The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Corporates face long shadow of Ukraine

The crisis in Ukraine shows no sign of abating and its impact is being felt across the rest of emerging Europe. Phil Bennett, deputy head of the European Bank for Reconstruction and Development, explains why this is bad news for the region’s companies and what multilaterals can do to help.

For emerging Europe’s top companies, there has probably never been a better time to raise funding. Rates are at record lows, banks are liquid and willing to lend, and bond buyers are cash-rich and on the hunt for yield pick-up.

“They have the best of all worlds,” says Phil Bennett, first vice president at the European Bank for Reconstruction and Development (EBRD). “They have more access than they need to local banks, who are scrambling to acquire good quality corporate assets, and to a certain extent they also have access to capital markets, both domestic and international.”

But if life is good for the region’s blue chips, below the top rank a very different picture emerges – one that is of deep concern to the EBRD, with its mandate to promote development and transition in the former Communist countries.

Although many companies in the region say they are confident ample financing is available to them, Bennett knows the challenges are deep-rooted.

“Smaller and mid-cap companies are struggling to secure bank finance and don’t have the luxury of capital markets access,” he says. “The blue chips clearly have multiple funding options but the others have fewer than before, not only in terms of size and types of funding, but also in terms of maturity.”

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?