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

Time Warner Inc., owner of the Warner Bros. movie studio, andGeneral Electric Co.'s finance unit in Stamford, Connecticut, wereamong issuers that tapped the market for $11.4 billion of debt, 50percent below this year's average, according to data compiled byBloomberg. While offerings rose 32 percent from the previousperiod, 80 percent of issuance came on Oct. 12, the busiest day inalmost a month.

Sales failed to ignite as optimism faded that politicians wouldreach an agreement soon to recapitalize Europe's banks. A benchmarkgauge of U.S. corporate credit risk climbed yesterday from thelowest level in three weeks on concern that the global economy isfaltering after third-quarter investment-banking revenue declinedat JPMorgan Chase & Co. and Alcoa Inc. said profit fell shortof analysts' estimates.