Primary markets buoyed by bumper summer

Strong supply levels during August have forced a reappraisal of new issuance estimates for 2006, but an increasingly attractive syndicated loan market may counteract this trend

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New issuance in Europe since the primary market reopened after the summer hiatus is setting a course for EUR110 billion by year-end. So far this year five individual months have posted volumes in excess of EUR10 billion each. Yet forecasting fourth-quarter issuance levels is still a tough call to make, say strategists.

August's issuance this year was higher than it has been for the past five years, with EUR5.7 billion of non-financial bond supply. And with September traditionally one of the

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