High-yield companies are facing a multi-billion dollar headache over repaying their debt, according to Moody’s Investors Service, but fixed-income specialists have played down fears that the market will not be able to absorb the expected wave of refinancing.

There is $316bn of high-yield debt in Europe's markets that is set to mature before 2014, according to a report this morning from the US ratings agency. The peak is set to come in 2013.