The European high-yield bond market is undergoing its biggest test since it was forced into lock-down by the crisis two years ago, as junk-rated companies queue up to sell new bonds, led by the largest sale since 2006 from Italian telecoms group, Wind.

Wind's planned €2.7bn ($3.8bn) sale of eight-year bonds, is expected to be completed this week, in a jumbo deal that will be closely watched by the market for any signs of weakness in investor demand.