Following a boom year in the US debt private placement (PP) market in 2003, activity has slowed but remains buoyant. European-originated transactions – the key driver for 2003 – have slowed noticeably in 2005. Total US PP volumes to end-August were $21.3bn, a 2% increase on the same period in 2004, but the non-US share of volumes fell heavily (see Chart 1). Likewise in the public eurobond market, volumes have fallen by nearly a fifth to €111.7bn in the first three quarters of 2005.
