The GlobalCapital Podcast
A weekly podcast from GlobalCapital, the capital markets news service based in London and New York, discussing its most interesting stories from around the world. Every Friday, listen to lively discussion about the very latest themes, the most innovative and important bond and equity issues and syndicated loans and much more from the capital markets. This podcast is for anyone working in - or who wants to work in - the capital markets from investment bankers, to funding and treasury officials, investors, lawyers, analysts, NGOs and lobbyists, regulators and policy makers, and analysts. GlobalCapital has been the "voice of the markets" for over 35 years, covering bond, loan, equity and securitisation markets around the world. We cover everything from public sector bond issuers, financial institutions, emerging markets and investment grade corporate bonds and loans to securitisation (including CLOs and ABS), regulation and market news as well as industry gossip. GlobalCapital is written for capital markets professionals but the podcast is of value to anyone with an interest in the industry, whether you have been working in it for as long as we have, or are looking to make your first career move into it. This podcast is a commute-sized slice of everything that's most interesting from the world's capital markets with the aim of helping you sound smarter in your morning meeting, or making you stand out from the crowd of other hopefuls when kick-starting your career. And don't forget, you can #AskGC anything you like and we will select the best questions to answer on the show. Contact us at podcast@globalcapital.com
Episodes
◆ Insiders assess Scott Bessent's speech on MDB reform
◆ European Commission's latest attempt to ease capital market access
◆ Encouraging signs for credit issuers after tariff turmoil
The US administration gave some clues as to its beliefs on how the IMF and the World Bank should change their operations for the first time this week since president Donald Trump signed an executive order in February a...
◆ Running a bond business in a crisis
◆ Bank issuers find their way back into the bond market
◆ Can frontier emerging market sovereigns fund themselves?
This was supposed to be a decent year for banks in the debt and equity capital markets. But the uncertainty generated by a chaotic US tariff policy has wrecked investment banks' ability to plan and operate in their markets.
We look at what is grinding the...
◆ Did we come close to a full blown crisis before Trump's tariff climbdown?
◆ Will we face another in 90 days' time?
◆ UK regulator's astonishing covered bond ruling
We looked this week into whether the US's decision to postpone the imposition of punishing tariffs by 90 days averted a financial crisis, or merely postponed it.
The action in the US Treasury market was not good this ...
◆ How US tariffs will affect bond issuers in the medium and long term
◆ Liberation Day: your funniest quotes
◆ A funding update from KfW's head of capital markets, Petra Wehlert
US president Donald Trump's imposition of a vast swathe of tariffs on imports bludgeoned stock markets this week and proved the stuff of nightmares for investors as they contemplated the possibility of recession and the retur...
◆ Farewell, KommuneKredit ◆ Covered bonds advance on SSAs’ territory ◆ Ivory Coast makes funding breakthrough ◆ Romania’s risks
Genuinely useful applications of AI are still rare in capital markets, but UniCredit has come up with an intriguing one. It has built a tool called DealSync that is helping it generate M&A mandates.
The supranational, sovereign and agency bond market was shocked on Wednesday ...
◆ UK fires starting pistol on digital Gilts ◆ SSA market absorbs EU defence funding detail ◆ Credit issuers adjust tactics
The UK has begun a consultation as it looks to issue its first digital Gilt - to be called a DiGit. We discuss what the bond will look like and the UK's route to issuance.
Elsewhere in the SSA bond market, participants took stock of further detail on how the EU plans to fund its Security Action...
◆ DOGE threatens US CMBS recovery
◆ Drill, baby, drill? Borrow, habibi, borrow
◆ Cracks appear in European credit market
Just when you thought it was safe to go back into the office... or rather back into commercial mortgage backed securities with offices as the collateral.
No sooner has the US CMBS revival begun than US president Donald Trump's administration threatens to ruin it. The Department of Gover...
◆ EU puts forward €800bn plan◆ Germany screeches into U-turn on debt brake ◆ Bund yield soars 40bp
The spectre of European countries needing to massively increase spending on defence has haunted the capital markets ever since it became clear that US president Donald Trump was really thinking of drastically weakening US military support to Europe.
It had already triggered a sell-off in European government bonds. But thi...
