European banks have raised less from the mainstream capital markets in the past six weeks than in any year since 1995 as turmoil has pushed borrowing costs sharply higher.
Banks sold $11.7bn of corporate bonds in the six weeks to last Friday, 15 per cent of their 10-year average for this period and far short of the $145bn they raised this time last year, according to Dealogic.
The virtual closure of the primary markets has come at a crucial point in the year for financial groups, which typically tap the markets for about a fifth of their total annual borrowing during May and June.
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