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2 | ifrTop 250 Borrowers | June 2010 Contents


Editor: Matthew Davies Deputy editor: Mark Baker Editor, this report: Solomon Teague


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Tables 4Methodology 6IFR Top 250 Borrowers 16 Top 50 bond, loan and most frequent borrowers 17 League tables


Features


27 The age of maturity The escalation of the sovereign debt crisis has led some of Europe’s political leaders to talk of an age of austerity. But for the continent’s corporate treasurers, there is a different concern: as time elapses their debt profiles are steadily maturing. For a solution, many are turning to liability management.


29 Too much vol The lack of depth of the convertible bond markets has been shown by the impact of the sovereign crisis in the eurozone. The impact of widening spreads and falling stocks has been hardest felt in Europe, which has gradually closed to new issuance. Even the US market is still facing multi-year volume lows and the outlook is disappointing.


31 Regulatory overkill The financial crisis revealed many faults to the securitisation market and there is no question that these needed to be fixed. But, it seems likely that the sheer number of initiatives, some of which conflict, will stifle and possibly snuff-out the anaemic recovery.


33 Ukraine’s false economy A deteriorating market backdrop has not prevented certain EEMEA sovereigns from squeezing the best possible terms out of banks, which are desperate to get on deals, despite obvious financial risks to both sides. Ukraine and Romania continue to mandate on a lowest fees basis, a strategy that more sophisticated issuers rejected years ago.


34 Coping under pressure In the face of a bond and equity wobbles, the loan market has stayed steady. This reflects lenders focus on relationship rather than yield only. But with pricing stabilising after more than six months of falls, bankers warn that loans cannot remain invulnerable to longer term capital market ructions.


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Front cover photo credit: Yuriko Nakao/Reuters


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