Corporate bond issuance was subdued, globally, last week. The Australasian markets opened on Monday morning to the news that the EU and IMF had agreed on Sunday to a massive €750 billion support package for the region. Initial market euphoria was followed on Tuesday by the realisation that again there was very little detail on how the package would be brought into play. Moreover, it was becoming clear that this is likely to be little more than an attempted political fix to save the euro and not an economic solution to the fundamental underlying problems of the eurozone. The support package may not do much more than put off the inevitable. Prominent academic, Barry Eichengreen, Professor of Economics at University of California, Berkeley, speaking on the Greek rescue the week before, said it was a terrible mistake not to consider a restructure of Greece's debt. It is wishful thinking to believe that debt can rise to 150 per cent of GDP and then the Greeks will allow 10 per cent of their GDP to be passed to foreign creditors. Nouriel Roubini, of New York University's Stern Business School, was unimpressed by the support package, expressing continuing doubts about the weaker members of the eurozone. The risk for Europe now is that it faces a lost decade, like Japan in the 1990s. If this occurs, growth in the strong economies of Asia cannot remain unaffected. Needless to say, it was a volatile week in global financial markets. Once again there was no corporate bond issuance in the domestic market but there were reports out of New Zealand that national electricity transmission company, Transpower (rated AA-), priced a NZ$100 million, inflation-linked, ten-year bond issue. The bonds were priced at a real yield of 4.115 per cent and will be issued today.The bonds were offered only to institutional investors but there is said to be considerable interest in inflation-linked bonds among retail investors. Hopes are high that such a retail offering will be launched in the not too distant future.In Australia, Resimac priced its A$250 million, low-doc, mortgage-backed bond via Resimac Premier Series 2010-1 on Wednesday. Tranche sizes and other details were as reported last week. The Class A tranche priced as expected, at 165 basis points over bank bills, while the Class AB tranche priced at 225 bps over.There was no word on the Impala Series No.1 2010-1 ABS issue, from Investec, that was expected to price.The South Australia Financing Authority (AAA) launched a new September 2017 bond line. It issued A$750 million of bonds on Friday, at a yield of 6.01 per cent. The issue was said to be twice oversubscribed.