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          Closing the Gap: Mid-sized businesses are turning to the debt capital markets to secure funding

          The sources of finance for businesses are many and varied. Traditional bank lending dominates the market for smaller businesses, with increasingly complex financial products including debt capital markets (DCM) accessible to larger and more sophisticated businesses. It is increasingly clear, however, that there is a sizeable funding gap for mid-sized businesses that are often privately or family owned – the engines of economies around the world. That gap widens when those businesses do not fit the often rigid criteria offered by banks, or who operate in sectors considered risky. The World Bank estimates this funding gap to be in excess of US$5.2 trillion.

          Businesses hungry for investment are increasingly turning to the debt capital markets (DCM) to raise finance. In a little over a decade DCM has moved from a niche funding option for mid-market businesses into the mainstream.

          DWF's flagship report explores the opportunities and challenges business face when looking to the debt capital markets, who might benefit, and how the market is likely to grow. We also share the experiences of businesses who have successfully raised funds via the debt capital markets.


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          Martin Pugsley

          • Partner // Head of Financial Services Sector

          Jay Birch

          • Partner // Head of International Corporate Development

          Umera Ali

          • Partner // Head of Banking & Finance (Middle East) // Global Head of Islamic Finance

          Paul Cesar

          • Partner

          Rafał Woźniak

          • Local Partner

          Luca Lo Pò

          • Partner // Head of Financial Services and Capital Markets (Italy)