In offshore bond markets Woodside Petroleum capped off a strong two months which has seen a total of $33.2 billion equivalent of bonds issued. This is ahead of the $29.6 billion equivalent, of bonds issued over the same period last year, but then the Australian dollar was stronger then at around 90 cents to the US dollar. Woodside raised a total US$1 billion in the s144a market, with US$400 million raised for five years, at a spread of 625 basis poionts over US Treasuries, and US$600 million raised for 10 years, at a spread of 612.5 bps. While the credit spreads look wide and were said to be wider than expected, the outright yields of 8.133 per cent and 8.8.927 per cent respectively aren't bad for a 'A-/Baa1' rated issuer.This is the first issue by a true corporate in offshore bond markets this year and, indeed, follows a poor 2008 in which only 14 per cent of the total issuance of $94.5 billion equivalent, did not come from the finance sector. The last true corporate issuer was Telstra, which raised ¥20 billion for eight years in the Euromarket in November. In New Zealand's case Fonterra Cooperative Group was the last to issue, raising £225 million for 15 years, also in November 2008.In other offshore issuance, ANZ tapped the Uridashi market with a $48 million three-year bond with a 3.47 per cent coupon and a NZ$10 million two-year bond with a 2.61 per cent coupon and Macquarie Bank raised HKD310 million for three years. Both the ANZ and Macquarie Bank bond issues were government guaranteed. Also, the Australian branch of Rabobank added a further $75 million to its February 2012 eurobond, to take outstandings to $225 million, and CBA added NZ$50 million to its February 2012 eurobond, to take outstandings to NZ$200 million.Government guaranteed issuance from Australia totals $31.1 billion equivalent for the year to date, and total domestic and offshore government guaranteed issuance amounts to $44.9 billion equivalent.