Suncorp Bank said it sold A$1.6 billion in covered bonds in the domestic credit market. It is the bank's debut issue of this form of bond.The bank said it sold a fixed rate bond, with a term of 4.5 years, at 140 basis points over mid-swaps. It also issued a A$500 million floating-rate tranche with a 2.5 year term at 105 basis points over the bank bill swap rate.When Commonwealth Bank sold covered bonds earlier this year it did so at a spread of 175 bps. Westpac obtained a spread of 160 bps on a subsequent deal.Suncorp said in an announcement via the ASX that 54 investors bought bonds, 80 per cent of them real money accounts.Barclays, RBC Capital Markets and UBS were lead managers for Suncorp.