High-resolution carbon and oxygen isotope records were produced from 240 analyses of two species of benthic foraminifers and bulk carbonate in sediments from across the Paleocene/Eocene (P/E) boundary in Ocean Drilling Program (ODP) Holes 1220B and 1221C. Although part of the carbon isotope excursion is not recorded in either Hole 1220B or Hole 1221C because of carbonate dissolution, both sites do record a significant part of the main geochemical excursion. The benthic foraminifers from Hole 1220B are believed to provide reliable geochemical records of the magnitude of the P/E excursion as judged by the quality of foraminifer preservation and similarity of the carbon isotope record to that seen at other deep-sea sites. However, anomalously positive values in the benthic delta (super 18) O record in sediments from Hole 1221C and bulk carbonate in sediments from Hole 1220B indicate that diagenesis masks the primary isotopic signature in this part of the records. The Paleocene-Eocene Thermal Maximum is only observed in the Hole 1220B benthic foraminifer records, with a delta (super 18) O excursion of -0.65% to -0.85%. The magnitude of the carbon isotope excursion is as much as 0.96% in Hole 1221C and 2.01% in Hole 1220B. Although smaller than at Southern Ocean Site 690 (2.6%), the carbon isotope excursion in Hole 1220B is of similar magnitude to that observed in Deep Sea Drilling Project and ODP Sites 527, 738, and 1051 and the Alamedilla Section in Spain (-2.1%, -1.6%, -1.9%, and -1.7%, respectively).