Loans a crunch casualty as companies turn to bonds

Germany’s bond market has come so far this year that even unrated and first time issuers are turning their backs on their traditional bank lenders and flocking to the capital markets. But this is not a bonds versus loans battle — German companies are instead becoming increasingly savvy at making use of every tool in their funding kit, as they take on acquisition debt and work to extend their maturities. Sarah White reports.