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
◆ Holders win write-down ruling but path to recovery uncertain
◆ StrideUp brings Islamic innovation to UK securitization
◆ Emerging market bonds have an off-week (almost)
We picked apart a Swiss court ruling this week that overturned the country's financial regulator's decision in March 2023 to write-down Credit Suisse's additional tier one (AT1) paper.
The decision was controversial at the time because t...
◆ Why buy bonds when spreads are so tight
◆ Using tech to unearth new economic signals
◆ Playing the shifting relative value pitch
This week, in an exclusive interview with world's largest investment manager, BlackRock, we discussed how much tighter credit spreads can go, what is driving it and how the company is adjusting to underlying shifts in relative value.
We also debated tech: whether digitalisation of the b...
◆ Italy dazzles with size as we launch our new MTN Awards
◆ Enel snubs the market it created
◆ Record month for CEEMEA bond issuers
Italy showed just what the medium term note market can do for borrowers this week as it priced a €700m deal. We examine what the benefits were to the issuer.
We are also launching our first ever dedicated MTN Awards. We tell you how they will be awarded and how to take part but you can als...
◆ QNB deal to pique Gulf interest in euro issuance
◆ Denmark develops green market with EuGB
◆ Foreign AT1s return to Aussie market
GlobalCapital began life in 1987 as a weekly newspaper called EuroWeek, dedicated to tracking the international flows of capital developing in the growing Eurobond market. This week provided some classic examples of the genre as borrowers looked abroad for new sources of cash.
QNB, a Qatar ...
◆ Bank issuers and investors anticipate EBA report on regulatory equivalence
◆ Mediobanca enters its Monte dei Paschi era
◆ The case for not keeping Russia's money
The bank finance industrial complex descended on Seville this week for the European Covered Bond Council Plenary, FT Live's Covered Bond Congress and GlobalCapital's Covered Bond Awards.
This annual series of events captures more than just what...
◆ Colombia turns from Swiss francs to eurozone in funding flurry
◆ CEEMEA issuers enjoy purple patch
◆ A test for US auto ABS as Europe's RMBS market gets boost
Colombia has been on a world tour of debt markets lately. It priced a bond in euros this week for the first time in years, following a gargantuan loan in Swiss francs last month. We find out what the Latin America sovereign is up to.
It wasn't the only...
◆ Record Gilt and hot sterling bonds give the lie to ‘UK crisis’ chatter
◆ Emerging market bonds bask in rampant demand
◆ Qualms creep into public sector bonds as investors get choosy
In a week of sharp contrasts, parts of the bond market are enjoying exceptional conditions for issuance, while others are feeling uneasy. Sometimes both interpretations are given of the same market — like sterling bonds, which have been h...
◆ How French issuers are responding to political ructions
◆ French corporate, agency, bank and sovereign bonds discussed
◆ French lender brings innovative European Defence Bond
French prime minister Francois Bayrou's decision this week to hold a confidence vote in his government is likely to be a key influence on European capital markets for the immediate future and possibly beyond.
We discuss how it is affecting t...
◆ Why investors are piling into SSA bonds despite the tight spreads
◆ Bank AT1 issuers spy chance
◆ EDF pioneers in Kangaroo market
Benchmark bond issuance resumed across asset classes this week. In the SSA market, we investigated why issuers were able to build record order books for huge bonds when spreads are so tight.
We also inspected a restricted tier one deal from Allianz to see what it meant for banks looking to ...
◆ Exclusive interview with Amundi portfolio manager, Jonathan Manning
◆ Navigating fixed income amid tariff disruption
◆ Investing at tight spreads
Yields are high and defying predictions that they will fall. Meanwhile, spreads are tight across credit markets with recent new issues pricing at or through fair value.
Then consider erratic US trade policy, the early signs of international investors abandoning dollar assets...
◆ Wendel proves the summer market isn't just for the big boys
◆ Trio of new issues show buoyant market for banks
◆ Private credit's threat to the investment grade bond and loan markets
Both the investment grade corporate and financial institution bond markets this week hosted stellar new issues, proving that for certain issuers the perceived lack of summer liquidity is a fiction.
Wendel broke its usual issuanc...
◆ Mexico throws Pemex innovative debt lifeline
◆ Callable ZCs in vogue for public sector issuers
◆ Why ECB regs update will drive insurance capital issuance
Pemex, Mexico's state-owned energy company, is a storied bond issuer. But lately it has been in a spot of bother. We explain what has been going and what an innovative bit of financing organised by the Mexican government this week — a P-cap — will do to ease t...
◆ EU budget ambition to cement issuer status
◆ French spreads
◆ Finally, the European bond market's consolidated tape
The European Commission has launched what its president, Ursula von der Leyen has called its "most ambitious" budget proposals. They include a heap of joint borrowing to be done by the EU, cementing its status as a permanently huge bond issuer. We look into the numbers to see what it mean...
◆ UK rule change cheers covered bonds...
◆ ... as it shelves Taxonomy plans amid wider transition shift
◆ Digital markets: what makes a swap smart
The UK is going for growth and is making a regulatory revamp part of that programme. Chancellor of the exchequer Rachel Reeves said this week in her Mansion House speech that "in too many areas, regulation still acts as a boot on the neck of businesses" and that s...
◆ Stellar conditions for issuers across the bond market
◆ How bond issuance will pan out over the rest of the year
◆ Dedollarisation discussed
The relatively few issuers that took advantage of the primary market this week were well rewarded. US tariffs were kicked down the road once more meaning low volatility and so investors were happy to chase what deals they could find.
But is the market about to quieten down for th...
◆ SSA yields bump up against US government curve with deficit set to spiral
◆ Waning CEEMEA ESG bond issuance
◆ Leaner, meaner SLL market
The SSA bond market has enjoyed its fair share of eye-catching relative value inversions of late. Last year, the likes of Portugal and Spain began trading tighter than France in the European government bond market, for example.
But after US president Donald Trump got his budget voted...
◆ SSA market faces up to escalating defence funding
◆ Arms company bonds in focus
◆ Slovenia's landmark SLB
As Nato members agreed — mostly — to ramp up their defence funding to 5% of GDP over the next decade, we asked the SSA bond market how it would handle the extra funding that it will need to provide for that end.
Some Nato members don't even meet the old target of 2% of GDP, so this week's declarati...
◆ Issuance abounds despite Iran-Israel escalation
◆ European securitization regulatory proposals unveiled
◆ A digital first for sovereign bonds
If you only consumed mainstream news, the escalating conflict between Israel and Iran — and potentially the US — might lead you to assume that such global turmoil would make it a bad time to be issuing debt.
But if you only observed the capital markets to the exclusion of all wi...
◆ How can the EU capitalise on US mistakes? ◆ New US insurers head to euros ◆ The greenest of green
The good and the great of Europe's capital markets gathered for the International Capital Market Association conference this month, and the overwhelming consensus among the speakers was that this was a rare chance for Europe to chip away at US bond market dominance.
But it won't be easy, with myriad regulatory ...
◆ How worrying is Section 899? ◆ A summer of toil for public sector issuers ◆ Seesawing curves in FIG
The bland outpourings of ChatGPT could not be further from the penetrating, critical advice big companies, governments and investors want from investment banks.
But could one foster the other? That is the ideal banks are striving for with a plethora of projects to use artificial intelligence — not for the...
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