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From Precy Dumlao, Opalesque Asia:

There are huge opportunities in German high-yielding corporate credit as the German Mittlestand companies, are forced a to move away from bilateral short term facilities towards multilateral and longer term instruments, said Mark Hoffmann, portfolio manager for Robus Capital, a credit opportunities strategy in the German speaking countries based out of London and Frankfurt, in the latest Opalesque London Roundtable sponsored by Eurex, Bingham and Taussig Capital.

Hoffmann explained, "There is a secular shift in the way German mid-sized companies finance themselves, moving away from the banks towards alternative providers of capital, away from bilateral short term facilities towards multilateral and longer term instruments for which there are secondary markets. If you read the newspaper, Germany's economy is one of the sounder ones in Europe, and certainly the economic fabric in terms of industrial backbone is probably one of the more robust ones. However, less well publicized is the fact that the German banking system is not in that good a shape. Traditionally, Germany's economy relied on what was called the 'three pillar banking system’, which were Landesbanken, Cooperatives and the......................

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