Toyota Motor Credit Corp (rated AA-) made its capital market debut last week and was very well received.TMCC sold A$400 million of five-year bonds, priced at a very tight margin of 100 basis points over the bank bill swap rate. While having the same credit rating as the four major banks, TMCC achieved pricing that was 21 bps tighter than the most recent comparable issuance from CBA earlier in the month.Australian dollar denominated bond issuance in a global format seems to be increasing in popularity.Wells Fargo & Co (rated A), the holding company for Wells Fargo Bank (rated AA-), issued five and ten-year Australian dollar denominated global bonds last week. Wells Fargo has issued in kangaroo format previously but opted for a global format this time around.Wells Fargo sold $900 million five-year floating rate notes priced at 132 bps over the swap rate and $500 million of five-year fixed rate notes. It followed up the next day with a $250 million ten-year issue, to meet investor demand. The ten-year bonds priced at 170 bps over swap.Ford Motor Credit Company (rated BBB) sold $500 million of Australian dollar denominated global bonds, with a three-year term to maturity, in early December last year, and then in late May sold $450 million of four-year bonds. Both issues were well received by investors and no doubt encouraged Wells Fargo.Clearly, there is international demand for Australian dollar denominated paper that cannot necessarily be met through issuance in kangaroo format.Staying in the domestic market, Commonwealth Bank (rated AA-) raised $500 million for one year, paying 43 bps over bank bills, and Westpac added $300 million to the June 2021 FRN line opened at the end of May. The increase was priced three bps tighter at 114 bps over bank bills and takes the size of the line to $2.1 billion.Line tapping was also seen from Asian Development Bank (rated AAA) and Newcastle Permanent Building Society (rated BBB+).ADB added $100 million to the $225 million October 2026 line that it opened in April. The increase was priced 1.75 bps tighter at 57.5 bps over commonwealth government securities.In March, Newcastle Permanent sold $50 million of April 2020 FRNs, paying a margin of 135 bps over bank bills. Last week it added $110 million to the line, with the margin widening to 158 bps.At the same time, Newcastle Permanent bought back $33 million of November 2016 FRNs. The discount rate used for the buyback was 40 bps over bank bills - the FRNs pay 85 bps over.In New Zealand, Kexim (rated AA-) added NZ$50 million to the July 2021 line it opened the week before. The tap was priced one basis point tighter at 149 bps over NZGBs and takes the size of the line to NZ$400 million.Auckland Council (rated AA) raised NZ$180 million for ten years. The bonds will yield 3.338 per cent. Offshore, Commonwealth Bank sold €1.25 billion of ten-year covered bonds. The bonds priced at 20 bps over mid-swaps, which NAB advised swapped back into Australian