Commonwealth Bank (rated AA-) sold US$3 billion of bonds across four tranches in US wholesale debt markets last week. The bank sold US$1.25 billion of five-year bonds at a spread of 67 basis points over US Treasury bonds, US$1 billion of three-year bonds at a spread of 47 bps, US$250 million of five-year floating rate notes at a spread of 55 bps over Libor, and US$500 million of three-year FRNs at a spread of 27 bps.National Australia Bank (rated AA-) undertook its second covered bond issue in as many weeks. This time NAB hit the US 144A market to raise US$1.25 billion from the sale of 5.25 year covered bonds.The issue was launched with indicative pricing of mid 30s over mid-swaps and priced at 33 bps over, after the order book reached US$1.4 billion. European and Middle Eastern investors accounted for 53 per cent of the issue, US 23 per cent, Canadian 14 per cent, and Asian ten per cent.NAB was also busy in the Euromarket. The bank raised £210 million for one year, at a spread of five bps over Libor, US$100 million for two years, priced at Libor plus 17 bps, and NZ$100 million for six years.Its New Zealand subsidiary, Bank of New Zealand (also rated AA-), raised US$250 million for five years in the US 144A market. The bonds were priced at 75 bps over US Treasury bonds.In the domestic wholesale corporate bond market activity was moderate in the first week of September 2014, coming after a busy August.Asian Development Bank (AAA) issued a new line of March 2025 bonds. The issue was sized at A$350 million and priced at 53 bps over CGS, to yield 3.935 per cent per annum.Rentenbank (AAA) added A$150 million to its March 2020 line, taking outstandings to A$1.45 billion. The increase was priced at 45 bps over CGS.