Corporate bond sales worldwide have slowed from their record pace in the middle of the month as everyone from the Federal Reserve to the International Monetary Fund cuts forecasts for economic growth.

General Electric Co., SABMiller Plc and Bayerische Motoren Werke AG led $287.8 billion of offerings this month, the slowest start to a year since 2008, Bloomberg data show. As recently as two weeks ago, sales totaled $187.3 billion, the fastest pace for a January on record. Now, sales from the U.S. to Europe to Asia have declined 14 percent from the $335.4 billion raised in the same period a year earlier.

Issuance is dwindling after the IMF lowered its estimate for global growth this year to 3.3 percent on Jan. 24, from a September forecast of 4 percent, citing mounting evidence European debt turmoil will cause damage beyond the continent. Banks from the common currency zone have tapped record amounts of emergency central bank funding, as an alternative to their sales of bonds in the U.S., where total offerings have fallen 28 percent from a year ago.