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Moody's: Global bank debt issuance drops, driven by euro crisis

Global Credit Research - 15 Nov 2012

New York, November 15, 2012 -- Banks around the world issued 15% less unsecured, long-term debt over the past 12 months, compared with the year-ago period, as euro area banks face sustained market funding pressures, says Moody's Investors Service in its new special comment "Moody's Global Bank Debt Report: Issuance Declines, Driven by Euro Area Crisis."

Unsecured long-term debt issued by Moody's-rated banks amounted to $1.18 trillion over the 12 months ended 30 September 2012, a 15% decline from the same year-ago period. Global debt issuance is now at approximately half the level recorded at the peak, during 2007, before the ongoing period of financial markets turmoil.

"The global decline has largely been driven by euro area banks, while issuance has decreased less for banks in most other regions and many Asian banks are even seeing robust growth," said Tobias Moerschen, a Moody's Vice President. "Looking forward, we expect banks in mature markets to rely less on confidence-sensitive market funds than in the past."

Banks in the euro area experienced a sharp year-on-year drop (26%) in unsecured, long-term debt issuance tracked by Moody's for the 12 months ending 30 September 2012 (in US dollar terms). Moody's notes, however, that euro area banks saw improved debt issuance in third-quarter 2012 which could signal a degree of stabilization. Meanwhile, North American banks saw a 10% decline in issuance during the 12 months ending 30 September 2012, while Asia was the only major region to see a broad-based increase in bank debt issuance.

Moody's expects that banks in mature markets will shift toward more stable funding sources over time, because increased investor risk perceptions restrict demand for unsecured bank debt. The transition to more stable funding profiles will be particularly difficult for banks that are affected by the ongoing euro area crisis and for those that have relied heavily on market funds to date. Actions taken by banks to alleviate funding pressures include seeking to increase deposits, raising more covered bonds, and in some cases restricting new lending and shedding assets.

The new report analyzes unsecured bank debt issuance and balance sheet data for Moody's-rated banks which account for the vast majority of all global banking assets. The report provides issuance data for banks globally, as well as for eight major regions and 26 individual banking systems. The data is also available in Excel format.

Moody's research subscribers can access this report at http://www.moodys.com/research/Moodys-Global-Bank-Debt-Report-Issuance-Declines-Driven-by-Euro--PBC_145871

And related Excel data at: http://www.moodys.com/research/Moodys-Global-Bank-Debt-Report-Issuance-Declines-Driven-by-Euro--PBC_147183

***

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Tobias Moerschen
Vice President
Financial Institutions Group

250 Greenwich Street
New York, NY 10007
U.S.A.

Steffen Sorensen
Vice President - Senior Analyst
Credit Policy

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's: Global bank debt issuance drops, driven by euro crisis
No Related Data.

 

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