Seismic shift in corporate funding? Not exactly

摘要

The changing market structure and moves to a more diverse issuer base in the European bond market as banks take their feet off the lending pedal has been the source of constant chatter and speculation among market professionals. But while the consensus had been building towards a fairly linear progression from bank finance towards capital markets, I've sensed a shift in how this discussion has been nuanced in the past few weeks. Grand movement in the tectonic plates of corporate funding makes for a great tale. But as ever the reality is going to be more mundane; it will take longer and it won't be linear.