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
◆ 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...
◆ EU’s securitization plan leaked ◆ The first new EM sovereign issuer for years ◆ Who can be sued for climate change?
Interest rates coming down was supposed to be a sure bet. Now it’s not. Long government bond yields are rising, and not just in the US. Investors are worried — the term premium is climbing, which means it’s not enough now. It’s safest to stay away from duration.
We try to diagnose this que...
◆ Capital markets' Bloomberg scare
◆ SSAs tipped to go sub-US Treasuries
◆ Jumbos devour credit demand
A blip in Bloomberg's terminal services this week delayed bookbuilding on a number of syndications and bond auctions. It passed with seemingly little harm done. But it did reveal how dependent bond issuance and fixed income has become on the company's platform.
We asked what would b...
◆ What happened at the EBRD's Annual Meetings
◆ Romania's new president and the fiscal fright that awaits him
◆ Investors distracted from FIG by US corporates
GlobalCapital was on the ground at the European Bank for Reconstruction and Development's Annual Meetings in London this week. We reveal what was discussed and decided, from the bank's capital situation and US involvement, to its sup...
◆ US gives further clues on MDB support
◆ FIG issuers face funding choices
◆ What's the point of the EU green bond standard?
We surveilled the SSA bond market this week and the development finance world to see what both made of US decisions about financial support for a number of international development funders. The result was relief but it was not unqualified, as we ponder what this may mean for US pr...
◆ SLBs miss targets with hundreds more up for review
◆ US issuers make hay in European sunshine
◆ Banks probe longer dated debt issuance
The wave of sustainability-linked bonds that were all the rage a few years ago are now reaching the point where their issuers' performance against their environmental KPIs is being judged.
Two issuers this week have failed to meet their targets and will pay higher coupo...
◆ 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...
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