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Is bond financing a factor of recovery?
[Le financement obligataire comme facteur de reprise ?]

Author

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  • Thomas Grjebine
  • Urszula Szczerbowicz
  • Fabien Tripier

Abstract

The Capital Markets Union project (CMU) recommends diversifying the financing of companies, in particular through debt securities in addition to bank loans. Is the choice of debt instrument important in economic recoveries? In fact, companies replace bank financing by bond financing in a recovery phase. In addition, recoveries are more robust when the share of bond financing is high. Le projet d'union des marchés de capitaux (UMC) préconise de diversifier le financement des entreprises, notamment par des titres de dette en complément des prêts bancaires. Le choix entre instruments d’endettement importe-t-il dans les reprises économiques ? En fait, les entreprises substituent du financement obligataire au financement bancaire en phase de reprise. De plus, les reprises sont plus vigoureuses là où la part du financement obligataire est élevée.

Suggested Citation

  • Thomas Grjebine & Urszula Szczerbowicz & Fabien Tripier, 2017. "Is bond financing a factor of recovery? [Le financement obligataire comme facteur de reprise ?]," Eco Notepad (in progress) 22, Banque de France.
    • Handle: RePEc:bfr:econot:22
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