The coronavirus crisis has exposed a trans-Atlantic rift in the junk-bond market: Riskier U.S. companies have access, European ones don’t.

Europe’s debt markets are still largely closed for speculative-grade companies. Just three sales of high-yield bonds were completed in the region over the past eight weeks, raising €1.3bn ($1.4bn) in total, data from Dealogic showed. That compared with 27 deals in the same period a year earlier.