Further signs of investors’ renewed appetite for risk came on Wednesday with the launch of the first European high-yield private equity-backed bond since the credit crisis began.

The deal was just the sixth European high-yield offering this year and follows on from bumper issues from Virgin Media and Pernod Ricard last week. These have triggered speculation that other companies are preparing to tap the market, which effectively closed in the turmoil following the start of the credit crisis in August 2007.