Company bond offerings worldwide have fallen behind the pace set in 2011 after a record first quarter fizzled out amid Europe's escalating debt crisis and a U.S. slowdown.

Sales of $1.63 trillion this year compare with the $1.73 trillion for the same period of 2011, even after Hartford, Connecticut-based United Technologies Corp. last week issued the most bonds in the U.S. since 2009, according to data compiled by Bloomberg. As recently as the end of April, offerings were ahead of last year.

Volatility measures surged this month as an inconclusive first round of elections in Greece deepened concern the nation will exit the euro, destabilizing the global banking system and punishing riskier assets such as equities and corporate debt. The Organization for Economic Cooperation and Development left its 2012 growth forecast for the 34-member group at 1.6 percent as the euro crisis worsens.