The GlobalCapital Podcast

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◆ Simplification plans boggle bank boffins 

◆ Hungry, hungry hyperscalers to push utilities into bond market 

◆ A loan in the sand: private credit jostles for place in Middle East debt markets

On last week's episode we discussed how the ECB was preparing to recommend simplifications to the way EU banks are regulated, in order to make them more competitive and to drive growth. This week it made its recommendations bu...

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◆ Private credit and equity to come under oversight for first time... 

◆ ... as Bank of England eases burden on banks... 

◆ ... amid global shift to lighten up on lenders, with ECB expected next

Alternative asset managers will finally come under the Bank of England's scrutiny, the central bank and regulator said this week. We discuss in detail how that will work and what the implications for the ballooning sector ma...

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◆ UK government guns for growth but did it miss? 

◆  French fancy: FIG in favour again 

◆ Pandas and Wontons with the AIIB

After months of speculation, the UK government delivered its Autumn Budget this week. The country may have felt like it has been through the worst of times but are we about to enter the best of times? We pick through the policies to see how they will affect capital markets from IPOs to retail investm...

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◆ Are investment bank bonuses going up this year, and when does everyone get paid? 

◆ How the UK government's 'binary' Budget is affecting bank bond issuers 

◆ Legal pressure builds on MDBs to reassess climate impact

The UK government's Budget announcement next week has been the source of rabid speculation for months. The uncertainty is affecting how banks in particular approach the sterling bond mark...

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◆ Private credit, banks or securitization — which one is regulated too lightly? 

◆ How AI capex will affect Europe's bond market 

◆ What do defence bonds achieve?

Two senior UK bankers were in the House of Lords this week pleading for lighter regulation in the face of competition from private credit and their US rivals. One, Michael Roberts, the CEO of HSBC Bank plc and its CEO of corporate and institutional banking...

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◆ Why Europe's corporate bond market is on a roll 

◆ Reverse Yankees, hot hybrids and huge size with more to come 

◆ Europe's stock exchanges' attempts to drum up more IPOs

Market participants had expected this week to be a busy one for euro and sterling investment grade corporate bond issuance. But the volume of business that was done exceeded all expectations. 

With jumbo deals from the likes of Alphabet ...

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◆ Pause clauses could add to disaster arsenal 

◆ KfW CEO Stefan Wintels on bond digitisation 

◆ What ESG backlash? Banks ramp up green bond issuance

As Hurricane Melissa ripped through the Carribbean this week, the bond market had a part to play in helping Jamaica fund its recovery from the storm. That came in the form of a catastrophe bond, which we explain in detail, but we also discuss how sovereign debt could be twea...

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◆ What is pushing CLO mezz wider 

◆ FIG pre-funding underway 

◆ What happened at the World Bank/IMF Annual Meetings

The CLO market is both subject to and affects what happens in leveraged loans, risking distortion in the latter. First, we discuss why the riskier bits of the CLO stack are trading wider. Then we delve into why CLOs give us cause to think that leveraged loan pricing may not purely reflect the credit quality...

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◆ 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...

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◆ 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...

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◆ 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...

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◆ 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 ...

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◆ 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...

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◆ 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...

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◆ 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...

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◆ 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...

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◆ 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 ...

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◆ 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...

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◆ 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...