Commonwealth Bank was the big wholesale borrower of last week, raising a total of US$3.25 billion in the US s144A market. The CBA raising was split into three tranches, with US$1.0 billion each of fixed and floating rate three-year notes, which were priced at 95 basis points over US Treasuries and 80 bps over Libor, respectively, and US$1.25 billion of five-year notes, priced at 130 bps over US Treasuries.Working through the AUD/USD basis swap, the pricing equates to approximately 120 bps and 160 bps over bank bills, respectively. The pricing of the five-year bond is pretty much spot on with where the major banks' five year issuance has been in the domestic market this year, but the three year price could be a little wide.ANZ National upsized and priced its five-year bond issue launched the week before. The final size of the issue was NZ$400 million and pricing came in at 175 bps over swap.ANZ National also sold €750 million of five-year covered bonds with a spread of just 43 bps over mid-swaps. This is considerably tighter than the 68 bps paid by ASB Finance for an equivalent issue in July.Nevertheless, it is believed the basis swap will add another 100 bps to the cost of the bonds.On the subject of covered bonds, Royal Bank of Canada completed the first-ever SEC registered covered bond issue in the US on Thursday. The issue was flagged at the end of May. RBC sold US$2.5 billion of five-year coved bonds, priced at 35 bps over mid-swaps. The issue was launched at 40 bps over swap and attracted US$5 billion of bids.Nevertheless, market participants estimated that the pricing was only about five bps tighter than would have been achieved had the transaction been undertaken in the US s144A market. That said, RBC believes the issue has benefitted from the larger investor pool it has attracted and will benefit from greater liquidity in the secondary market. At the same time, the bank warned that seeking SEC registration is a lot of hard work.