The $15.3bn (€13bn) leveraged buy-out of Danish telecoms company TDC, Europe's largest, will push the value of debt raised this year to fund global mergers and acquisitions to more than $600bn, greater than that raised in the last two years combined.

Corporate restructuring, cash available to banks and private equity firms, and cheap funding conditions in capital markets have contributed to produce the busiest year in global M&A since 2000.