The cost of borrowing by banks in the term market continues to improve. On Friday, ANZ completed the sale to domestic investors of A$2 billion in fixed-rate and floating-rate bonds at spreads substantially lower than that paid by Commonwealth Bank when it opened the market two months earlier.ANZ sold $1 billion of floating-rate covered bonds and $1 billion of fixed-rate bonds, with the spread on each tranche priced at 95 basis points over bank bills/swap for a four-year term to maturity.When CBA established this market at the end of January it paid a spread of 175 bps over swap for five-year funds.ANZ's jumbo covered-bond issue ensured the third week in a row of successively greater issuance in the domestic debt market, with $5.2 billion of bonds issued. This takes the total for March to $11 billion already, making it the largest month for the year so far, and puts March within reach of breaking the monthly issuance record of A$16 billion set in March 2010. Other financial issuers last week included: African Development Bank (rated AAA), a rare user of the local market. The AfDB sold $500 million in 10-year bonds priced at 105.75 bps over Commonwealth government bonds. ING Bank NV Sydney branch (rated A+) made its market debut, raising a total of $600 million in two three-year tranches. The bank raised $325 million in fixed-rate notes at a spread of 250 bps over swap and sold a further $275 million in floating rate notes at a spread of 250 bps over bank bills. KfW (rated AAA) added a further $350 million to the February 2022 line that it opened only a month earlier. KfW sold these bonds at spread of 129.5 bps over Commonwealth bonds, or 50 bps more than when it sold the initial tranche.    Woolworths (rated A-) displayed its credentials as a borrower in the eyes of domestic investors. Woolworths raised $500 million for seven years at a spread of 155 bps over swap. The indicative spread at the launch was 160 bps.Investors either regard Woolworths as a better credit risk than a bank or see the need to pay a premium to diversify their holdings of bonds away from banks.Meanwhile, the New Zealand corporate bond market enjoyed the busiest week of the year so far. Rabobank New Zealand (rated AA) priced a NZ$250 million bond issue at 190 bps over swap. Westpac New Zealand (rated AA-) priced NZ$600 million of three-year FRNs and NZ$150 million of three-year fixed rate notes at 155 bps over bank bills/swap. Kommunalbanken (rated AAA) completed the week with a NZ$75 million bond issue, its first in almost a year. The seven-year bonds were priced at 85 bps over mid-swaps.