{"id":44188,"date":"2017-08-01T10:15:03","date_gmt":"2017-08-01T08:15:03","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/structural-change-in-the-european-credit-market\/"},"modified":"2017-08-01T10:15:03","modified_gmt":"2017-08-01T08:15:03","slug":"structural-change-in-european-credit-market","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/structural-change-in-european-credit-market\/","title":{"rendered":"Structural change in the European credit market"},"content":{"rendered":"

Dr. Daniel C. Heine<\/strong> \u2014 Co-Foun\u00adder Patri\u00admo\u00adnium Asset Manage\u00adment AG, Baar (Switz\u00ader\u00adland)<\/p>\n","protected":false},"excerpt":{"rendered":"

Banks can no longer fully fulfill their origi\u00adnal econo\u00admic role as inter\u00adme\u00addia\u00adries between the capi\u00adtal market and compa\u00adnies due to increased core capi\u00adtal requi\u00adre\u00adments and are incre\u00adasingly finan\u00adcing fewer SMEs with weaker credit ratings. This deve\u00adlo\u00adp\u00adment plays into the hands of the loan funds. Last year, credit funds (debt funds) succee\u00added in main\u00adtai\u00adning their market share of around 26 percent in the German lever\u00ada\u00adged finance market, which they had captu\u00adred in 2014. A further shift in market share is expec\u00adted in the German finan\u00adcing market for private equity deals.<\/strong><\/p>\n

The efforts of the Euro\u00adpean Central Bank (ECB) to date, such as the the intro\u00adduc\u00adtion of a penalty inte\u00adrest rate on depo\u00adsits, have not been able to have the hoped-for effect and have failed to boost the willing\u00adness of Euro\u00adpean banks to invest. Depo\u00adsits from Euro\u00adpean banks have increased more than tenfold since June 2014 to date, so German compa\u00adnies incre\u00adasingly need to consider alter\u00adna\u00adtive forms of finan\u00adcing besi\u00addes tradi\u00adtio\u00adnal bank finan\u00adcing to meet their invest\u00adment needs.<\/p>\n

A look at the U.S. shows very clearly the direc\u00adtion in which the supply of credit for SMEs will deve\u00adlop over the next few years. In the United States of America, corpo\u00adrate finan\u00adcing consists of about one-quar\u00adter bank finan\u00adcing and about three-quar\u00adters alter\u00adna\u00adtive forms of finan\u00adcing. By compa\u00adri\u00adson, two-thirds of German compa\u00adnies are finan\u00adced by banks and one-third by alter\u00adna\u00adtive forms of financing.<\/p>\n

Tripar\u00adtite divi\u00adsion of the credit market<\/strong><\/p>\n

We believe that the German credit market will split into three parts. Alter\u00adna\u00adtive finan\u00adciers such as Patri\u00admo\u00adnium, which manage insti\u00adtu\u00adtio\u00adnal inves\u00adtor money in lending funds or private debt funds, will fill the finan\u00adcing gap left by tradi\u00adtio\u00adnal finan\u00adcial insti\u00adtu\u00adti\u00adons. This will not happen in compe\u00adti\u00adtion with the estab\u00adlished banks, but incre\u00adasingly \u2014 as can be seen in the Ameri\u00adcan exam\u00adple \u2014 in part\u00adner\u00adship with the tradi\u00adtio\u00adnal banks.<\/p>\n","protected":false},"featured_media":41410,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2553,2596],"product_tag":[2303,2304,2306,2310,2313,2317,2320,2324,2328],"class_list":{"0":"post-44188","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2017","8":"product_cat-dr-daniel-c-heine-en","9":"product_tag-heine-en","10":"product_tag-daniel-c-en","11":"product_tag-penalty-interest","12":"product_tag-leveraged-finance-market","13":"product_tag-debt-fund","14":"product_tag-core-capital","15":"product_tag-european-credit-market","16":"product_tag-credit-fund","17":"product_tag-structural-change","18":"pa_sprache-english-3","19":"pa_sprache-german","21":"first","22":"outofstock","23":"taxable","24":"shipping-taxable","25":"purchasable","26":"product-type-variable"},"yoast_head":"\nStructural change in the European credit market - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/structural-change-in-european-credit-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Structural change in the European credit market - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Banks can no longer fully fulfill their original economic role as intermediaries between the capital market and companies due to increased core capital requirements and are increasingly financing fewer SMEs with weaker credit ratings. This development plays into the hands of the loan funds. Last year, credit funds (debt funds) succeeded in maintaining their market share of around 26 percent in the German leveraged finance market, which they had captured in 2014. A further shift in market share is expected in the German financing market for private equity deals. The efforts of the European Central Bank (ECB) to date, such as the the introduction of a penalty interest rate on deposits, have not been able to have the hoped-for effect and have failed to boost the willingness of European banks to invest. Deposits from European banks have increased more than tenfold since June 2014 to date, so German companies increasingly need to consider alternative forms of financing besides traditional bank financing to meet their investment needs. A look at the U.S. shows very clearly the direction in which the supply of credit for SMEs will develop over the next few years. In the United States of America, corporate financing consists of about one-quarter bank financing and about three-quarters alternative forms of financing. By comparison, two-thirds of German companies are financed by banks and one-third by alternative forms of financing. Tripartite division of the credit market We believe that the German credit market will split into three parts. Alternative financiers such as Patrimonium, which manage institutional investor money in lending funds or private debt funds, will fill the financing gap left by traditional financial institutions. 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