Corporate Funding Monitor: the changing face of finance — January 2014

The Allen & Overy Corporate Funding Monitor looks at loan, bond and equity issues to non-financial corporates over the past decade to see what impact regulatory pressures, bank deleveraging and the emergence of alternative sources of finance have had on the way companies access funding. The data is taken from Thomson Reuters and excludes funding to financial and real-estate companies.

Following years of volatility and uncertainty, the financial markets appear to be stabilising. What’s now clear, as the dust settles from the financial crisis, is that a structural shift has taken place in the way that corporates access finance. Unable to rely exclusively on banks after the crisis, treasurers have become used to capital market funding and are enjoying the benefits of greater diversification, both in terms of flexibility and cost. And banks are reshaping themselves to work symbiotically with funds and other capital market players.

If there is one clear global trend over the past 10 years, it is the steady growth in bond financing everywhere. The value of bonds issued globally (excluding financial institutions and real-estate companies) has nearly tripled in the past decade, rising from $585bn (£356bn) in 2004 to $1.7 trillion in 2013. In the three years before the crisis, bonds accounted for 18 per cent of the funding mix between loans, bonds and equity issues. In the three years since 2011, they have averaged 29 per cent…

If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Analysis from The Lawyer

  • Panel reviews

    Panel reviews 2014: The chosen ones

    Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all

  • training

    Accutrainee: Revolution postponed

    At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.

View more analysis from The Lawyer


One Bishops Square
E1 6AD

Turnover (£m): 1,234.30
No. of lawyers: 2,194 (UK 200)
Jurisdiction: UK
No. of offices: 11
No. of qualified lawyers: 369 (International 50)
No. of partners: 81