suncorp Metway released a prospectus for its US$5 billion covered-bond program to investors in Europe on Thursday. The program has been established as a global program and thus allows for domestic covered-bond issuance. Even ANZ is planning for the long term. The bank has updated documentation for a US$60 billion euro medium-term note program.