Fallen angels of the financial crisis – companies that were downgraded from investment grade to high yield – are being restored to their former status as the global economy improves and investor appetite for lower-rated debt is growing.

A record amount of high-yield bonds was issued last year, and volumes this year are already surpassing that, according to data from Dealogic. Globally, $354bn of high-yield bonds were issued last year, of which $62bn came from European issuers - also a record, according to Dealogic.