Despite the brief change in mood, local credit markets remained devoid of issuance last week; but some activity was evident with a flurry of announcements, or rumours, of investor roadshows and new issues. The first news to emerge was that Export-Import Bank of Korea (or KEXIM) (rated A/A2/A+) plans to meet with investors this week. If the meetings are followed by a bond issue, KEXIM will be only the fourth Korean entity to issue in the domestic market. The most recent was Shinhan Bank (A-), which raised A$400 million for three years in 2007. Those bonds will mature in August.Korea Development Bank raised A$150 million for three years in 2006. This was its third visit to the market as it visited twice in 1996, along with Korea Long Term Credit Bank. Both achieved considerable notoriety when the spreads on their bonds blew out to more than 1,000 bps during the Asian crisis.SPI (Australia) Assets Pty Ltd will also be meeting with investors this week. It will be a new issuer in the domestic market but a familiar one, being a member of the SPI Australia Group. S&P and Moody's have both rated its new US$4 billion, MTN program 'A-' and 'A3', respectively.The program will be used to refinance much of the bank debt that SPIAA has maturing in 2011. S&P said its rating on SPIAA is underpinned by the support of its ultimate 100 per cent shareholder, Singapore Power Ltd (rated AA-) but noted that there is no change of control clause in the program documentation. Both rating agencies expressed some uncertainty about the ongoing level of support that will be provided by Singapore Power, due to the recent change in the terms and conditions of the subordinated debt provided by SP. Distributions can now be paid on this debt, including prepayments.There was news also that Volkswagen will be updating investors next week, rumours of a utility preparing a bond issue and also of a new, but small, ABS offering (covering card loans from Liberty Financial).