Monthly issuance of collateralised debt obligations hit a low of $3.6bn (€2.5bn) in November, a decline of 94% on the same period last year, according to data provider Dealogic.

Deal activity in CDOs, which package together corporate bonds or asset backed securities and divide them into different risk pieces, started to slow during the summer's liquidity crunch when issuance fell 53% to $22.3bn between June and July.