In January 2008 issuance in the domestic corporate bond market totalled A$6.6 billion - A$4.2 billion was issued by the domestic banks and A$2.4 billion was from kangaroo issuers. This January it is unlikely that there will be any kangaroo issuance - there hasn't been since August - and domestic bank issuance has already reached A$5 billion. ANZ started the week with a A$150 million top-up to its January 2012 line, adding to the A$650 million issued just the week before. And Commonwealth Bank added A$350 million to its December 2013 fixed rate bonds. The top-up was priced at a spread of 100 basis points over swap compared with 120 bps in December, when the line was opened.National Australia Bank was also able to issue five-year bonds with the same credit spread, although in this case it was 100 bps over bank bills for A$650 million - subsequently upsized to A$700 million - of floating rate notes, maturing in January 2014. All issuance was government guaranteed.  Offshore it was Macquarie Group that created the biggest splash with a US$2.5 billion, three-year bond issue in the US s144A market. The government guaranteed bonds were priced at a spread of 100 bps over mid-swaps or 149.9 bps over US Treasuries. Late the week before Macquarie priced a US$250 million, five-year, private placement in the same market at 121.5 bps over one-month Libor. Allowing for the basis difference, the spread still looks pretty good against the 160 bps over mid-swaps that Macquarie paid for five-year funds in December. Macquarie also launched an NZ$50 million Euro FRN issue on Friday night, with a January 2011 maturity.NAB issued A$100 million of three-year Euro medium-term notes with a government guarantee and paying a 4.25 per cent coupon and Commonwealth Bank followed with an identical issue, quickly increased to A$125 million. On Friday night the CBA issued a HK$250 million Euro MTN with a January 2012 maturity and a Â¥2 billion Euro FRN with a five-year term to maturity.Offshore issuance this month by the domestic banks already exceeds the equivalent of more than A$18.3 billion. This compares with A$18.5 billion for all of January 2008, but the Australian dollar was a bit stronger back then at US88 cents and €0.60 to the dollar.    In New Zealand, Auckland International Airport opened a new retail bond issue to raise NZ$50 million for five years. AIA said the new issue was responding to the excess demand from its November NZ$130 million, eight-year, bond issue.The bonds are rated 'A' by Standard & Poor's, will pay a 7.25 per cent coupon and mature on February 28, 2014. The issue will close on March 31, if not earlier. AIA's November bond issue was oversubscribed by NZ$50 million.