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Banking on Bonds European Firms Are Drawn to the Capital Markets to Fulfil Their Financing Needs, Say Amrit Judge and Anna Korzhenitskaya

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Banking on Bonds European Firms Are Drawn to the Capital Markets to Fulfil Their Financing Needs, Say Amrit Judge and Anna Korzhenitskaya CAPITAL MARKETS AND FUNDING BOND BANKING ON BONDS EUROPEAN FIRMS ARE DRAWN TO THE CAPITAL MARKETS TO FULFIL THEIR FINANCING NEEDS, SAY AMRIT JUDGE AND ANNA KORZHENITSKAYA A key function of the part the result of government financial system is to austerity programmes. During intermediate funds this period, European banks between savers and borrowers. have faced funding difficulties, Up until 2008, banks in Europe which has affected their capacity played a dominant role in to provide credit to businesses fulfilling this requirement. and households. Although European banks In Europe there are serious remain important, the financial concerns at present over banks’ crisis and, more recently, the ability to service the credit sovereign credit crisis, has needs of the economy. New dealt a severe blow to their regulation in the form of capital dominance. A striking feature requirements could make it more of the global financial crisis has difficult for banks to fulfil their been the extreme disruption primary role of providing the fuel Bank of Scotland (RBS) suggests the worsening economic outlook to bank funding markets. In for economic growth. European that European banks need to on investment and hiring. Europe, this has been fuelled regulation based on the Basel III substantially reduce the size of The implication of this is that by stress in sovereign rules requires for a minimum their balance sheets in order to there may be macroeconomic credit markets and weak equity-to-assets ratio of 3% to meet this new target and, in the benefits to broadening access macroeconomic conditions be achieved in five years’ time. process, ensure that the eurozone to public capital markets. In a in several EU countries – in Recent research by the Royal could withstand another financial similar vein, John McFall, the crisis.* RBS estimates that banks former chair of the Treasury FIGURE 1. MEDIAN PERCENTAGE OF SENIOR BONDS must remove around €3 trillion in Select Committee and David IN TOTAL DEBT FOR EUROPEAN RATED FIRMS assets from their balance sheets Davis, MP for Haltemprice and in the next three years. If this Howden, writing in the Financial Source: Authors’ calculations using Capital IQ data deleveraging takes the form of Times in July, suggested that 80 reduced lending, then there are the failure of banks to lend potentially adverse consequences threatens economic recovery 69 70 65 for the real economy. and that the financial industry In view of the heightened needs to come up with ways of 58 60 54 54 uncertainty in European credit financing businesses without 50 markets and strains in the having to rely on the banks. 50 44 ability of European banks They argued that government 41 to provide long-term credit, efforts to encourage more % 40 there is a growing consensus lending to business have had a 30 26 among public policymakers limited impact and that, unlike that firms need to look at ways their US counterparts, UK firms 20 of diversifying their sources of are over-reliant on the banks debt financing and financing in for their financing. The greater 10 general. The Bank of England diversity of funding sources in suggests that since the start the US might, in part, explain 0 of the financial crisis in 2007, why economic recovery there bond and equity issuance has has been faster than in the UK. ITALY RUSSIA SPAIN SWEDEN FRANCE GERMANY allowed some large firms to In its Financial Stability NETHERLANDS SWITZERLAND dampen the impact of the Review, published in June UNITED KINGDOM contraction in bank lending and 2012, the European Central 28 The Treasurer October 2013 www.treasurers.org/thetreasurer 70 60 60 58 59 60 57 57 53 53 53 48 50 41 40 % 30 20 10 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 80 69 70 65 58 60 54 54 50 50 44 41 % 40 30 26 20 10 0 ITALY RUSSIA SPAIN SWEDEN FRANCE GERMANY NETHERLANDS SWITZERLAND UNITED KINGDOM as a whole, rated firms possess markets compared with 62% for FIGURE 2. MEDIAN PERCENTAGE OF SENIOR BONDS IN TOTAL DEBT OF RATED FIRMS IN DEVELOPED double the level of senior bond German rated firms and 58% for EUROPEAN COUNTRIES DURING 2001-2011 debt in their debt mix relative to French firms. At the end of our rated firms in emerging markets, sample period, the proportion of Source: Authors’ calculations using Capital IQ data 56% compared with 28%. capital market debt sourced by Figure 2 shows a time rated firms in the UK is not too 70 series profile of the median dissimilar to the figure of 80% 60 60 58 59 percentage of senior bond debt reported for US firms. 