There was some modest issuance in the domestic corporate bond market to see out the end of the unlamented first half of 2010. Sydney Airport Finance (rated BBB) issued A$175 million of five-year bonds, at a spread of 265 basis points over swap. The issue was mooted at the end of April but the sovereign debt crisis intervened, at least until last week. The proceeds of the issue were used to buy back, at par plus accrued interest, A$125 million of its credit wrapped November 2011 bonds, with the balance being applied to buying back its credit wrapped 2012 bonds.Westpac proved a canny issuer with the timing of its A$800 million, five-year bond issue, priced at just 135 basis points over bank bills/swap. The margin was a little wider than where five-year CDS closed for the bank the day before, at 128bps, according to Markit data.ANZ was the last of the big four to undertake a five-year bond issue in the domestic market in November. At that time, it paid a credit margin of 100 bps on the bonds while its five-year CDS margin was 66 bps.Westpac sold A$300 million of fixed-rate bonds and A$500 million of FRNs.Offshore, the Australian branch of Rabobank added another A$50 million to its January 2013 line, taking outstandings to A$600 million. And Hamilton City Council (rated AA-) returned to the New Zealand domestic market, just six weeks since its last visit, to raise another NZ$25 million for three years at 85 bps over bank bills.