The UK’s corporate bond market had a blistering January. February, though, is on course to be one of the slowest for sterling bonds in more than a decade.

Companies raised £7.6 billion ($12.6 billion) in January, the fastest opening since 2009, according to Dealogic. But so far this month, the figure is just £2.6 billion, which would make it the second lowest February since 1999. The amount so far this month is about half what was raised this month last year.