Kangaroo and kauri issuance remained the mainstay of domestic corporate bond markets last week.

Bank of Queensland (rated A-) was the only domestic issuer seen in the Australian market. The bank sold A$400 million of two-year floating rate notes, priced at 100 basis points over bank bills.

Korea National Oil Corporation (rated AA-) brought some welcome diversity to the market, returning for only its second issue since making its market debut in September 2014. Koroil debuted with five-year bonds and FRNs, priced at a margin of 108 bps over swaps and bank bills.

This time around Koroil's $325 million, three-year FRN, were priced at 128 bps over bank bills. This provides another example of how spreads have widened over the intervening period, and Koroil is rated a notch higher by S&P now.

Inter-American Development Bank (rated AAA) opened a new August 2021 line at $250 million. The bonds were priced at 63.75 bps over commonwealth government securities to yield 2.7425 per cent.

European Investment Bank (rated AAA) also opened a new line, selling $150 million of August 2026 bonds, priced at CGS plus 60.25 bps, to yield 3.15 per cent.

And Rentenbank added $100 million to the $300 million April 2021 line that it opened last April. The top-up was priced at 60.25 bps over CGS - the line was opened at 55bps over.

In New Zealand, KfW (rated AAA) opened a new February 2021 line, while International Finance Corporation added to its May 2020 line.KfW opened its new line at NZ$200 million and priced the bonds at 50 bps over swap and 73 bps over New Zealand government bonds. IFC added NZ$175 million, priced at 65 bps over New Zealand government bonds, to take the size of the May 2020 line to NZ$1.125 billion.

Three of the four major banks were active in international bond markets, along with Macquarie.

Westpac (rated AA-) sold CNY200 million of three-year bonds and CNY130 million of four-year bonds in the dim sum market. The bonds will yield 5.3 per cent and 5.4 per cent, respectively.

In the Euromarket, CBA (rated AA-) raised £100 million for 2.5 years, at a spread of 70 bps over Libor.

ANZ was active in the same market, selling £500 million of three-year covered bonds and US$20 million of five-year EFRNs. The lines were priced at margins of 50 bps and 92 bps over their respective Libor benchmarks.

And staying in the Euromarket, Macquarie (rated BBB) raised A$20 million for 15 years, priced to yield 4.7 per cent, and ANZ New Zealand (AA-) raised CHF225 million for 6.5 years. The bonds were priced at mid-swaps plus 42 bps.