The European high-yield market, which almost shut down in 2001, is far from being extinct and can even look forward to a partial recovery in 2002, according to market participants.

Only 37 European high-yield deals were launched in 2001, amounting to slightly more than €7bn ($6.2bn), compared with 66 deals in 2000 totalling almost €16.5bn, according to preliminary end of year data from Dealogic.