National Australia Bank continued its offshore bond issuance last week, this time selling €1.0 billion in ten-year bonds. NAB priced the bonds at 105 basis points over mid-swaps, which should swap back to Australian dollars fully hedged, at around 190 bps over mid-swaps.NAB has raised the equivalent of more than A$3.5 billion on the US s144A market and the Euromarket over the last two weeks. ANZ was also active offshore, raising US$750 million via a subordinated, ten year non-call five bond issue on the US s144A market. The bonds were priced at 290 bps over US Treasury bonds.The sudden burst of activity from both ANZ and NAB can be attributed to a more buoyant mood in global financial markets (though keeping pace with funding targets is another factor).Lastly, in the domestic market, Bendigo and Adelaide Bank raised A$40 million for just one year at 90 bps over bank bills.