Company bond offerings worldwide have fallen behind the pace set in 2011 after a record first quarter fizzled out amid Europe’s escalating debt crisis and a U.S. slowdown.
Sales of $1.63 trillion this year compare with the $1.73 trillion for the same period of 2011, even after Hartford, Connecticut-based United Technologies Corp. last week issued the most bonds in the U.S. since 2009, according to data compiled by Bloomberg. As recently as the end of April, offerings were ahead of last year.
Bonds of United Technologies are the most actively traded dollar-denominated corporate securities by dealers today, with 53 trades of $1 million or more as of 11:55 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Greece is headed for a second round of elections in June as investors consider the possibility of the country leaving the 17-nation single currency. The region’s leaders failed to agree on joint euro-area bonds to spur the economy in a meeting in Brussels last week.