IT HAS BEEN a strange few months for primary debt issuance in Europe. Overall volumes are holding up so far this year, compared with the same period in 2003, but European corporate issuance is down by 40%. The situation is particularly dire for euro-denominated issues. According to data from Thomson Financial, euro corporate issuance in the first quarter of 2004 was down 75% on Q1 of 2003.
Thankfully, there have been some dollar issues from European corporates.
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