Wind Telecomunicazioni, one of Italy’s largest mobile telecoms companies whose parent is controlled by Egyptian entrepreneur Naguib Sawiris, has launched plans to sell the biggest European junk bond since the financial crisis began.

The €2.7bn issue signals bankers’ increased confidence and the willingness of investors to buy large volumes of riskier debt in spite of European junk bond markets being moribund since the credit crisis struck in the summer of 2007.