As we approach the end of May, year-to-date issuance volume in the corporate bond market is well down on where it was at the same time last year.By the end of May last year A$45.4 billion of bonds had been issued. The current year-to-date total sits at $37.8 billion and is only $4 billion above the volume of bonds that have matured so far this year.AMP Bank (rated A+) was the largest issuer of the week, with a $500 million five-year floating-rate note issue, priced at 135 basis points over bank bills.Next was the Sydney branch of ICBC (rated A) with a $400 million three-year FRN issue, priced at 122 bps over bank bills.The Danish regional government funding agency, KommuneKredit (rated AAA), made its market debut with a $50 million November 2026 bond issue. The issue was priced at a margin of 75.5 bps over commonwealth government securities.Tapping existing lines has become standard operating procedure in the domestic market. And this accounted for much of the activity seen last week.Nederlandse Waterschapsbank has tapped its September 2026 line three times, adding $15 million, $30 million and then another $15 million. The line now totals A$160 million and pricing has averaged about 75 bps over CGS.Auckland Council (rated AA) added $60 million to its March 2026 line, to take the line to $185 million. This is the second tap since the line was opened in September last year and was priced at 78.25 bps over CGS.Commonwealth Bank added $300 million to its January 2021 FRN line to take the size to $2.3 billion.And CML Group Limited (noted rated) added $15 million to its March 2022 bond. The increase takes the size of the line, opened in March, to $40 million and will continue to yield 8 per cent.LendLease (rated BBB-) ignored the domestic market and raised US$400 million in the Euromarket. The ten-year bonds were priced at 280 bps over US Treasury bonds, which equates to 326 bps over bank bills, according to NAB.By our reckoning, this is about 50 bps more than what LendLease would have had to pay in the domestic market.  Perhaps they needed US dollars or volume, or both.But given the shortage of supply in the domestic market, it is a deal that may have been welcomed.Finally, IAG Limited opened its New Zealand subordinated bond issue after completing the bookbuild on Tuesday. The expected oversubscriptions arrived and the issue size was set at NZ$350 million.??The initial coupon to be paid on the bonds was set at 260 bps over the six-year swap rate, to yield 5.15 per cent. The bonds will mature in June 2043, are convertible into IAG ordinary shares at the option of bond holders after nine years and can be called by the company in June 2022.Coupons are deferrable but cumulative and there is a non-viability conversion trigger.On Thursday, QBE Insurance Group sold £327 million of tier two subordinated bonds in the Euromarket. The bonds have 26-year, non-call six, maturity structure and were priced at