The private equity industry has been a little-noticed beneficiary of the Federal Reserve’s efforts to combat the economic fallout of the coronavirus pandemic, as central bank support has spurred a surge in junk-bond issuance by buyout firms.

The second quarter saw one of the highest-ever levels of junk-bond issuance by private equity-backed companies, at more than $31bn, according to Dealogic, a data tracker. It was the sixth-highest level for any quarter on record and the highest since 2014, according to Dealogic’s data.