Debt capital market issuance in the Middle East soared by almost 70% in 2009 compared to the previous year, as local governments proved a lucrative source of fees for western investment banks.

Debt capital market issuance hit $44.5bn (€30.82bn) in the 12 months to December 28, up 69% from the same period a year previously, according to data compiled for Financial News by Dealogic.