After two years lying dormant, the European high-yield bond market is back in action. Record investor demand, as measured by flows into high-yield bond funds and a gush of fresh supply since the market reopened in May, is heralding a new era for the sub-investment grade sector.

Financial News, in co-operation with the European High Yield Association, has polled European high-yield bond investors on their predictions for the market and views on its evolving structure. Responses were taken from more than 70 fund managers, investment bankers, bond issuers and private equity sponsors. Together they manage more than €200bn in sub-investment grade assets. FN reports its findings.