Deloitte is planning to set up a London-based high-yield debt team next year and is scouring the City for investment bankers to lead the group.

"Given that fixed income investors are increasingly targeting the mid-market, we're looking to significantly bulk up in the high-yield market," said Fenton Burgin, head of UK debt advisory at Deloitte. "We hope to hire a small team from either an investment bank or clearing bank to secure a market leading position."