It seems that all the excitement in the local market was reserved for Friday. The Australian branch of Bank of Scotland Plc sold A$1.75 billion of three-year bonds, guaranteed by the UK government; Kreditanstalt fuer Wiederaufbau launched and priced a A$250 million addition to its June 2014 line; and, as mentioned above, APPF launched its A$150 million three-year bond issue, which will be priced early next week.We note APPF has A$150 million of bonds falling due in September. The bonds were issued five years ago at a spread of just 48 bps over swap/bank bills.Bank of Scotland's two tranche issue comprised A$500 million of fixed rate bonds and A$1.25 billion of FRNs priced at 75 bps over swap/bank bills. The deal was launched as a minimum A$500 million transaction but generated sufficient investor interest to place 3.5 times this amount. While there was said to be strong interest from offshore investors, local investors may have also been attracted by the opportunity for diversity offered by the presence of a UK government guarantee.Bank of Scotland is only the second issuer to offer such a guarantee. The Australian branch of the Royal Bank of Scotland was the first when it raised A$1.5 billion in March. The three-year funds were then priced at 90 bps over swap/bank bills.KfW also went to the market with a minimum offering but only managed to raise the minimum A$250 million stipulated, priced at 75 bps over CGS and 55 bps over swap. Perhaps it was the suddenness of the transaction, catching investors unprepared. The line was opened in late May and priced at CGS plus 98 bps and swap plus 75 bps. The top-up takes outstandings to A$1.0 billion. Leighton's minimum A$150 million issue, launched on Thursday, marks its debut in the domestic market and with a program size of A$1.0 billion, Leighton is signalling its intent to become a sizeable issuer. While the issue was expected to price on Friday, it may have been overtaken by the other issues that appeared and it may have taken some investors a little longer to get credit limits in place.  Also, this process could have been hindered by the unfortunate timing of Moody's Investor Service's revision of the outlook on the 'Baa1' issuer rating assigned to parent, Leighton Holdings, to negative from stable. The revision was made just a day before the company launched the issue and the same day as Standard & Poor's assigned 'BBB/Stable/A-2' ratings to the new debt program.Moody's said a protracted slowdown in some of Leighton's key market segments, caused by ongoing funding uncertainty and strained operating conditions, is reducing visibility surrounding the prospects for new projects. This heightens the risk of a reduced earnings profile in fiscal 2011 and beyond. The rating does not have much flexibility for weaker financial metrics, Moody's added.We note the rating is one notch higher than that assigned by S&P.The AOFM backed A$263 million RMBS issue from Light Trust No.2 priced earlier in the week. The A$60 million Class