US debt capital market volume finished the year down 44% from 2007 levels with only agency and supranational bonds experiencing an increase in volume, though investment grade corporate bond issuance surged in the fourth quarter of 2008.

According to a report from data provider Dealogic, DCM volume in the US totalled $1.8 trillion (€1.3 trillion) last year, down from nearly $3.2 trillion in 2007. The decline, led by plunging volume in structured finance, was also seen worldwide, as global DCM declined 27% to $4.42 trillion.