The high-yield market has become disillusioned. Further alienated from investment grade paper by the crossover market, high-yield spreads are at historic wides. There is little new issue activity and investors have to content themselves with finding some value in fallen angels and existing bonds.

Joe Biernat, head of research at fund manager European Credit Management, says: "There was a time not so long ago when nobody wanted to own risk. But the market is beginning to pick itself up, although opportunities are limited and there is little liquidity in the market."