Does issuance of long-term bonds increase, decrease, or have no effect on current ratio?

The current ratio is just a quick test of how able an organisation is to pay its short term liabilities, so since the repayment of long term bonds don't figure in the current ratio calculation, then it should have no effect on the current ratio.

You are receiving Cash, which is a current asset and issuing bonds, which is a long-term liability.

The effect of this transaction increases current assets by the full amount of cash received and there will be no change in current liabilities.