After flocking to the capital markets earlier this year, banks held off issuing straight debt in the second quarter, a stance many capital market experts expect will continue in the second half.

In the second quarter, banks issued $5.16 billion of straight debt, off from $6.23 billion in the first quarter and $5.45 billion in the first quarter of 1995. At the same time industrial companies - all companies except utilities, financial institutions, and telecommunication firms - issued $27.1 billion, the highest-dollar amount of straight debt since 1993, Standard & Poor's reported.

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