European investment grade bond issuance was at a record low in May, as corporate treasurers postponed their borrowing plans due to volatile markets, according to data from Dealogic.

European companies sold just $7.3bn (€5.9bn) in the month to May 27 via 94 deals, significantly below the 15-year May average of $61bn. The last time monthly issuance was this low was in November 1997 when $9.8bn in European investment grade bonds was sold.