with over $5 trillion in proceeds raised, surpassing 2001's record of $4.4 trillion. The $5 trillion of borrowings represented 14% of the GDP flow during the year (4.938/36.3) (see world economy). 93% of the issuance was debt, 7% was equity. Note that these numbers don't include all mortgage borrowing, which was $3.8 trillion in the United States during 2003. $900 billion of it is in mortgage-backed securities, at least $546 billion in US Federal Credit Agency. Flows Flows mean issued and sold debt. Debt and equity issuance reported by Thomson Financial () ($ billions and number of issues). Worldwide Debt, Equity & Equity-related 2004: 5,693 (20,066) (Q4 2004 report) 2003: 5,326 (19,706) (Q4 2003 report) 2002: 4,257 (?) (Q4 2003 report) Worldwide Disclosed Fees 2004: 15.401 (6,890) (Q4 2004 report) 2003: 14.461 (8,023) (Q4 2003 report) 2002: 14.762 (6,696) (Q4 2003 report) Worldwide Equity and Equity-related 2004: 505 (3,628) (Q4 2004 report) 2003: 388 (2,418) (Q4 2003 report) 2002: 319 (?) (Q4 2003 report) Worldwide Debt 2004: 5,187 (16,439) (Q4 2004 report) 2003: 4,938 (17,287) (Q4 2003 report) 2002: 3,938 (?) (Q4 2003 report) Worldwide High Yield Corporate Debt 2004: 163 (606) (Q4 2004 report) 2003: 146 (524) (Q4 2003 report) 2002: 63 (?) (Q4 2003 report) Worldwide Loans (syndicated, leveraged) 2004: 2,640 (7,147) (Q4 2004 report) 2003: 1,966 (?) (Q4 2004 report) 2002: ? (?) (Q4 2003 report) Europe All Euromarket Issues 2003: 1,397 (3,568) (Q4 2003 report) 2002: 877 (2715) (Q4 2002 report) European Leveraged Loans 2003: 107 (222) (Q4 2003 report) 2002: ? (?) (Q4 2002 report) United States US Investment grade 2003: 659 (1,868) (Q4 2003 report) 2002: 549 (?) (Q4 2003 report) All US Federal Credit Agency Debt. FHLB dominated the agency market in 2003, raising $545.5 billion in proceeds, a 35% increase in volume from 2002. 2003: 1,191 (13,152) (Q4 2003 report) 2003: 923 (?) (Q4 2003 report) US Mortgage-backed Securities 2003: 900 (1,203) (Q4 2003 report) 2002: 805 (?) (Q4 2003 report) US Asset-backed securities 2003: 581 (1,175) (Q4 2003 report) 2002: 456 (?) (Q4 2003 report) US Syndicated Loans 2003: 980 (2,962) (Q4 2003 report) 2002: 1,051 (?) (Q4 2003 report) US Leveraged Loans 2003: 368 (1,549) (Q4 2003 report) 2002: 344 (?) (Q4 2003 report) Levels Levels mean market or balance sheet liability of borrowing party (or asset of lending party) value. Numbers are end-of-year levels, unless otherwise stated. Euro area