Like their colleagues in equity capital markets, Europe’s debt bankers are in good cheer after an extremely strong year, with little on the horizon threatening the prospects of a similarly bountiful year ahead.

Debt capital markets issuance in Europe, the Middle East and Africa totalled $2.22 trillion last year, down just 3% from $2.29 trillion the year before, according to preliminary estimates from investment banking research provider Dealogic. Within the overall figure, bright spots included the high-yield sector, where bond issuance hit a record $140 billion - up from below $100 billion the previous year - and the increasing involvement of non-Emea borrowers, whose $130.5 billion worth of euro-denominated bond issuance was more than double the previous year's $60.5 billion sum and marked the highest annual level since 2008.