Corporate bond offerings in the U.S. fell short of the 2011 average for the fourth straight week as European leaders raced to contain the region's sovereign debt crisis.

Time Warner Inc., owner of the Warner Bros. movie studio, and General Electric Co.'s finance unit in Stamford, Connecticut, were among issuers that tapped the market for $11.4 billion of debt, 50 percent below this year's average, according to data compiled by Bloomberg. While offerings rose 32 percent from the previous period, 80 percent of issuance came on Oct. 12, the busiest day in almost a month.

Sales failed to ignite as optimism faded that politicians would reach an agreement soon to recapitalize Europe's banks. A benchmark gauge of U.S. corporate credit risk climbed yesterday from the lowest level in three weeks on concern that the global economy is faltering after third-quarter investment-banking revenue declined at JPMorgan Chase & Co. and Alcoa Inc. said profit fell short of analysts' estimates.