National Australia Bank's Capital Notes 2 (NABPD) commenced trading on the Australian Securities Exchange on Friday, a week after Westpac's Capital Notes 4 began deferred settlement trading on the ASX.NAB raised A$1.49 billion from the sale of the notes, which will pay a margin of 495 basis points over 90-day bank bills. The notes finished their first day's trading at $100.35.Westpac's Capital Notes 4 have received a lukewarm reception from investors, and when last checked were priced at $100.75.For investors looking for hybrid investment opportunities there is better value to be found in the secondary market.In the wholesale corporate bond market, the week was marked by benchmark issuance from two of the major banks. Perhaps they knew something and were getting in ahead of any increase in borrowing costs.NAB (rated AA- for now) went to the US s144A market to raise a total of US$4 billion.The bank sold US$1.25 billion of five-year fixed-rate bonds, priced at 100 bps over US Treasury bonds, and US$500 million of floating rate notes priced at 100 bps over Libor.Both tranches swapped back at 128 bps over bank bills, according to NAB. This is more than the margin of 117 bps that the major banks were paying for five-year funds in the domestic market in May.NAB also sold US$1.25 billion of ten-year bonds, priced at 122 bps over US Treasuries, and US$1 billion of three-year bonds priced at 85 bps over US Treasuries. The funds swapped back at margins of 165 bps and 91 bps.Commonwealth Bank (rated AA-) chose the domestic market for its benchmark issuance but still had to pay a little more. The bank sold $1.8 billion of five-year FRNs and $475 million of five-year fixed-rate notes. The credit margin was set at 121 bps over the bank bill swap rate.The finance arm of the WestLink Motorway Group, WSO Finance (rated A-) made its market debut with a two-tranche bond issue, which raised a total of $500 million.The 50 per cent owned subsidiary of Transurban, sold $400 million of seven-year bonds, priced at 175 bps over swap, and $100 million of ten-year FRNs priced at 200 bps over bank bills.Eurofima (rated AA+) opened a new line by selling $75 million of January 2027 bonds. The bonds will pay 77.25 bps over commonwealth government securities.ME (rated BBB+) launched a new three-year FRN issue on Thursday but had not priced the issue at the time of writing.  The other activity over the week was limited to tapping existing lines, with SCA Property Group (rated Baa1) being the only non-sovereign supranational and agency issuer to do so. SCA added $50 million to its April 2021 line, taking the line to $225 million.The increase was priced at 170 bps over swap. SCA paid only 145 bps over, when it opened the line in April last year.Bank Nederlandse Gemeenten (rated AAA) added $40 million to its August 2026 line, taking it to $110 million. Pricing was 81.5 bps over CGS.L-Bank (rated AAA) added to $50 million to its August