HSBC is muscling into the European high-yield debt market for the first time and has hired Julien Gurcel, a senior debt banker from Barclays Capital, to lead the new team.

Barclays and HSBC are among several European banks, including SG, BNP Paribas and Calyon, that have been trying to strengthen their high-yield business in the past year to take advantage of the boom in the sector.