The volume of debt sold by European issuers since the start of the year has slumped to its lowest level in three years, according to new research, with issuance in the US and Asia also down across the same period.

Sales of new bonds from European issuers have plunged 27% to $671bn (€430bn) since the beginning of the year. This compares with a 17% drop in new sales from US companies and financial institutions over the same period, and a 4% dip from those in Asia, according to data from Thomson Reuters.