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published: 8.15.02
New issue volume in the U.S. bond market totaled $2.5 trillion for the first half of 2002, up 16.8 percent versus the $2.1 trillion issued during the same period last year. Investors found in bonds a respite from poor equity performance, and issuers took advantage of some of the lowest interest rates in decades. Issuance was higher across all sectors, except the corporate market, where volume decreased by 25.6 percent in the first half of 2002 when compared to the same period in 2001.Municipal issuance reached a record in the first half of the year, driven by lower interest rates and the increased capital needs of state and local governments brought about by a weak economy. Secondary market trading volume was up across all reported markets, with the exception of the federal agency and the corporate bond markets.
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