For the first nine months of 2003, Japanese issuance stood at US$25.6 billion, slightly down compared to US$27 billion recorded last year, according to figures provided by Merrill Lynch. Deutsche Securities' numbers nearly match, indicating that total issuance from January to September 2003 stood at Y2964.5 trillion (US$27.13 billion). See table 1.

Deutsche Securities is the Japan-based investment banking and brokerage arm of Deutsche Bank.

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