Australia's major banks are well set in the march towards meeting their respective annual funding tasks, according to analysis from NAB.The credit analysts at NAB have reported on the calendar year funding progress among Australia's Big Four banks for the calendar year ended 31 December 2018.The NAB team, led by Michael Bush, head of credit research, noted that the major banks have been active issuers over the past few months and issuance in the first quarter was above that for the same period last year. This heavy issuance (around A$67 billion equivalent) of term debt has been running despite the low funding requirements implied by low asset growth and the materially lower than average maturities in 2018, Bush wrote in a report to clients."The heavy first quarter issuance (which has continued into the second quarter) has seen the banks raise over half the calendar year's anticipated funding requirements already, suggesting issuance will be at a lower rate for the remainder of the year," he said."On our estimates issuance this year has left the banks strongly prefunded, suggesting that the second half of the year will see comparatively light issuance …of an estimated A$61 billion of term debt (ie, greater than one year maturity) to be issued."With lending heavily skewed towards residential housing, and with all majors showing similar growth patterns across their residential and corporate lending books, NAB estimated that the term debt needed for asset funding growth is small, maybe $14 billion, the capital requirements are low, needing around $14 billion to fund asset growth of  $100 billion (or 2.8 per cent).