ANZ has launched a covered bond deal, seeking US$500 million from the US capital market, according to reports.The Wall Street Journal said price guidance for the five-year deal is 115 basis points over "mid-swap". Lead underwriters are said to be ANZ, Citi, Nomura Securities and UBS. Commonwealth Bank will launch its own covered bond deal today, according to the Australian Financial Review. CBA plans to tap the European market with a A$1.3 billion deal.The covered bond market has opened up as a new source of funding for Australian banks, following the decision of the Government to amend to Banking Act to allow local banks to issue debt instruments secured by a cover pool of mortgages that is refreshed regularly.