The owner and operator of New Zealand's electricity transmission grid, Transpower, raised NZ$50 million for eleven years in their domestic corporate bond market. The margin on the bonds was reportedly set in May at 75 basis points over swap - a very good move, it would seem. The issue was not open to retail investors.Westpac New Zealand has moved to follow recent retail targeted bond issues by ANZ National and Bank of New Zealand. Westpac has launched a minimum NZ$50 million, five-year bond issue offering a coupon of 130 bps over the relevant benchmark. Pricing is scheduled for Thursday.Continuing the round of musical chairs, Bank of New Zealand followed Westpac New Zealand and ANZ National last week, with the establishment of its internal mortgage securitisation vehicle, BNZ RMBS Trust Series 2008-1. The Trust will issue NZ$6.3 billion of Class A notes, rated 'AAA' by Fitch and NZ$162.3 million of unrated Class B notes.Like the RBA, the Reserve Bank of New Zealand would not accept RMBS from related parties for repo transactions. However, it recently made a specific exception for notes issued by ANZ National's Kingfisher NZ Trust 2008-1, and Westpac New Zealand's Westpac NZ Securitisation Ltd. Presumably, it will now do the same for notes issued by BNZ RMBS Trust Series 2008-1.