...European Corporate Funding Boom Boosted by M&A Total New Funding Up: Total new debt (bonds and loans) issued by European corporates is heading for a post-crisis high in 2014. Lower-for-longer funding costs drive continued refinancing and M&A activity is heating up. Total debt raised in 9M14 reached EUR881bn, up 10% on 9M13. The full year figure is set to exceed the around EUR1trn annual amount in the last five years and approach the all-time high of EUR1.5trn of 2007. Loans Bounce Back: Syndicated loans bounced back in volume in the last two quarters and are up 23% YTD. Bond issuance slowed in 3Q14 ¡ a common seasonal pattern ¡ and is down 5% yoy. However, the strong fourth quarter bond pipeline could still put 2014 close to the EUR502bn annual record of 2009. The marginally more positive economic outlook for the eurozone will support market activity while policy will remain accommodative. Bonds Important for Periphery: Corporates in the eurozone periphery have continued to issue bonds...
