Activity was subdued in the domestic debt market during the week that saw the transition from the first quarter to the second. Westpac completed its Tier 1 SPS II hybrid security issue, raising a total of $908 million. The issue was originally launched at $500 million and subsequently upsized to $700 million. The securities started trading on the ASX on Monday on a deferred settlement basis.The success of the issue speaks volumes for the demand that exists in the retail market for listed debt securities and bodes well for the success of the AMP Notes and Tabcorp Bonds that are being marketed to retail investors and will also be listed on the ASX. The success of the former should be known before Wednesday when the AMP Notes are due to be issued and commence trading.As for the latter, Tabcorp announced during the week that it had raised the full $200 million that it had been seeking, as part of the bookbuild process that saw the credit margin on the bonds set at 425 basis points. The indicative range was 400 bps to 450 bps. Combined with the three-month bank bill rate, on the day the credit margin was set, the bonds would have yielded a hypothetical 7.39 per cent.KangaNews reported that only 15 per cent of the issue had been taken up by institutional investors, with the majority going to high net worth customers of the sponsoring brokers and their self-managed superannuation funds. While the limited participation by institutional investors suggests the pricing of the bonds was fine, amongst other things, retail investors were always expected to account for the vast majority of the demand. In fact, the proportion of retail investors will only increase now that the issue is open to shareholders and the general public. Tabcorp says the final size of the issue will be determined by applications yet to be received although it reserves the right to scale back applications. The issue will close in the last week of April and trading on the ASX will commence on May 4. In the meantime, expectations are building that there are more companies lining up to tap the retail market. Reuters reported UBS as saying that it expects to see as much as $5.0 billion of retail bond issuance over the next 12 months.ANZ quietly added another $200 million to its January 2012 government guaranteed line. First opened in January, the top-up takes outstandings to $1.0 billion and while the floating rate notes were originally priced at 85 bps over bank bills, the top-up was priced at 59 bps over.In other news, the CBA's New Zealand subsidiary, ASB Bank Limited, has undertaken what is believed to be the first internal, repo eligible, securitisation for this year. The securitisation via Medallion NZ Trust Series 2009-1R has created NZ$4.0 billion of Class A notes that have been rated 'AAA' by Fitch. There is also NZ$100 million of unrated Class B notes.The securitisation has a ten-year substitution period and the underlying mortgage