While demand appears to be building, pricing on domestic bank deals continues to stagnate as indicated by Royal Bank of Scotland Australia Branch (RBS)'s (A+/Aa3/AA-) guaranteed A$2 billion (US$1.84 billion) fixed- and floating-rate February 2011 deal, which priced on November 20. The transaction came to market at 25 basis points over swap and bank bill swap rate (BBSW) – demonstrating little primary price action in over a month.