Marketgraphic - European investment grade issuance

High grade corporates have turned to the bond markets for financing given the reluctance of banks to extend loans. Analysis by Michael West and Sabinne Renner of Moody's

Since the beginning of the year, issuance volumes for investment grade non-financial corporates in the western European bond market have reached new highs, with around $110 billion of rated instruments issued just in the first two months. Bank managements caught in the credit crunch are less willing, or are simply unable, to renew and extend credit facilities, so the bond market has become a more important source of funding. As the bank market continues to contract, an unintended consequence of