For the first time in 15 years, amounts of global outstanding corporate bonds, asset-backed securities and commercial paper fell during the first half of the year, according to Mizuho Securities. Volumes dropped from $53.2 trillion on 30 June 2008 to $52.9 trillion on the same day this year. "It's unprecedented that the global debt market shrinks," said Tetsuo Ishihara, a senior credit analyst for Mizuho. "When redemptions and buybacks are greater than new issues, the outstanding size can shrink, which appears to have happened here."
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