Offshore issuance by Australian entities has slowed dramatically over the first half of 2010. This is a favourable trend, as it suggests the banks are much more comfortable with planning for their wholesale funding requirements. Issuance for the first half of 2010 amounts to the equivalent of A$42.5 billion, with 83 per cent of debt sold by banks. While this total may be reduced by currency appreciation over the intervening twelve months, it still does not match the A$82.4 billion raised in the first half of 2009, although only 78 per cent of this amount was attributable to the banks, with the remainder being due to some large bond issues by BHP Billiton, Rio Tinto and Woodside Petroleum.