18 June 2012 7:12am

There was minimal issuance activity in the term debt market last week, with the countdown to the weekend's Greek elections keeping issuance – if not markets – subdued.

ANZ provided the main interest. The bank, operating through ANZ Wealth Australia Limited (which is rated one notch lower than the group at A+) sold A$200 million of three-year fixed rate bonds and A$125 million of floating-rate notes.

The two tranches were priced at 200 basis points over swap and bank bills, respectively.

Pricing at this level provides the first conclusive evidence that spreads in the...