The RBA's decision to cut the cash rate by 25 basis points last week, to 2.75 per cent, may have been the catalyst for a rush of bank and corporate bond issuance from Wednesday on that highlights the trend towards lower wholesale funding costs for banks.Total bank bond and corporate issuance for the month of May now stands at more than A$4.7 billion, well in excess of total issuance in April of $3.8 billion, and approaching the total for March of $4.9 billion.One highlight last week was the largest bond issue yet seen from Bendigo and Adelaide Bank (rated A-). Bendigo sold $600 million of four-year floating rate notes, priced at just 120 basis points over bank bills.The largest issue from the bank previously was in October last year, when Bendigo sold $400 million of three-year FRNs, priced at 145 bps over bank bills. Adelaide Bank, a predecessor of the present bank, sold $550 million of five-year FRNs in March 2007, at just 35 bps over bank bills, just before the GFC hit.Westpac (rated AA-) was the largest issuer last week and demonstrated that the cost of wholesale debt is continuing to fall.Westpac added A$200 million and $525 million to its fixed and floating rate May 2016 notes, respectively. The increases were priced at 47 bps over swap/bank bills and take the volume outstanding in each line to $625 million and $2.35 billion, respectively.At the same time, Westpac added A$600 million to its January 2018 FRN line, to take the total outstanding to A$1.95 billion. The top-up was priced at 73 bps over bank bills. Straight-line extrapolation gives a five-year credit spread of 78 bps, which is inside the new 85 bps benchmark set by ANZ less than a month ago.There were also three other bank kangaroo issuers last week.JP Morgan Chase & Co. (rated A) sold A$400 million and A$450 million of five-year fixed and floating notes, respectively, priced at 105 bps over swap/bank bills. JP Morgan sold $900 million of five-year fixed and floating rate notes last October, priced at 140 bps over bank bills.Inter-American Development Bank (rated AAA) opened a new A$200 million 10-year line, priced at 92 bps over Commonwealth bonds to yield 4.05 per cent.Nederlandse Waterschapsbank (rated AAA) added A$100 million to double the size of its April 2023 line. The addition was priced at 146 bps over Commonwealth bonds.Friday saw Greater Building Society (rated BBB) make its market debut with the sale of A$20 million of one-year floating rate notes. The notes were priced at 105 bps over bank bills.             Another highlight of the week was the debut of a new corporate kangaroo issuer, Hyundai Capital Services, which is rated BBB+. The company sold A$125 million of fixed rate notes and A$125 million of FRNs, both with a four-year term to maturity.The fixed rate notes were priced at 192.5 bps over Commonwealth government securities, to yield 4.535 per cent per annum and the FRNs were priced at 150 bps over bank bills.Hyundai joins Korea