To make senes of the drop we need to know how much they expected to raise in September. Were the expecting to raise $50B but only raised $23B? Or were they expecting to raise $25B but only raised $23B? That's an important detail. Further, "bond issuance stopped"... was that intentional or not? It's like we're getting half the story and then have to use our imagination and biases to make the story as bad as possible.

ftfa "Morgan Stanley attributed the decline to the large amount of debt already raised earlier this year."

ok, is that good or bad? They never say.