Consequently, with all the European investment-grade corporate bonds mostly spoken for, Eurozone investors may turn to riskier speculative-grade debt to meet their income needs, bolstering the high-yield market.

While there are no Europe-focused speculative-grade debt ETFs on the market, U.S. investors can still gain exposure to European high-yield bonds through international bond ETFs with heavy tilts toward European countries.

For instance, the Market Vectors International High Yield Bond ETF (NYSEArca: IHY) includes a 15.5% exposure to U.K., 9.0% Italy, 6.3% Germany, 5.8% France, 4.2% Luxembourg, 1.5% Liechtenstein, 1.4% Switzerland and 1.4% Netherlands. IHY has a 0.40% expense ratio and a 6.6% 30-day SEC yield.

The SPDR International High Yield Bond ETF (NYSEArca: IJNK) top European country weights include U.K. 16.3%, Italy 13.6%, France 9.9%, Germany 10.0% and Luxembourg 7.9%. IJNK has a 0.40% expense ratio and a 5.76% 30-day SEC yield.

Top country holdings in the iShares Global ex USD High Yield Corporate Bond ETF (NYSEArca: HYXU) include Italy 22.4%, Germany 14.8%, U.K. 14.4%, France 10.3% and Luxembourg 6.0%. HYXU has a 0.40% expense ratio and a 4.09% 30-day SEC yield.

Year-to-date, IHY rose 6.3%, IJNK was up 2.8% and HYXU increased 7.7%.