After a docile period, banks turned to international bond markets with gusto over the last week. The stand-out issuer was Commonwealth Bank (rated AA-) using the US s144A market to raise a total of US$3 billion.CBA issued US$750 million of three year floating rate notes at a spread of 40 basis points to Libor and sold US$.125 billion of three year fixed rate notes at a margin of 62 bps over US Treasury bonds. The bank also placed US$1 billion of five year fixed rate notes at a spread of 75 bps over Treasuries.CBA also issued tier two capital in the Dim Sum market, becoming the third Australian bank to do so, after ANZ and Westpac tapped the market in January. The CNY1.0 billion of ten year non-call five notes will yield 5.15 per cent per annum.Westpac hit the Euromarket to raise tier two capital and sold A$350 million of 12 year, non-call seven notes at a spread of 195 bps over bank bills. This is the first Australian dollar denominated tier two issue to be sold in this market.The credit spread achieved aligns with that paid by the CBA on the A$1 billion of tier two notes it sold in the domestic market in November.  However, the CBA notes have a ten-year non-call five-year maturity structure.Westpac (rated AA-) was also active in the Uridashi market selling A$69 million of five year notes with a 2.73 per cent coupon, and 121 million yen (A$59 million) of four year notes, yielding 8.65 per cent per annum. Completing the offshore activity for the week by Australian financial issuers, Macquarie Leasing launched a US securitisation via SMART ABS Series 2015 US Trust. The securitisation of auto lease receivables includes US$543 million of A class notes, while the Class B tranche and seller notes are denominated in Australian dollars.The notes have preliminary credit ratings from Fitch Ratings and Moody's Investor Service.