National Australia Bank made its covered bond debut in the domestic market last week, selling A$750 million issue of ten year covered bonds, priced at 80 basis points over swap. NAB has issued the equivalent of more than A$10 billion of covered bonds in international markets but had yet to tap the domestic market.Other major banks sold large issues of covered bonds in the domestic market in early 2012, but haven't done a lot since. ANZ has issued A$3.7 billion of covered bonds, CBA A$3.5 billion and Westpac A$4.7 billion.Activity in the domestic corporate bond market was strong over the first week of March, both in terms of the volume of deals launched and the variety of issuers that came to the market.Banco Santander from - Chile (A) made its Australian debut by issuing A$125 million of three year bonds. Following an investor roadshow in January, the bonds were priced at 125 bps over swap. After a three year absence, LeasePlan Australia (BBB+) priced a A$175 million three year bond at 135 bps over swap. Given a credit rating two notches below that of Banco Santander's, a 10 bps spread difference suggests greater investor familiarity with LeasePlan.Council of Europe Development Bank (AA+) added A$50 million to the February 2024 line it opened last month, to take the volume outstanding to A$150 million. The increase was priced at 82.5 bps over CGS, well inside the 96.3 bps margin paid a month earlier.Rentenbank added A$100 million to its April 2024 line and Nordic Investment Bank added the same amount to its February 2024 line. Outstandings on the Rentenbank line now total A$875 million and the increase was priced at 67.5 bps over CGS.NIB's increase is the fourth since opening the line last August, and takes outstandings to A$625 million. The increase was priced at 60.5 bps over CGS.