Last year we observed that high yield was giving hope to the long term unemployed. Today we’d like to reiterate that.

According to Financial News, UBS has continued its strategy of hiring out of work people and brought on a team of five former high yield/distressed debt professionals who previously worked at Credit Suisse.

The five, led by Dermot Murphy who joins UBS as co-head of non-investment-grade credit trading, left Credit Suisse in Q2 last year when it all but pulled out of high yield and illiquid investments. Ten months (or so) later, and they have been re-housed.

The resurgent popularity of high yield professionals is going hand in hand with the resurgent popularity of the high yield market. According to the Financial Times, there might be €50bn of European junk bonds issued this year, compared to previous highs of €30bn.

Headhunters say Calyon, Goldman, BofA Merrill, and HSBC are all hiring. “The high yield market is on fire and banks are hiring across the seniority spectrum,” says one.

However, David Reynolds of search firm Scott Reynolds cautions against excessive excitement: “The high yield market has certainly come back, but at the moment hiring is still fairly limited.”