Offshore.International issuance by Australian entities in international bond markets now exceeds A$40 billion. This compares with only $27.5 billion in the first quarter of 2013.However, issuance by non-financial corporations in international bond markets is down this year, at just $1.7 billion, compared with $4.3 billion in the first quarter of 2013. So the offshore market is very much a bank market from the supply point of view.Suncorp Metway, the latest bank to sell debt offshore, said it raised US$850 million for three years, in the US s144A market.The issuers last week were Rentenbank, Inter-American Development Bank, First Gulf Bank, Nederlandse Waterschapsbank and Province of Manitoba.An issue of A$250 million of five year bonds from First Gulf Bank was the highlight of the week. The issue priced at 177 basis points over Commonwealth bond. It marks the debut of the bank in the domestic market.First Gulf Bank becomes only the third issuer of Middle Eastern origin in the market. Emirates Bank issued $250 million of three year fixed and floating rate notes in November 2006 and National Bank of Abu Dhabi has $300 million of March 2018 bonds and $400 million of March 2019 bonds outstanding.The latter were issued just three weeks ago.