Companies are seeking funding more from bonds than from loans for the first time since 1985, according to Dealogic. Global bond issuance from nonfinancial companies climbed to $1.31 trillion this year, while total corporate lending is only $1.08 trillion. "Companies have learned that in some cases, it's riskier to borrow from a bank than the bond markets," said Eirik Winter, head of debt-capital markets at Citigroup.

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