The Australian arm of Anglo-African financier Investec Bank yesterday issued only its second ever tranche of term debt into the local capital market, and in practice at a spread eight times wider than its first trip to the market at the top of the boom.Investec Bank (Australia) said in a media release it sold $400 million in three-year debt in equal fixed and floating rate tranches. The bank structured the debt as transferable certificates of deposit with three-year terms.The fixed tranche priced at 125 basis points over the mid-swap rate to give a yield of 4.67 per cent and the floating tranche at 125 basis points over the bank bill swap reference rate. Indicative pricing yesterday morning was at a spread of 130 basis points. The bank said fund managers bought half the debt and financial investors the other half. Commonwealth Bank and UBS lead the sale of the TCDs for Investec.Taking into account the fee to the Australian government for the guarantee of 150 basis points (given Investec is a BBB rated bank) the effective spread over the swap rate is 275 basis points.In June 2007 Investec sold debt at 35 basis points over swap.