Debt issuance fell 29% in 2008

Global bond underwriting activity declined by 29% in 2008 to $4.33 billion, the lowest level seen since 2000, according to data from Dealogic Holdings PLC of London.

The data reflect totals as of Dec. 9.

Following the major shifts in the financial services industry, only $1.85 billion of the year's deals were generated in the fourth quarter, which marked the slowest period since the fourth quarter of 2000.

Activity in the fourth quarter was 20% below the $2.3 billion underwritten in the third quarter and 57% below the $4.3 billion that came to market in the fourth quarter of 2007.

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Société Générale, Fortis