Issuance activity remained subdued last week but at least we can say that some life seems to be returning to corporate bond markets. ANZ and National Australia Bank were both active offshore: the former raised A$125 million for 3.5 years with a 6 per cent coupon; and the latter raised CHF200 million for seven years with a 2.25 per cent coupon.However, the offshore highlight of the week was Goodman Fielder's US$300 million, ten-year debt raising in the traditional private placement market in the United States. In an announcement to the ASX and NZX, Goodman Fielder advised that the funds will swap back to A$350 million at a margin of 200 basis points over bank bills. There is no published credit rating for Fielder.