On Friday, Westpac become the second New Zealand bank to issue covered bonds, selling €1 billion of five-year bonds.The issue was made against an order book of €1.4 billion, with 55 investors in the book, from Asia, the Middle East, and Europe, including Scandinavia and the UK, Interest.co.nz reported.The issue was initially planned for February but was delayed just after the Christchurch earthquake. Westpac blamed market shifts tied to political developments in the Middle East.The covered bonds had been priced at 75 basis points over the Euro mid-swap rate.The Bank of New Zealand's €1 billion covered bond issue November 2010 was priced at 62 basis points over Euro mid-swap, INZ reported.BNZ also sold A$700 of five-year debt, in Australian dollars and to Australian investors, last week, at 88 basis points more than the swap rate.ANZ was marketing its own euro-denominated covered bond last week.