In this edition, the Yearbook addresses the need for companies to diversify their funding sources. In addition to highlighting successful initiatives, such as marf that is being a key platform to allow companies of a certain size to access institutional markets, and also highlights other alternatives such as direct lending, or even financing via equity. Among the advantages of financing through the capital market, are its competitiveness in costs, its transparency and the possibility of accessing a very wide universe of funders in number and heterogeneous in profile, which allows to achieve a greater stability in volumes and price.
On the other hand, the paper analyses in depth how the expansionary policy carried out by central banks has become one of the largest sources of demand for so-called "safe haven assets", the maximum security, that over the past two decades maintain an annualized compound growth rate of 6%. However, the flip side of the coin is the marked decline in its profitability. Thus, the 10-year U.S. bond, the active haven by antonomasia, has gone from renting 7.2% in 1995 to now in environments close to 3%. In fact, the study highlights that in 2007, about 80% of investment grade fixed income had returns of more than 4%, while currently less than 5% of this debt manages to rent more than 4%.