US companies helped prop up the flagging European high-yield bond market in 2001, providing almost one third of new issuance.

Calpine and AES, the energy companies, and car parts maker Lear were among the US corporates that issued €3bn ($2.7bn) out of a total of €9.1bn in 2001. Historically, US companies have made up 20% of the market, data from UBS Warburg said.