Activity in the primary bond market seemed to taper off last week, probably reflecting the volatility in the bond market due to fear of contagion from the Irish debt crisis.Macquarie Group late last week issued US$400 million of a new hybrid security, labelled Preferred Membership Interests, paying a distribution of 8.375 per cent.  Distributions on PMIs are subject to payment tests at the discretion of Macquarie Group. Macquarie must also stop paying dividends if unable to pay the interest on the "interests".Auckland International Airport sold US$150 million via eight- and 10-year bonds, and will use the proceeds to refinance debt. The new issue will increase the weighted average maturity of the company's debt.  Two tranches to be drawn in February comprised of 10-year bonds, at a spread of 150 bps over US Treasury, and 12-year bonds at a spread of 165 basis points. Another 10-year tranche will be drawn in July and pays 175 bps over US Treasury.  AIA has NZ$125 million of syndicate bank facility maturing in March.Strong demand saw Suncorp Metway selling nearly double the bonds it initially planned. The lender sold $900 million of fixed and floating rate 30-month notes at 110 basis points over swap.Australian laws may prohibit covered bond issues, but there is no dearth of investing opportunities for interested investors. Franco-Belgian bank Dexia is reported to be planning investor meetings this week that could possibly result in covered bond issue.The coming week could also see bond issues by the International Finance Facility for Immunisation being priced. IFFI's debt carries the guarantee of several AAA-rated sovereigns, as well as South Africa.CBA and RBC Capital Markets have been mandated to sell the five-year bonds, and reports suggest the spread could be around 25 basis points.