... Bond/Loan Ratio Falls: Total new debt (bonds and syndicated loans) raised by European corporates rose 3% to a post-crisis record of EUR1.075trn in 2014. Bonds accounted for 39% of total new debt, down from 43% in 2013. While the year in total saw bond issuance contract by 6% and loans expand by 9%, volumes in the fourth quarter were unusually weak, especially for loans, which hit their lowest level since 3Q09. The rise in total corporate fund raising may reflect Europe's gradual recovery, although the total is less than three-quarters of the 2007 high of EUR1.5trn when loans accounted for a record 84%. Oil & Energy Issuance Flagging: The main sector change was the reduced bond issuance from oil & gas and energy & utility companies as they cut expansionary capex in the wake of the sharp fall in oil prices. The former sector's issuance was down by one-third, and the latter's by one- quarter. By contrast, telecom and healthcare issuance...
