There was more news last week on the previously flagged retail bond issue by Auckland City Council. News of the potential issue came out just prior to Christmas and the word then was that bondholders would be granted a charge over the Council's rates income, although this appears to have fallen by the wayside.The size of the issue has now been put at a maximum of NZ$350 million, with the coupon on the five-year bonds to be set on Friday. ACC will commence a roadshow tomorrow and is indicating a coupon range of 6.2 per cent to 6.6 per cent per annum or 100 to 140 basis points over the five-year swap rate. The offer will open on March 1 and is expected to close on March 19.With the confirmation that New Zealand's parliament will legislate to merge Auckland City Council with seven others in the region to form a new single local government authority from 1 November 2010, S&P lowered the long-term credit rating assigned to ACC to 'AA-' from 'AA', just before Christmas. The short-term rating was unchanged at 'A-1+' and the rating outlook is stable.More news came out on Fonterra Co-operative Group's retail bond offer, reported last week. The six-year bonds will pay a coupon of 6.83 per cent per annum, which equates to 145 bps over swap. The offer will close on March 3.Offshore, ANZ National raised CHF300 million at 50 bps over mid-swaps. The bonds will mature in December 2014.