Rising yields may have been a factor in the reduced bond issuance observed over the course of 2013 in both international and domestic markets.International bond sales were lower over the year, at the equivalent of A$117 billion compared with $131 billion in 2012. Domestic issuance totalled $79.1 billion, against $87.4 billion in the previous year.The interesting story here is the decline in international bond issuance by Australian true corporates, apparently in favour of the domestic market instead.Issuance from the banking sector in international markets came in at the equivalent of A$90 billion in both 2012 and 2013, resulting in proportional issuance from the banking sector increasing in 2013. Bond sales by true corporates in the domestic market were steady at 13 per cent of total issuance in 2012 and 2013.As a result, bond issues from true corporates now account for 13 per cent of total outstandings, at the end of 2013, up from 10 per cent at the end of 2010.There was a significant increase in BBB-rated and unrated issuance in the domestic market in 2013 compared with 2012. Such an increase in industry sector diversity has not been seen since before the GFC.While economic activity may remain subdued in Australia over 2014, record maturity volumes of both international (A$116 billion) and domestic (A$82 billion) bonds are likely to generate much of the issuance expected this year.As a result, net issuance of corporate bonds over 2014 is likely to be modest once again.