Offshore bond issuance by Australian borrowers stood at the equivalent of A$33.6 billion at the end of the first quarter of 2010, against A$49.9 billion at the same time last year. The domestic banks have substantially reduced their issuance volumes, running at only A$28.8 billion in the March 2010 quarter against A$38.9 billion in March 2009. This is also true of the domestic market. The banks have swung back to increased reliance on short-term borrowings, particularly through structured notes with options to call or extend.Last week Westpac saw out the quarter with a US$825 million FRN issue in the US s144A market. The three-year bonds priced at 55 basis points over Libor.Westpac's timing was perhaps unfortunate as the next day Fitch Ratings announced an upgrade for the bank, as a result of its strong performance through the global financial crisis, an improvement in the operating environment and the successful integration of St George Bank. Commonwealth Bank returned to the Canadian Maple bond market, having last issued there in October. This time it raised C$400 million for ten years at 152.6 basis points over Canadian government bonds and C$100 million for three years at 60 bps over the Canadian Dollar Offer Rate (CDOR). The latter are FRNs.There was talk last week that Origin Energy (BBB+) is considering a US s144A issue and South Australian utility, ElectraNet (BBB) reportedly completed a US Reg D investor roadshow the week before last.