There was minimal issuance activity in the term debt market last week, with the countdown to the weekend's Greek elections keeping issuance - if not markets - subdued.ANZ provided the main interest. The bank, operating through ANZ Wealth Australia Limited (which is rated one notch lower than the group at A+) sold A$200 million of three-year fixed rate bonds and A$125 million of floating-rate notes.The two tranches were priced at 200 basis points over swap and bank bills, respectively.Pricing at this level provides the first conclusive evidence that spreads in the physical market have widened in recent weeks. Banks have been holding secondary levels steady on rate sheets.But 200 bps over swap and bank bills for three-year funds is twice what ANZ paid for three-year funds a little over a month ago.KfW (rated AAA) added A$350 million to its February 2022 line on Friday. The increase was priced at 144.75 bps over Commonwealth bonds.Bank of Queensland, rated BBB+, said late on Friday that it had agreed to buy back A$289 million and A$347 million of its fixed- and floating-rate notes, respectively, that are maturing in October. The bank had conducted a tender for the buyback.Across the Tasman, Motor Trade Finances Limited sold a three-tranche, asset-backed securities issue via MTF Zephyr Trust 2012. The auto receivables securitisation comprises: NZ$87.7 million of Class A notes; NZ$2.8 million of Class B notes; and NZ$9.5 million of Class C notes.Bank of New Zealand, rated AA-, sold NZ$200 million of seven-year FRNs, priced at 215 bps over bank billsFitch Ratings, meanwhile, foreshadowed a covered bond issue for Kiwibank. Fitch announced long and short term issuer default ratings of AA and F1+, respectively, for the bank, but a viability rating (which ignores the New Zealand government ownership) of just bbb-.New Zealand Companies Office records show that Kiwi Covered Bond Trust Limited was incorporated on May 16.