Norwegian financial services group DNB Nor Boligkreditt AS became the third foreign issuer of Australian-dollar denominated covered bonds yesterday, when it priced an A$600 million issue.While the Australian Government is still engaged in final consultations ahead of making changes to the Banking Act to allow local institutions to issue covered bonds, the DNB Nor deal gives an insight into what conditions issuers might expect.DNB Nor will pay a fixed rate of 6.25 per cent on the five-year AAA rated bonds.A source at ANZ, one of the joint lead managers, said the whole issue was sold to local buyers.The first kangaroo covered bond issuer this year was the Bank of Nova Scotia, which issued A$1 billion of three-year bonds, priced at 5.9 per cent, in January. CIBC, another Canadian bank, sold A$500 million of five-year covered bonds in MArch. CIBC also sold A$750 million of covered bonds, the first such deal offered to domestic investors, in late 2010.