There was almost $2.3 billion of bonds issued in the domestic corporate bond market last week, bringing the issuance total for April to more than $3.8 billion and the 2009 year to date total to $27.5 billion. This is well ahead of activity as of April 2008, when the year to date total was $23.9 billion.There were three bond issues last week and each was notable for its own reasons. The largest issue at $1.5 billion came from National Australia Bank, which waited only a day after announcing its interim results to sell the largest non-government guaranteed bond issue yet seen.The bank sold $725 million and $775 million of three-year floating rate notes and bonds, priced at 130 basis points over bank bills/swap and, in the case of the bonds, 182 bps over Commonwealth bonds. The pricing was in line with the recent non-guaranteed three-year bond issue from the CBA and is in line with recent three-year guaranteed, major bank, bond pricing of 60 bps plus the 70 bps guarantee fee.On this basis it looks like credit margins for major banks, at least for three-year money, have stabilised at this level over the last three months. European Investment Bank became the second kangaroo issuer to return to the market in less than a week, suggesting that perhaps some life is indeed returning to the sector. In that context Council of Europe Development Bank met with investors in Melbourne and Sydney last week, although apparently not in relation to a new bond issue. However, it seems that the recent contraction in semi-government bond spreads has revived interest in the supranational and agency sector, even if it is largely coming from bank liquidity books and state government agencies. EIB added $500 million to its August 2013 line to take outstandings to $2.5 billion. The bonds were priced at CGS+182 bps. EIB last added $500 million to the line in May last year, at CGS+68.25 bps.Lastly, Tabcorp (rated BBB) said that it had sold $284 million of Tabcorp bonds. The issue was initially launched at a minimum of $200 million but this was raised in the broker bookbuild before the issue was opened to shareholders and the public.  The bonds are actually floating rate notes and will pay an initial coupon of 7.33 per cent for the first 109 days. Thereafter the coupon will be set at 425 bps over the three-month bank bill rate. The bonds will commence trading on the ASX on a deferred settlement basis today.Tabcorp has become the first non-financial institution to issue bonds in the domestic market since Stockland issued in October 2007, and it did so with a retail bond issue, only the second retail issue following AMP's AMP Notes issue earlier in the month.The AMP Notes have performed well, last trading at $105.00 and the Tabcorp bonds should also perform well, at least over the longer term. It seems that all initial demand for the bonds was filled.Nevertheless, Tabcorp has demonstrated that the corporate bond market