CARGA_INICIAL20200528
After years of US outperformance, last year marked an inflexion point in the relative performances of the European and US banks in terms of both their market values and earnings. The relative outperformance by the European banks went a long way to close the sizeable profitability and valuation gaps opened up between the two systems more than a decade ago.
En términos comparativos, la banca europea y española presentan niveles de rentabilidad y valoración en bolsa por debajo de la banca norteamericana, pero la brecha es ahora muy inferior a la que ha venido existiendo de forma sistemática durante la última década. Este artículo sugiere la existencia de elementos estructurales que justificarían esa convergencia.
Tension in the corporate bond market since the start of the inflationary spiral towards the
end of last year has driven a sharp increase in secondary market rates, as well as a sharp contraction in primary market issuance, forcing many corporates back to the bank financing channel they had previously abandoned. Nonetheless, rather than seeing this development
as a setback, it reflects the complimentary rather than substitutive nature of bank and
market corporate financing, with the banks acting as a back-up option when the bond markets are temporarily unable to finance the productive apparatus.
En este artículo se analiza la financiación empresarial a través de bancos y mercados, para resaltar el papel complementario (que no sustitutivo) entre una y otra, con la banca actuando como back up en momentos en los que los mercados de bonos sufren interrupciones en su capacidad de financiar el tejido productivo.