CARGA_INICIAL20200528
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.
The ECB´s targeted longer-term refinancing operations, or TLTROs, were designed to be one of the key mechanisms to keep credit flowing through the banking system to the real economy during the crisis. Beyond the negative impact on banks´ earnings of recent changes to TLTRO terms in order to better align them with other monetary policy instruments, the European and Spanish banking systems have sufficient liquidity to handle the maturity or prepayment of their TLTRO funds, as well as to meet anticipated credit growth next year, thanks to their excess reserves, evolution of retail deposits and funds, and planned bond market issuance.
