https://www.rba.gov.au/speeches/2019/sp-ag-2019-03-19.html  2/19  3/19/2019  Bonds and Benchmarks | Speeches | RBA  Graph 2  Issuance of bank bonds was quite high in 2018 in net terms. In fact, net issuance was the highest for almost 10 years (Graph 3).
That high level of net issuance reflected gross issuance around the average we have seen over the past few years at the same time that maturities in 2018 were at a low level.