Darkening loan market hastens borrowers to bonds
Europe’s utility companies have reinvigorated the bond market with Eu10bn of issuance in the last month. But the burst of deals says more about the dire state of the loan market than it does about the health of the bond market. No longer confident in the ability of their banks to support them in 2009 they have opted instead to swallow bond investors’ demands for ever-larger spreads.
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