Bank of New Zealand (rated AA) was active both offshore and in the domestic market. BNZ added CHF100 million to its February 2015 line, taking outstandings to CHF300 million. The top-up was priced at 63 basis points over mid-swaps.At home, BNZ launched a five-year retail bond issue at the start of the week. The bank was seeking NZ$100 million to NZ$200 million and offered a spread of 160 bps over swap. Given where the swap rate was on Friday, this equates to a yield of 6.175 per cent per annum. BNZ is currently offering 6.75 per cent per annum for a five-year term deposit, albeit limited to a maximum deposit of NZ$1.0 million.This certainly didn't deter investors and obviously bonds offer more flexibility. The bank was able to raise NZ$240 million.Moreover, the bank followed the retail issue with a NZ$125 million, two-year floating rate note issue for wholesale investors. The notes were priced at 95 bps over bank bills.