According to the FT, “Groups in Europe have already put €15bn in new high-yield debt to work funding mergers and acquisitions this year, compared with €9.6bn for all of last year, according to Barclays Research. Companies are spending roughly one-third of junk-rated debt on M&A, up from 12 per cent last year, with the bulk of the rest used for refinancing.”
As European companies issue high-yield debt to fund deals, rates have fallen to a 15-year low and are now well below corresponding yields in the U.K. and the U.S.:

For more on the extensive M&A activity so far this year, see here.