Bonds versus loans: A shift in the balance of power

With the bank lending market going through a process of downsizing following the financial crisis, European corporates are tapping the bond market in record numbers. And rather than a cyclical trend, many market commentators believe the phenomenon heralds the beginning of a permanent shift.

Borrowing money used to be a simple task for Europe’s financial directors. They would tell their banks how much money was needed, and acquire a loan. While the formula worked well, it also stultified European

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