Bank of Queensland made the biggest splash last week with a $500 million, 2.75 year, domestic floating rate note issue. The notes were priced at 115 basis points over bank bills.This is the largest domestic issue the bank has undertaken and the first since May last year. It is also the first government guaranteed issue by a triple B rated bank, which goes some way towards explaining the wide issuance spread. The closest comparable is the three-year, FRN, issue from Suncorp-Metway two weeks earlier, which attracted a spread of only 85 bps.There was some discussion that the bank would not have to pay the Commonwealth government 150 bps for the pleasure of issuing with its guarantee, due to the bank being rated 'A2' by Moody's investor Service. But with the other two rating agencies assigning triple B ratings, there would not seem to be much of an argument to be made.Commonwealth Bank was the other significant issuer of the week, placing US$250 million of Euro FRNs at Libor plus 79 basis points, which was subsequently upsized to US$295 million, and adding a further CHF60 million to the CHF300 million of April 2013, 2.25 per cent EMTNs, issued at the start of this month. CBA also raised US$20 million with a January 2012 maturity and paying a 2.38 per cent coupon and JPY5 billion for five years paying 1.5 per cent fixed.ANZ placed two bonds on Friday, one for HK$210 million with a 2.24 per cent coupon and a February 2012 maturity and the other for $125 million, paying a coupon of 4.625 per cent and maturing in February 2013.    Interestingly, National Australia Bank and ANZ quietly placed US$30 million and US$45 million respectively, of 2.35 per cent January 2011 EMTNs, without the benefit of a government guarantee. There has been very little non-guaranteed issuance since the government guarantee became available but pockets of demand clearly exist.In other news, TD Securities shut up shop in Australia last week. TD emerged out of the merchant bank, Euro-Pacific Finance Corporation, in 1985. In recent years the Canadian bank has become one of the major originators of kangaroo bond issues, specialising in the supranational and agency sector. TD ranked No. 2 on the KangaNews league tables for Kangaroo and Kauri issuance last year, originating deals with a total value of $3.9 billion and NZ$813 million, respectively.TD will be missed but it is likely to be a long time before the next kangaroo deal appears. The last was in August last year and unfavourable credit spreads and basis swaps are likely to militate against further issuance for some time yet.Markit Group Limited, the provider of the world's major credit default swap indices, reported Wesfarmers was largest credit improver, in terms of CDS spread contraction, last week. On Thursday, Wesfarmers CDS spreads contracted by 178 bps to 327 bps. This took the spread contraction for the week to 285 bps and for the month to 494 bps. And the reason for the improvement - the expectation and