Offshore issuance already at $9.7 billion 18 January 2010 5:33PM Philip Bayley Pressure remains on the Australian dollar/US dollar basis swap in early 2010. At the end of only the second week of the year, the four major banks have issued the equivalent of A$8.4 billion of bonds, while Macquarie Group and Rabobank Australia have also been active, bringing the offshore issuance total - so far as this newsletter is aware - to A$9.8 billion. The impact of this offshore issuance on the basis swap has been only partially offset by A$4 billion of issuance in the domestic market, solely from supranationals and agencies. On the first working day of the new year, National Australia Bank priced US$1.75 billion of bonds in the US s144A market. NAB raised US$1.25 billion and US$0.5 billion for three years at 48 basis points over swap and Libor, respectively. On the same day, Rabobank Australia added A$75 million and A$50 million to its July 2012 and January 2013 EMTN lines, to take outstandings to A$925 million and A$250 million. A day later it opened a new January 2014 line, raising A$100 million.Commonwealth Bank made a fairly discrete start to the year with a series of private placements. CBA raised HK$600 million for three years, evenly divided into two placements, HK$100 million for five years and CHF250 million for five years.Westpac, ANZ and Macquarie Group were also active in the US s144A market in the first week of the year. Westpac made another issue of 13-month extendible CP (the bank issued US$2.0 billion of extendible CP on December 15), priced at Libor plus five bps.ANZ raised US$3.0 billion in three tranches: US$500 million for three years priced at 87.5 bps over US Treasuries; US$1.25 billion for five years, priced at T+115 bps (which equated to swap plus 48 bps); and US$1.25 billion for ten years, priced at T+130 bps.Macquarie Group (rated A-) raised US$1.0 billion for ten years, priced at T+220 bps.Last week was a relatively quieter week for offshore issuance. ANZ raised C$250 million via a five-year Maple bond issue, priced at 110.2 bps over the matching Canadian government bond and Westpac raised JPY111.3 billion in the Samurai market. Westpac issued the Samurai bonds in three tranches, raising JPY83.1 billion for five years, at 45 bps over swap; JPY16.9 billion, at 60 bps over Libor; and JPY11.3 billion for seven years, at 58 bps over swap. Westpac also raised HK$400 million for ten years on Friday.