This report underlines the extent to which corporates have sought to diversify their funding mix. Following years of volatility and uncertainty, the financial markets appear to be stabilising. What’s now clear, as the dust settles from the financial crisis, is that a structural shift has taken place in the way that corporates access finance. This report highlights that, rather than returning to normality, financing is set to become increasingly diversified. It also assesses the implication of this on the behaviour of both banks and funds.