Debt issuance in the Asia Pacific region, excluding Japan, passed the $1 trillion dollar milestone for the first time this year, as the familiar theme of reduced bank lending forced companies into the capital markets.

A total of $1.07 trillion worth of debt was issued from the region in the year to December 28, according to Dealogic - an annual record and the first time the figure has topped the $1 trillion mark in a single year.