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There was a brief fillip as planned gilt issuance was revised up less than expected.
By 2007, loan issuance was nearly five times as large as bond issuance.
Equity issuance was supposed to provide some insurance across the industry.
Most of the increase in junk issuance was in the B category.
In the nine months to September, global bond issuance was 47percentt higher than for the whole of 2008.
The rating firm said much of the recent issuance was used to refinance outstanding debt or to prefinance future needs.
More important, the issuance was almost three times oversubscribed, as investors clamored to secure access to the relatively risky bonds.
Around two-thirds, or $60 billion, of this year's total asset-backed issuance was for car loans.
Governments like Spain's were still successfully tapping investors for financing recently but net corporate bond issuance was negative, he said.
These options were priced very soon after the private placement when the spread between market and issuance was only 28 cents, not the $1.49 implied in the article.
Even with Freddie Mac's debt promising investors a rich return, overseas demand for the issuance was weaker than in the past.
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