60 57 57 53 53 53 held by European rated firms We found that during loose 48 50 in developed countries during credit market conditions bank 41 the period 2001-2011. We find loans replaced bond market 40 that senior bond debt usage debt. As credit conditions % peaked in 2003 at 58.7%, which tightened during the crisis 30 coincides with a period of credit period, however, our analysis market tightening. This was then demonstrates that UK firms 20 followed by five years of falling with access to the public debt bond debt usage by rated firms markets replaced bank loans 10 as credit markets loosened, with bond debt in a significant resulting in relatively cheap way. As well as seasoned issuers 0 bank credit in abundant supply. tapping the public debt markets, 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 By 2008, median senior Bank of England data indicates bond debt usage had dropped that the proportion of firms Bank (ECB) also pointed debt funding disintermediation to 47.9%, its lowest since 2001. issuing bonds for the first time to the potential benefits of is greatest for firms in the UK, For three-quarters of 2007, the has been increasing since the intermediation outside the followed by firms in Switzerland, ECB loan officer survey shows second half of 2008. banking sector. It suggested that where the median percentage that bank credit was readily These new issuers tended greater access and availability of senior bonds is 69% and available and, following the to be smaller and possessed of bond market debt and other 65%, respectively. Lehman Brothers collapse in lower ratings than existing bond non-bank finance may lead to For the two biggest September 2008, bond funding issuers. Our research suggests more competition and efficiency economies in Europe – Germany markets froze temporarily. that during the financial crisis, within the banking system. This, and France – the median This combination of funding rated corporates were able to in turn, will have a favourable proportion of senior bonds in circumstances explains the fill the financing gap by issuing impact on financial stability if the debt mix is lower, at 54%. significant dip in bond debt bond market debt. It follows it results in smoother provision Firms in Spain and Italy possess usage among rated firms in that tightening credit market of finance to the real economy relatively lower levels of bond 2008. Our research shows conditions might not result in from a more diversified range debt funding in their debt that corporates substantially financing problems for those of finance suppliers. structures, with median bond increased their use of bond firms that can access the public Now we will examine how debt ratios of 41% and 44%, market debt from 2008 as bank debt markets. The key message important the public debt respectively. Our analysis shows lending dried up. Since the of our research is that the rating markets are to European non- that rated firms in emerging peak of the financial crisis, bond agencies and policymakers financial firms and the extent markets lag well behind in market debt has become the should be looking at ways of to which credit ratings have the level of debt funding dominant source of debt funding improving access to capital facilitated a substitution of disintermediation compared for European rated firms, making market financing for UK firms. capital market debt for bank with their counterparts in up 60% of total debt, a new high loans during the period 2001- developed markets. Our sample for these organisations. 2011, which includes the credit of emerging markets rated firms We see a similar story when crisis of 2002-2003 and the is dominated by Russian firms, we look at the UK in isolation. most recent financial and with nearly three-quarters of Interestingly, our research sovereign debt crisis. rated firms originating from shows that bond market debt In figure 1 we present the Russia. Russian rated firms consistently contributed more average (median) percentage have a median level of senior than 50% of total debt for UK of bond debt in a firm’s total bond debt equal to 26% – a rated firms during this period. Dr Amrit Judge is debt for rated firms across little below the median for all This was not the case for EU principal lecturer – financial economics the largest economies in Europe. rated emerging market firms corporates, such as those in at Middlesex We find that the process of of 28%. For developed markets Germany or France. There is University Business much greater use of capital School; and market debt in the UK than the Anna , 22 July 2013, page 15 Korzhenitskaya is A striking feature of the global financial rest of Europe after the peak of a final-year PhD the crisis. By 2011, rated firms in student in finance at crisis has been the extreme disruption the UK had close to 78% of their Middlesex University Business School Financial Times * to bank funding markets debt sourced from the capital www.treasurers.org/thetreasurer October 2013 The Treasurer 29.
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