◆ Rob Murray, the Defence, Security and Resilience Bank's creator, explains all
◆ Why US must be involved
◆ Three point strategy to augment defence spending
The idea of a new multilateral bank to help fund defence spending in Europe has shifted to the fore in recent weeks.
European leaders are understood to be discussing the idea this week and a plan for one could be announced soon.
Rob Murray, a former B...
◆ German and European spending needs rile SSA market
◆ GSE reform in the US, green reform in the EU
◆ Saudi Arabia leads Gulf diversification out of dollars
New German chancellor Friedrich Merz has a lot to tackle when he finally forms his coalition government. Much of it will involve spending more money, which has bond investors on alert for higher borrowing needs.
LBBW's chief economist Moritz Kraemer t...
◆ German poll to have far-reaching consequences for bond market
◆ UK water sector's capital markets tangle
◆ Corporate issuance picks up in emerging markets
Germany votes this weekend in a general election. Whatever the resulting coalition, fiscal matters will be top of their agenda. With the pressure on to raise defence spending but with the constraints of the country's debt brake to tackle, the st...
◆ Using the bond market to boost European security
◆ Africa nears sovereign debt stabiliser
◆ Sterling's ESG problem
With the new US government reasserting its belief that Europe needs to provide more of its own security this week, attention has turned once again to how to pay for it.
We discuss the various ideas in play, from setting up a new multilateral development bank to retooling existing SSA borrow...
◆ Trump orders review of US involvement in multilateral development banks
◆ What's driving Reverse Yankee issuance?
◆ Deutsche Bank sparks new controversy in AT1 capital
Among many of the executive orders Donald Trump has signed since he became US president for the second time was one which ordered a review of the country's involvement in international organisations. That will include the multilater...
◆ Why you got paid what you got paid
◆ Insider reveals what really goes on when bonuses are allocated
◆ HSBC winds down M&A and ECM
We lift the lid on how bonuses are allocated in investment banking from the top table to the lowliest analyst.
Our columnist, Craig Coben, who spent many years as a senior equities banker at Merrill Lynch and then Bank of America, has been through the bonus cycle many times and reveals ...
◆ Riso and Ruhl on the development of the market's biggest new bond issuer
◆ Beyond NextGeneration EU: can the bloc fund defence?
◆ The campaign for sovereign-like borrower status
The European Union is the highest profile bond issuer in the market. In response to the pandemic, it ramped up its borrowing to fund member states' recovery from the disaster, going from raising around €500m a ye...
◆ How the bond market will drive CCMM to provide more climate tech cash
◆ Multilateral development bank hybrid capital — and may have found its niche
◆ Covered bond market roars back to life but will it last?
The CIF Capital Markets Mechanism (CCMM) priced its first bond this week. The issuer is raising money so that the Climate Investment Funds, created in 2008 as a channel for rich countries to fi...
◆ Gilts rocked on macro fears but sterling bond issuance booms
◆ Just how much of a basket case is the UK anyway?
◆ Debt-for-nature swaps blossom
This has lead to references in the press to the 2022 Gilt crisis, which the Conservative government caused with its notorious mini-budget of tax cuts to be fuelled through Gilt issuance. There have even been comparisons with 1976 when the UK took a loan fr...
◆ The sheep and the goats in UK water
◆ How EM loses assets but gains deals
◆ US corporates lean to euro bonds
Investment bankers feel like they're on the verge of something good: a boom year in 2025 of mergers and acquisitions, by both corporate and private equity firms, and all the debt and equity financing that goes with it.
The US will be front and centre, all agree, as even the prospect of ...
◆ How to fund Europe
◆ What market experts think is going to happen next
◆ The EU to embark on biggest six-month funding spree
The European Union shapes up poorly compared to its rivals when it comes to growth and competitiveness. Former ECB president and Italian prime minister Mario Draghi believes the bloc needs €800bn of investment a year, but how to raise it? We reveal all.
That story is just one...
◆ French government collapse scrambles bond market
◆ What next for French corporate, FIG, covered bond and public sector bond issuers?
◆ ECB Trials on distributed ledger technology: the verdict
The long-running saga of the peril of the French public purse took a new twist this week as the country's government collapsed over budget wrangling.
That turned the traditional order of relative value b...
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