Bettina Streiter - DZ Bank Bettina Streiter is a director of corporate debt capital markets origination at DZ Bank in Frankfurt, looking after German corporate issuers with respect to primary issuance of bonds and Schuldscheine. Streiter joined DZ Bank in February 2009 as senior corporate originator with experience of more than 14 years in international debt capital markets. Johannes Heinloth - BayernLB Johannes Heinloth joined BayernLB in 1999. He was responsible for utility customers in the CE

IFR: Bettina, let’s talk a little about the notion of unrated, less well known or lower-rated issuers. The expectation this year in Europe is around €35bn in high-yield issuance across Europe in euros. What challenges do unrated or sub investment-grade companies throw up? There’s certainly a lot of credit work required on the investor side. Is this kind of issuance realistically going fill the gap left by the big utilities and the big prime corporates in Germany? Bettina Streiter: Yes and no. I

The debt origination bankers participating in IFR’s German Corporate Funding Roundtable in Frankfurt on July 13 were a confident bunch, but they find themselves in an odd position. Large German corporates and utilities have been absent from the debt capital markets in 2010, having been active fundraisers at the back end of 2008 and through 2009. At the same time, loan market activity has been muted, as banks rework their banking relationships and rethink their approach to lending. On the other s

IFR: Let’s kick off our discussion on perhaps one of the most significant themes of the day: the European economy and the lack of growth. Relative to the Eurozone, the US is looking quite healthy, emerging markets are shooting ahead, while there is little hope in the short-term for the UK economy. Is Germany the engine that’s going to drive Europe out of its current slow growth trajectory? On a more specific level, I’m also curious to get a sense of the situation German corporates find themselve

IFR: Thomas, isn’t the answer rather than being competitive funding tools, bonds and loans are complimentary. I’m curious to know also how the relationship banking model has evolved out of the crisis. Thomas Kull: I’m strongly convinced that the relationship model remains at the core of the relationships between banks and issuers. We saw that during the crisis. I don’t fully agree with Matthias’ view that the bank market is always reliable because we did have some fallout at the end of 2008 into

IFR: Bettina, let’s talk a little about the notion of unrated, less well known or lower-rated issuers. The expectation this year in Europe is around €35bn in high-yield issuance across Europe in euros. What challenges do unrated or sub investment-grade companies throw up? There’s certainly a lot of credit work required on the investor side. Is this kind of issuance realistically going fill the gap left by the big utilities and the big prime corporates in Germany? Bettina Streiter: Yes and no. I

IFR: Thomas, isn’t the answer rather than being competitive funding tools, bonds and loans are complimentary. I’m curious to know also how the relationship banking model has evolved out of the crisis. Thomas Kull: I’m strongly convinced that the relationship model remains at the core of the relationships between banks and issuers. We saw that during the crisis. I don’t fully agree with Matthias’ view that the bank market is always reliable because we did have some fallout at the end of 2008 into

IFR: Let’s kick off our discussion on perhaps one of the most significant themes of the day: the European economy and the lack of growth. Relative to the Eurozone, the US is looking quite healthy, emerging markets are shooting ahead, while there is little hope in the short-term for the UK economy. Is Germany the engine that’s going to drive Europe out of its current slow growth trajectory? On a more specific level, I’m also curious to get a sense of the situation German corporates find themselve

The debt origination bankers participating in IFR’s German Corporate Funding Roundtable in Frankfurt on July 13 were a confident bunch, but they find themselves in an odd position. Large German corporates and utilities have been absent from the debt capital markets in 2010, having been active fundraisers at the back end of 2008 and through 2009. At the same time, loan market activity has been muted, as banks rework their banking relationships and rethink their approach to lending. On the other s