It was also a big week in the domestic market with some A$3.0 billion of bonds issued. This takes the year to date total to almost A$38 billion, which again compares well with a 2008 total of just over A$53 billion.The highlight of the week was Tabcorp's A$150 million, five-year, wholesale bond issue. In what can only be described as an overwhelming, but late, endorsement of Tabcorp's retail bond issue in April, reverse enquiry from institutional investors drove the issue of the bonds that are economically identical with the retail bonds, with the exception of not being listed on the ASX. Clearly, Tabcorp has set the model for well known companies that want to raise debt via the bond market: approach retail investors first to set the price and then follow-up in the wholesale market. As it was, the demand was such that Tabcorp had to cap the wholesale issue.In an otherwise shortened week, due to the public holiday on Monday, the Australian branch of Royal Bank of Scotland issued A$600 million of three-year bonds on Wednesday and added another A$400 million the next day. The issue was not guaranteed and cost the bank a hefty 275 basis points over bank bills. RBS sold A$1.3 billion in bonds in March, with the benefit of a UK government guarantee, and paid only 90 bps over bank bills for three-year funds.The French government agency, Caisse d'Amortissement de la Dette Sociale, added A$700 million to its February 2013 line, to take outstandings to A$1.0 billion. The top-up priced at a spread of 105 bps to Commonwealth government bonds, and on a spread to bond basis compares well with the 107.5 bps paid when the line was opened in February last year, ignoring the passage of time. However on a spread to swap basis, 75 bps over does not look good against around 13 bps under.Citigroup Australia issued A$1.3 billion of three-year bonds with an Australian government guarantee. Considerable investor demand allowed the issue to be upsized from A$1.0 billion at launch, and still be priced at the tight end of the indicative range, at 65 bps over bank bills/swap. The issue was split into two tranches: A$800 million at floating rates; and A$500 million fixed.According to our records, this is the first time the Australian entity of Citi has sold bonds in the domestic market, with previous issues being kangaroos.On Wednesday the Australian Office of Financial Management issued A$499 million of April 2015 Commonwealth bonds at a weighted average yield of 5.29 per cent, with issue 2.1 times oversubscribed, and the lowest coverage ratio since the shift of the Australian government budget into deficit made the AOFM an active seller of debt.