Commonwealth Bank advised the Australian Securities Exchange yesterday that it has invited investors to tender their holdings of transferable certificates of deposit due on December 2013 and February 2014 bonds that were issued by the bank and guaranteed by the Commonwealth government. The tender is for all outstanding bonds.There are A$2.36 billion of fixed-rate securities due in December 2013 and $2 billion of fixed-rate securities due February 2014, and $500 million of floating-rate securities due in February 2014.The move had been expected since NAB and Westpac bought back the last of their domestic government guaranteed bonds in November, and ANZ followed in December. The CBA is proposing to buy back the bonds at 10 basis points below bank the bank bill swap rate, in line with the pricing offered by the other major banks.The bank will announce the actual buyback price, and the volume of bonds successfully tendered, next Monday, with settlement due at the end of the week.At the same time, CBA has also launched a new senior, unsecured five-year domestic bond issue. The new issue will be of benchmark size, which, roughly translated, means the issue size could range from $1 billion to $2 billion. However, CBA has the potential to surprise. This time last year it sold $3.5 billion of five-year covered bonds (priced at 175 bps over the bank bill swap rate).Pricing on the latest issue was indicated at around 95 bps over swap. The indicative pricing is five bps below where ANZ priced its $1.5 billion, five-year floating rate note issue at the end of December but is in line with recent declines in credit spreads in international and credit default swap markets.