WASHINGTON - New-issue volume in October plunged 57.2% from last year, despite a rally during the last two weeks of the month as issuers timed deals to meet retail investor demand for higher yields.

Issuers sold $19.3 billion at par value in 502 bond issues in October, down from $45.2 billion in 1,039 issues in 2007, according to Thomson Reuters data. The dollar volume for October fell 6% from the $20.6 billion issued in September. The number of issues in October was the lowest monthly total since January 1989 and the lowest dollar value since January 2006.

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