Equity underwriting volume in the second quarter managed to top last year's level despite continued tremors from the stock market's tumultuous early spring, but the dampening influence of interest rate hikes pushed down bond offerings.

Companies issued $61 billion of equity and equity-related securities, 7% more than in the second quarter of 1999, according to second-quarter numbers supplied by Thomson Financial Securities Data. U.S. common stock offerings rose almost 9% from the year earlier, to $50 billion. And despite widespread IPO postponements - 33 were canceled or postponed in April alone - volume still managed to surpass the year-earlier quarter's total by 62%, reaching $24 billion.

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