New sales of bank, corporate and asset-backed bonds over the August to November period were 45 per cent the level of last year's volume, in one measure of the impact of the third quarter's credit crunch on financing patterns.Data compiled last week by Standard & Poor's show there were $16.8 billion in public bond issues in Australia in the four months to November compared with $37.8 billion over the same period last year.The biggest slump was in the so-called kangaroo sector, with foreign financial institutions slashing their borrowing in Australian dollars.S&P counted $2.3 billion in kangaroo bonds in the four months to November; $19.2 billion in the seven months to July; $11.5 billion in the four months to November 2006 and $19.8 billion in the seven months to July 2006.In corporate bonds (which are nearly always bonds sold by financial institutions rather than industrial or resource companies), issuance is down by 30 per cent this year to $19.7 billion. This segment has been the most active of any subset of the local debt market as banks favour own-name funding in wholesale markets in preference to the harder road of selling off loans through securitisation.There were $4.1 billion of mortgage-backed securities sold in the four months since the crunch hit, about half the level of the same period last year.In the eleven months to November - including the boom period of the early months of this year - the sale of mortgage-backed securities is down by one third. Sales of other asset-backed securities are down by one quarter over the year and down by two thirds over the period of the crunch.In all, for the domestic market, S&P monitored the sale of $65.8 billion in bank, corporate and asset-backed bonds over the 11 months to November, down by 31 per cent from $95.8 billion in the same period in 2006.