U.S. primary markets lurched their way through Q4 in fits and starts. Following a weak finish to Q3, issuance rebounded in October alongside rallying equity markets. Volumes peaked in early November before renewed eurozone concerns brought volatility back to the fore. Weak volume prevailed for the back half of November, but a brief rally allowed 19 deals and a handful of marquee names to price in week two of December. All told, Q4 2011 lagged the prior year period by 141 deals and $64B in proceeds.