S&P Capital IQ reports that European companies issued twice as many high-yield bonds through April of this year as they did in 2012. For European treasurers, the rest of 2013 offers an excellent opportunity to restructure their company's debt – especially if it has a sub-investment grade rating. According to data from S&P Capital IQ, this year European companies issued twice as many high-yield bonds by the end of April as they did in the same period last year. Marcel Heinrichs, the global head of S&P Capital IQ's analytical development group, expects the total volume of high-yield bonds for 2013 to exceed EUR 50 billion, up from EUR 35 billion in 2012.

Investors' appetite for risk is currently feeding companies a golden opportunity to rearrange their debts. What has treasurers particularly happy is that yields have reached what many suspect to be record lows. For a bond rated BB with a five to seven-year maturity, companies across Europe are paying an average of 3.5 percent.