Global corporate junk bond issuance hit an all-time high in 2013, led by a surge in Europe, as corporates sought to take advantage of cheap borrowing costs and amid increased demand for the region's assets among global investors.
Speculative-grade debt volume totaled $476.5 billion in 2013, the highest on record, and marking a 12 percent increase from 2012, according to data provider Dealogic.
In Europe, high-yield volume rose 54 percent on-year to $121.9 billion - a contrast from the U.S., where issuance fell 6 percent to $259.5 billion from a record $274.8 billion in the previous year. Together, both regions accounted for 80 percent of global speculative-grade debt volume.
(Read more: Markets adjusting to new world of less easy money)