As a sign of the volatility and investor risk aversion that has re-entered global financial markets, there was no issuance in the domestic corporate bond market last week, of which this newsletter is aware. This was the first full week in 2010, in which no issuance has occurred.And this is the excuse that Telstra is using for the poor performance of its kauri bond issue in New Zealand. Telstra, rated A, launched its kauri issue on Monday, seeking up to NZ$250 million for seven years at 175 bps to 180 bps over swap. On Thursday it priced a NZ$100 million issue at the top end of the indicative pricing range.United Energy priced a US traditional private placement issue with drawdown deferred until October, the week before last. United Energy raised US$365 million for seven years and US$70 million for four years with both tranches priced at 155 bps over US Treasuries. It also paid an additional 25 bps for the deferred drawdown.There was also news that Leighton Holdings (BBB) may be the next to visit the US private placement market. It has already met with investors there.