Earlier today I mused about the collapse in non-government bond issuance in the second half of 2008 as a result of the credit crisis. That very subject was explored in more depth by the Bank for International Settlements in a report issued today. Issuance fell by a staggering 77% in the third quarter. The US is issuing a an unprecedented amount of debt at the moment, but as noted earlier, they (and their sovereign breatheren) are essentially the only games in town with markets all but shut to private-sector borrowers.