2007 Securities Issuance Total Unchanged from 2006

According to the latest Research Quarterly released by SIFMA, the 2007 full-year issuance total, $6.44 trillion, was virtually unchanged from the $6.47 trillion in securities issued in 2006.  On the strength of a strong first half of the year, 2007 corporate and municipal bond issuance set records. In the second half of 2007, the weaker housing market, risk repricing and diminished credit market liquidity contributed to a much more volatile U.S. capital market environment. As a result, second half issuance slowed to $2.70 trillion compared to $3.74 trillion in the first half, and the fourth quarter volume was $1.36 trillion compared to $1.72 trillion in the fourth quarter of 2006