There are few regions, developed or emerging, where corporate borrowers seem more immune to the charms of the Eurobond markets than emerging Europe. Time and again, over the past decade, optimistic bond bankers have hailed the arrival of disintermediation in the region, only to be disappointed as firms reject the debt capital markets in favour of a flood of cheap funding from highly liquid local banks.
Experience has been unable to prevent hopes of a move into bonds lingering on, however.
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