Key Charts - Size and Structure

Breaking Tradition: Euro Area Moves Toward Bonds

  • European companies, long dependent on bank lending for financing, have increasingly turned to bonds in place of loans.
  • Outstanding debt securities eclipsed 1 trillion euros in 2013 and now account for 21 percent of non-financial corporate debt, compared with only 12 percent in 2008.
  • Small and medium-sized businesses have not been able to access corporate debt markets due to their scale, but the trend toward a diverse financial system with more robust capital markets is promising.

Read corresponding blog entry.

Sources: BIS, Milken Institute.

Breaking Tradition: Euro Area Moves Toward Bonds

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