The second full week of January saw A$6.8 billion of bonds issued, easily surpassing the A$2.2 billion of issuance the week before. It also saw the return of non-SSA (sovereign, supranational and agency) issuers. However, the highlight was the bookending of the week with benchmark bond issues from Commonwealth Bank and Westpac.CBA (rated AA-) issued A$2.5 billion of five-year bonds in two tranches. The A$1.75 billion floating rate tranche was priced at 95 basis points over bank bills and the A$750 million fixed rate tranche was priced at 95bps over swap, to yield 4.355 per cent.Westpac (rated AA-) sold A$1.6 billion of five year bonds on Friday. With the margin over bank bill swaps being identical to that achieved by CBA. Westpac sold A$250 million of fixed rate bonds and A$1.35 billion of floating rate notes. In between these two issues, Wells Fargo & Co. (rated A+) made a return to the market after an absence of nearly six years from public issuance. In August Wells Fargo had privately placed A$40 million of 10-year bonds, at a spread of 170 bps over swap.Last week the bank sold A$400 million of fixed rate bonds and A$500 million of floating rate bonds, at a spread of 100bps over bank bill swaps. With pricing pitched five bps wide of that achieved by the CBA two days earlier, investors welcomed Wells Fargo with open arms.This generous pricing was not maintained for the BNP Paribas Australian branch's (A+) five-year issue, priced on Friday. The bank sold A$450 million and A$225 million of fixed and floating rate bonds, priced at 155 bps over bank bill swaps.The supranational and agency sector was represented by the International Bank for Reconstruction and Development (rated AAA) and Landwirtschaftliche Rentenbank (rated AAA).Both opened new lines, with IBRD raising A$700 million for five years, priced at 18bps over swap and 60bps over commonwealth government securities. Rentenbank raised A$400 million for 10 years and priced the bonds at 111.5 bps over CGS.At the time of launching its benchmark bond issue early last week, CBA also invited investors to tender for a buyback of their holdings of December 2013 and February 2014 bonds - issued by the bank and guaranteed by the Commonwealth government. The tender is for all outstanding bonds, totalling A$2.36 billion (fixed rate) and A$2.5 billion (A$2.0 billion fixed and A$0.5 billion floating), respectively.The move had been expected since NAB and Westpac bought back the last of their domestic government guaranteed bonds in November, and ANZ followed in December. CBA is proposing to buy back the bonds at 10b bps below bank bills swaps, in line with the pricing offered by the other major banks.The bank will announce the actual buyback price and the volume of bonds successfully tendered today, with settlement due at the end of this week.