Offshore issuance dominated activity in the corporate bond market last week, with US$4.0 billion of bonds sold in the US s144A market alone. Suncorp Metway was the dominant name, raising US$2.5 billion for the curiously short term of 18 months. Suncorp's government-guaranteed floating rate notes were priced at 37.5 basis points over Libor. This compares very well with the 125 bps and 150 bps Suncorp paid when it visited the same market two months ago to raise two- and three-year funds.The shorter term may reflect the planned run off in Suncorp's assets as the financier contracts its banking business to small business, agri business and residential finance.ANZ followed on Thursday with a US$1.5 billion, three-year, government-guaranteed floating rate note priced at Libor plus 28 bps. At the same time, ANZ raised US$100 million for the same maturity via a non-guaranteed, euro-FRN issue, priced at Libor plus 85 bps, which highlights that for major banks the pricing differential between guaranteed and non-guaranteed debt is less than the fee payable to the Australian government for the guarantee.In other offshore issuance, Rabobank's Australian branch added A$100 million to its February 2012 EMTN line, to take outstandings to A$525 million, while National Australia Bank raised HK$100 million (approximately A$16 million) for five years without a government guarantee.   Year to date offshore issuance by Australian borrowers now exceeds the equivalent of A$75 billion, which is well advanced on the 2008 issuance total of A$95 billion.