As we go into the last week of May 2014, more than A$10.2 billion of bonds have been placed over the month in the domestic corporate bond market. This is the largest monthly issuance total for the year to date, and it also brings the market back to breakeven in terms of net issuance.With more than $10 billion of bonds maturing in each of January and February, and issuance in each month of a little more than $6 billion, 2014 started with the market in deficit. More consistent issuance volumes in the three months since have allowed the market to record a positive net issuance result of just over $500 million.Issuance last week was not on the scale of the $5.9 billion of bonds issue the week before, but came in at a still respectable $3.1 billion. The largest issuer was ANZ (rated AA-) with the sale of $1.0 billion of three year FRNs. Priced at 53 basis points over the bank bill rate, the ANZ issue confirms the widening trend for major bank credit spreads since May 2013. In fact, the last major bank issuance of three year bonds took place in that month, when Westpac raised $725 million at 48 bps over bank bills/swap.