Credit Suisse debuts
It was the Australian branches of international banks that dominated issuance in the domestic debt capital market last week. ING made two additions to existing Commonwealth government-guaranteed lines: adding A$375 million to its February 2013 line to take outstandings to A$1.875 billion and A$150 million to its August 2013 line to take outstandings to A$1.15 billion. The additions were priced at 20bps and 22bps over bank bills and swap, respectively.The Sydney branch of Credit Suisse (rated A+) made its market debut, raising a total of A$1.1 billion for four years, priced at 120bps over swap/bank bills. The issue was split into a A$600 million fixed rate tranche and A$500 million floating.And the Australian branch of BNP Paribas (AA) raised A$750 million for five years, priced at 110bps over swap/bank bills. Again the issue was split into two tranches: A$300 million fixed; and A$450 million floating. This is only the second issue by the bank since returning to the market last June, after an absence of more than a decade.