Investment bankers covering the financial services industry are expecting a subdued year of issuance from Europe's largest banks, which they say will continue to delever to comply with new capital requirements, reducing their need for funding.

Banks issued $1.27 trillion of debt securities in 2012, according to data provider Dealogic. This was down 7% on the $1.36 trillion issued in 2011. There was also a fall in the amount of money raised in the equity markets, which played host to $80bn of issuance last year, down 11% on the previous 12 months.