New issuance saw proceeds slump by 25% in Q4 from the previous quarter, even as five more deals came to market. A wave of smaller offerings arrived on U.S. shores as a shaky macro environment combined with uncertainty surrounding the election made capital raising difficult. Despite headwinds regarding the fiscal cliff, the recent quarter enjoyed a stronger finish to the year as the primary markets saw 70 more offerings and $23.9B more in proceeds at year-end than in the last three months of 2011.