All the issuance activity by Australian issuers is taking place offshore and not in the domestic market. This is, of course, consistent with the Australian Financial Centre Forum describing the domestic corporate bond market as underdeveloped, in their report given to the Treasurer, Wayne Swan, just a couple of weeks back.    So far, 84 per cent of year-to-date issuance i.e. A$8.2 billion of bonds, have come from Kangaroo issuers - supranationals and agencies, to be specific. The situation is little better in New Zealand, where 76 per cent of year-to-date issuance has come from supranationals and agencies. Although in New Zealand, this amounts to only NZ$650 million of bonds.The situation in Canada stands in marked contrast to that in the southern hemisphere, if a report from Dow Jones is correct. The report stated that the Commonwealth Bank had reopened its October 2014 Maple bond and was seeking to add at least C$200 million to the issue, at a spread of 120 basis points over Canadian government bonds. Critically, the report went on to note that the top-up would be the fourth Maple bond issue for the year and as such, would take the tally to more than that seen in the whole of 2009. Canadian investors prefer to stick with familiar domestic issuers.Note: Of the four Maple bond issues so far this year, one was a C$250 million, five-year bond issued by ANZ.National Australia Bank started the week with a €1.0billion issue of ten-year bonds, priced at 133 bps over mid-swaps. ANZ priced its Samurai bond issue, launched the week before, raising JPY56.1 billion at 45 bps over swap and JPY4.2 billion at 60 bps over Libor. Both tranches have a five-year term to maturity. And the Australian branch of Rabobank added another A$75 million to its July 2012 EMTNs to take outstandings to A$1.0 billion.However, SP AusNet became the first non-financial institution issuer for the year. In an announcement to the ASX, SP AusNet advised it had raised CHF475 million for 5.5 years, via subsidiary SPI Electricity & Gas Holdings, priced at 65 bps over swap. The 'A-' rated company went on to say that this swapped back to approximately A$520 million, with an interest rate of 152 bps over swap. Despite the apparently substantial cost of the basis swap, from Swiss francs to Australian dollars, the margin being paid over swap is well under what could have been achieved in the domestic market. What did the AFCF say about the domestic market again?