Westpac returned to the US s144A market last week to raise a further US$3 billion, for three years, evenly split into fixed and floating rate tranches. The government-guaranteed debt issue priced at 19 basis points over Libor/swap. With a basis swap of around 30 bps or more, and a guarantee fee of 70 bps, this would take the swapped, Australia dollar cost to around 120 bps, or a bit more, for three-year funds. In September, the major banks were raising three-year funds at 60 bps over. With this sort of credit margin in the wholesale market, and a three-year swap rate of 5.5 per cent, paying 6.8 per cent on a one-year term deposit - as Westpac has done in the last two weeks - doesn't look over the top.   In the same market, Commonwealth Bank raised US$250 million for one year, without a government guarantee and at a margin of 25 bps over Libor.  The Australian branch of Rabobank added another A$75 million to its July 2012 line to take outstandings to A$850 million.Toyota Finance Australia set the terms for three Uridashi issues. Toyota will raise A$82 million and NZ$61 million for three years, paying coupons of 5.88 per cent and 5.35 per cent, respectively. TFAL will also raise ZAR878 million (South African rand) for two years at 6.9 per cent. The bonds will be issued this Friday.