New issuance got off to a sluggish start in 2012, as year-over-year deal and proceed totals for January fell despite supportive broader equity markets. Primary markets gained strength as the quarter progressed, however, with Q1 deal volume peaking in March. Despite the late uptick in new issuance, a trend of smaller offerings persisted throughout the quarter, which ultimately saw a $15.7B decline in proceeds on 26 fewer deals when compared to a very solid year-ago quarter.