After a relatively slow period for issuance in offshore currencies, Australasian banks have conducted some activity in sterling and yen in recent weeks with National Australia Bank (NAB) (AA/Aa1), Commonwealth Bank of Australia (CommBank) (AA/Aa1) and Macquarie Bank (Macquarie) (A-/A2) securing the equivalent of over A$1 billion (US$775.5 million) each – the former in two deals, one of them public and unguaranteed.