In the domestic bond market last week, it was the local operations of international banks that were the only corporate bond issuers, and then with an Australian government guarantee. ING Bank (Australia) raised A$1.6 billion for four years. ING issued A$600 million of floating rate notes and A$1.0 billion of fixed rate notes, priced at 36 bps over bank bills/swap.It is unusual to see the fixed rate tranche being the larger tranche. Perhaps this says something about investors' views on interest rates over the medium term but then again, maybe it says more about the composition of the investors, especially given increasing expectations of official rates rises sooner rather than later.The A$1.0 billion issue from the Australian branch of Bank of Scotland Plc had the usual tranche structure, with A$750 million of FRNs being issued, along with A$250 million of fixed rate bonds. The notes, which will mature in December next year, paid 20bps over bank bills/swap