National Australia Bank sold US$1.7 billion of five-year covered bonds in the US s144A market last week. The bonds were priced at 58.4 basis points over US treasury bonds.In New Zealand, Kiwibank moved a step closer to launching its first covered bond issue. The issue has been a long time coming; it was flagged in May last year.Perhaps the delay has something to do with the slow progress of New Zealand's covered bond legislation, which is only now having its second hearing in the New Zealand Parliament. The legislation has been delayed by challenges to secured creditors being allowed to rank ahead of depositors.Last week, Kiwibank advised, in its quarterly disclosure statement, that it had set up the Kiwi Covered Bond Trust and selected the mortgages to be transferred to the trust. However, no date was advised for its debut covered bond issue.Meanwhile, in the domestic corporate bond market last week, there was sufficient activity to take 2013 issuance to almost A$17.7 billion. This is still a little way off the A$18.4 billion seen at the same time last year.Two issuers in the domestic market made last week most notable. Wesfarmers (rated A-) returned to the market on Friday. It sold A$350 million of seven-year bonds at 115 bps over swap, priced in line with guidance.The other notable issuer was the National Bank of Abu Dhabi (rated A+), which raised A$300 million for five years. The bonds were priced at 175 bps over swap.There has only been one other Middle Eastern issuer in the domestic market, Emirates Bank, which raised A$250 million for three years in November 2006.Export Finance & Insurance Corp (rated AAA) added A$120 million to the February 2026 line it opened in January. The top-up was priced at 25 bps over swap and takes the total outstanding to A$235 million.Kommuninvest (rated AAA) added A$50 million to the August 2022 line that it opened in August last year. This is the second addition to the line and takes the total outstanding to A$275 million.The addition was priced at 124.5 bps over commonwealth government securities. This is an improvement on the 163.5 bps spread originally paid, but the yield remains little changed at 4.7125 per cent per annum.Bank Nederlandse Gemeenten (rated AAA) opened a new March 2023 line. The bank raised A$175 million at a spread of 158.25 bps over government securities.