European companies have announced plans to issue less than €2bn ($2.4bn) in new bonds this month. This figure contrasts with issuance of €27bn in 2003, €11.5bn in 2002 and €4.7bn in 2001. The September figures set the pace for bond supply for the rest of the year.

Meanwhile, European equity capital markets have completed a €5.1bn sale of shares in France Télécom, the biggest accelerated sale in three years, and a €1bn convertible bond from the French telecoms company.