Debt capital markets bankers are sanguine about the prospects for issuance in the wake of the Greek referendum that saw voters reject the terms of an international bailout. Investors and borrowers, they note, have become more adept at spotting and taking advantage of weeks or even days of stability punctuating the volatile market backdrop.

Mark Lewellen, head of DCM for Europe, the Middle East and Africa at Barclays, said: "I'm not that bearish. There is nothing the market hates more than uncertainty. We have that in spades at the moment, but if we move to a period of stability investors have cash to put to work.