Amid all the noise about how companies – particularly small and medium-sized European ones – have been starved of bank lending since the 2008 financial crisis, it is easy to lose touch with reality.
The fact is that lending to non-financial companies increased last year. According to new data from Allen & Overy, the law firm, new loans were up globally by an average of 30 per cent. Bond issuance, up 4 per cent, is also taking up some of the slack of earlier bank lending.
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