In the time perspective of the bond markets, the European single currency is tomorrow, not some 20 months away. Issuers need to attract investors from a wider universe now. One approach is complex instruments that can eventually take on a euro denomination; another takes the plunge into a currency that doesn't yet exist. On the corporate front credit rather than currency is set to be the key determinant of performance. And that means European fund managers are likely to take an increasing interest in high-yield bonds. Peter Lee reports.