Activity has been relatively quiet in the New Zealand corporate bond market so far this year. According to our records, year-to-date issuance comes to only NZ$1.3 billion. International Finance Corporation made a NZ$275 million contribution to this total when it issued five-year bonds at 35 basis points over the New Zealand Government Bond rate last week.Next Monday will see the coupon set on Auckland City Council's NZ$350 million five-year bond issue and the next day the Warehouse Group will set the coupon on its retail bond issue. The issue was first flagged in mid-February, as was a similar but yet to eventuate issue from Fonterra Cooperative Group, but was confirmed on Friday.After announcing a 17 per cent increase in first half profit, the Warehouse Group confirmed it would issue up to NZ$100 million of five-year bonds, with the offer opening on March 24 and closing April 23. Proceeds from the issue will used to variously repay bank debt, fund new stores and will diversify the group's debt funding and extend its debt maturity profile. The bonds will be listed on the NZDX.The NZDX covers 106 bonds with a market capitalisation of more than NZ$15 billion. There are just 25 plain vanilla bonds listed on the ASX.