Le magazine du trésorier - n°72 - 4ème trimestre 2010 - (Page 6)

INTERVIEW with… Johannes Heinloth, Global Head of Loan Syndications, BayernLB Have you noticed a shift from loan to bonds? Do you think this trend will accelerate in the future? There is clearly a trend in 2010 for long term financings being raised in the bond rather than the bank markets across the rating spectrum. Liquidity and pricing levels in the bond market remain favorable, and diversification of funding is certainly a key issue for corporates after the reduction in banks’ lending capacity following the bank crisis. However, volume wise the bond markets are still a fraction of those in the syndicated loan market. We anticipate a continuing shift to the bond markets for the foreseeable future. What could be the consequences of Basel III for corporate borrowers? Basel III will impose additional costs on banks which will be (partially) passed on to clients, thus the bond markets will become more attractive for corporates. However, the syndicated loan market will remain an important constituent of corporate financing in its ability to provide underwritten INTERVIEW What has happened to volumes in the loan market in the last 12 months? The syndicated loan market for Western European I-Grade companies continued its recovery from its nadir in 2009. Volumes for the first three quarters of 2010 have exceeded corresponding volumes in 2009 by 19%. What are the major trends in the investment grade loan market? The increase in volumes in the IGrade market for 2010 can be explained by 3 factors: i) Improved liquidity for strong credits; ii) Significant reduction in pricing; iii) Treasurers’ concerns over the amount of refinancing schedule for 2012/13 and the impact of pricing as a result of Basle III. There has also been a significant upturn in acquisition financing volumes as on one hand corporates are increasingly searching for growth opportunities at a cyclical low point for asset values, and on the other, the reduction in the price for this type of loan finance has mirrored that of the IG market. 6

Table des matières de la publication Le magazine du trésorier - n°72 - 4ème trimestre 2010

Couverture
Sommaire
EDITORIAL
- “Catch 22”, a synonym for Kafkaesque situations
FINANCIAL HIGHLIGHTS
INTERVIEW
- Mr. Johannes Heinloth, Global Head of Loan Syndications, BayernLB
FOCUS
- 10 years of IAS 39: what next?
- La réforme de la TVA, une vraie bonne idée ?
- Respirer, ça paie !
- An optimist sees the opportunity in every difficulty: is IFRS 9 an opportunity or a difficulty?
FORUM OF ADVERTISERS
- “FX Currency Hedging:Applying Cash flow at Risk (CFaR)”
- Working Capital Optimization, A focus on payables & trade credit management.
- La Fed et la Chine mettent l’Asie dans l’embarras
- Cash Management was yesterday, Cost Efficiency is key.
CORPORATE FINANCE
- Cinq questions à Philippe Lison, Administrateur-Directeur de Hamburg-Mannheimer Benelux
- 15 minutes with OtimO
TREASURERS' ASSOCIATIONS
- Deuxième Conférence CFO World : l’engouement des directeurs financiers luxembourgeois se confirme
- 14th IGTA Meeting & Semi-Annual EACT Meeting Geneva – October 2010
NEWS

Le magazine du trésorier - n°72 - 4ème trimestre 2010