The biggest issuers of U.S. corporate bonds are easing up onselling new securities, which could translate to gains forinvestors holding the debt.

Banks and other financial companies have sold around US$50billion of bonds so far this year, down more than 40 percent fromthe same period a year ago. For the largest U.S. banks, the declinehas been even steeper—they sold just $12 billion of debt afterearnings, about a third of sales at the same point last year.

Debt sales are falling after banks have largely sold enough debtto meet the requirements of a Federal Reserve regulation, and taxcuts have lifted their cash flow, reducing their borrowing needs.Many foreign banks, typically major January issuers, have sat outamid Brexit jitters and rising hedging costs incurrency markets. U.S. and foreign financial companies representabout a third of the $5 trillion high-grade bond market.