The staple diet of corporate borrowers is no longer the bank loan. The world of finance is now a wonderland where products can be mixed and matched to suit all tastes.
Consider, for a moment, this remarkable statement by the corporate treasurer of a leading British multinational. 'Around 10 years ago, I would say that roughly 90% of our funding was through bank loans. Within five years that had completely changed. Around 90% of our funding now comes from sources other than banks.'