All four major banks, as well as Macquarie Bank, have been quick to get 2013 underway, with the equivalent of A$5 billion of bonds being issued within the first five business days of the year.Westpac and Commonwealth Bank were the most prominent issuers, raising US$2.25 billion and US$2.0 billion, respectively.Westpac (rated AA-) sold senior unsecured debt in two tranches in the US 144A market. Westpac priced US$1.25 billion of three-year bonds at 60 basis points over US Treasury bonds and US$1.0 billion of five year-bonds, at 80 bps.CBA was active in the same market and sold US$2.0 billion of three-year covered bonds. The bonds were priced at 44.4 bps over US Treasury bonds, thereby providing a ready pricing benchmark for covered bonds against senior unsecured bonds when compared with Westpac's issue.CBA attracted an order book of US$3.0 billion against an indicative spread of 35 bps over mid-swaps. CBA scaled back orders and priced at 32 bps over mid-swaps.In early January 2012, CBA paid 100 bps over mid-swaps for €1.5 billion of five-year covered bonds, and, in March 2012, it paid 115 bps over US Treasuries for US$2.0 billion of five-year covered bonds.Australian financial institutions and companies placed the equivalent of A$130.6 billion of bonds in international markets in 2012. This annual total ranks second to the A$186.5 billion issued in 2009.Financial institutions accounted for 83 per cent of issuance in 2009 but just 69 per cent of issuance last year.