Global corporate bond issuance is poised for the slowest April in six years as companies reduce their reliance on debt markets while sitting on cash reserves that are about the highest on record.

Company bond sales worldwide have declined 53 percent to $190 billion through yesterday, the least for an April since 2006, according to data compiled by Bloomberg. The slowdown follows a record $1.17 trillion of deals in the first quarter, when strains from Europe's debt crisis eased and companies borrowed at interest rates that approached the lowest ever.

Bank of America Corp. and Morgan Stanley followed Fairfield, Connecticut-based General Electric Co. in plans to cut bond offerings as net debt falls at the two banks. Corporations have been repairing balance sheets and increasing cash reserves as a gradually improving global economy helps companies recover from the biggest financial crisis since the Great Depression.