Issuance activity in the debt capital market continued at a steady pace last week, sufficiently so that May has the second largest monthly issuance volume for the year to date. That said, the issuance volume, of A$8.6 billion so far, is well behind the $12.62 billion of issuance undertaken in January.The largest issuer was National Australia Bank (rated AA-). The bank sold $875 million and $325 million of five-year fixed and floating rate notes, respectively, priced at 78 basis points over swap/bank bills.Offshore, NAB's subsidiary, Bank of New Zealand, raised €500 million for five years on the Euromarket. The bonds were priced at 54 basis points over mid-swaps.Bank of America (rated A-) followed the example of JP Morgan Chase & Co from the week before, with a two-tranche, 5.25 year bond issue. The bank raised a total of A$850 million, evenly divided between fixed and floating rate notes, paying a margin of 142 bps over swap/bank bills.BoA last issued in the domestic market in August, 2010, when it sold $1.2 billion of three-year fixed and floating rate notes. The notes were priced at 210 bps over swap/bank bills, and BoA was rated 'A' at the time.AMP Bank (rated A) sold $300 million of four-year floating rate notes, priced at 110 bps over bank bills, and Qantas (rated BBB-) topped up its recent Deutsche Bank-led private placement. This time, Qantas publicly sold a further $125 million of April 2020 bonds, six bps tighter, to take outstandings to $250 million.The supranational and sovereign sector was well represented, with Export Development Canada (AAA), Rentenbank (AAA), Nordic Investment Bank (AAA), KfW (AAA) and Asian Development Bank (AAA) all issuing last week.EDC opened a new five-year line at $400 million. The bonds were priced at CGS plus 59.25 bps to yield 3.355 per cent per annum.NIB Bank and Rentenbank both added to existing lines. NIB added $100 million to its April 2022 line, to take outstandings to $875 million, and Rentenbank added $275 million to its January 2023 line, to take outstandings to $1.375 billion.The increases were priced at CGS plus 84.75 bps and 109.5 bps, respectively.KfW priced a $300 million increase to its July 2018 line at CGS plus 76.75 bps, to yield 3.535 per cent per annum. The increase takes the total outstanding to $1.7 billion.Asian Development Bank ended the week with a $300 million addition to its July 2017 line. The increase takes the total outstanding to $1.2 billion and was priced at 64.75 bps over CGS.              CBA (AA-) tapped the Uridashi market once more. This time the bank raised US$52.7 million for six years, at a yield of just 1.41 per cent per annum, and A$80.9 million for five years at a yield of 3.55 per cent per annum.