They used to be called junk bonds, but that moniker is less common now. Given record low rates, high-yield bond doesn’t seem quite right either. Whatever name you use, the subject is companies raising finance by issuing bonds of less than investment grade – higher risk, therefore somewhat higher yield – and bankers are unanimous that there has finally been a fundamental and permanent change in the European market after a couple of false dawns.

Michael Moravec, head of leveraged finance in Europe, the Middle East and Africa at Barclays, said: "This isn't going to be something that lasts a year or two.