Several years of corporate deleveraging and balance sheet repair would appear to be at an end. This June the euro corporate market boasted its biggest monthly volume since June 2003 (€19 billion versus €24.75 billion) and its most dynamic new development since the 50-year sector was opened and shut by Telecom Italia in March.
Corporate treasurers have long envied counterparts at financial institutions. Via their ability to issue hybrid tier 1 capital instruments, banks – and more recently insurers – have boosted capital without diluting equity.
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