Our compilation of announcements of guaranteed and other bond issues by Australian parents of New Zealand banks has found they have issued A$35.4 billion worth of bonds in the usually quiet period since December 10.

The issues will give these banks some breathing space and (assuming they are willing to support their New Zealand subsidiaries) reassure the Reserve Bank about our banks' ability to refinance maturing foreign debt.

ANZ issued A$9.77 billion worth of two to five year bonds at anything from 85 to 110 basis points over swaps, while Westpac issued A$5.739 bilion at between 83 and 100 basis points over swaps. Commonwealth Bank of Australia issued A$11.134 billion of bonds at 78-120 basis points over swaps, while National Australia Bank issued A$8.764 billion at 80-120 basis points over swap.

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