Moody's Investors Service lowered its macro profile for Australia resulting in a one-notch downgrade of eight local banks and the four majors during the penultimate week of June. The downgrade extended to the New Zealand subsidiaries of the major banks and was driven by increased risk induced in part by elevated house prices. Elsewhere, Landesbank Baden-Wuerttemberg printed a A$300 million (US$266.6 million) tier-two EMTN and Peet completed the bookbuild on its latest simple corporate bond.