Funding Risks for Corporates in the Periphery: Disintermediation to the Rescue for the Larger Ones, Challenges for the Others

Blaise Ganguin

Chapter 11 in Managing Risks in the European Periphery Debt Crisis, 2015, pp 198-211 from Palgrave Macmillan

Abstract: Abstract Greek, Spanish, Italian and Portuguese corporates turned increasingly to capital markets for funding over the past three years, a positive change from the overwhelmingly bank-funded model that has prevailed historically in the region. How does the corporate funding mix in southern Europe compare with the rest of the continent? What are the main drivers behind the funding shift, and how large is it? What role do credit ratings play in these growing capital markets? What can we learn from the financial performance and insolvency patters from corporates in the periphery? Are all corporates equal in the capital markets? These are the points we will discuss in the current chapter.

Keywords: Capital Market; Credit Rating; Bank Debt; Corporate Funding; Bond Issuance (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-30495-7_11

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DOI: 10.1057/9781137304957_11

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