Debt Issuance During the Crisis

Despite the dramatic spike in credit costs, there was actually a considerable amount of dry powder in the corporate debt markets during the crisis.  According to statistics from Sifma, corporate debt issuance in 2008 (2009) was 36% (17%) lower than the high in 2007.  However, issuance in 2008 (2009) was only 5% lower (25% higher) than in 2005.