The GlobalCapital Podcast

Send us Fan Mail ◆ SSA bond market braces for Trump poll response  ◆ Jumbo IPO already 'sucking air' out of EMEA equity capital markets  ◆ EU securitization regulation reform enters final phase The biggest scheduled political event of the year is finally at hand — the US mid-term elections, set for November 3. Issuers have been adjusting their borrowing tactics all year to avoid being in...

Send us Fan Mail ◆ Is the dollar funding for SSA issuers about to fizzle out as quickly as it reappeared?  ◆ Islamic securitization leaps forward  ◆ FIG market repricing havoc for issuers A spate of dollar benchmark issuance for supranational and agency issuers has given them welcome relief from the travails of a volatile bond market in euros. But there are plenty of disruptions in the coming week...

Send us Fan Mail ◆ The inside track from the IMF/World Bank Annual Meetings  ◆ AI's future economic impact and MDB capital debated  ◆ Middle East capital markets This week the IMF/World Bank Annual Meetings get underway, this year in Bangkok. Every three years this global finance and development jamboree meets away from Washington, DC with Thailand this year's destination. GlobalCapital...

Send us Fan Mail ◆ Credit market wakes up to France debt risks  ◆ NatWest resurrects primary dealership dilemma  ◆ IPOs are go but time running out Credit markets are adapting to the growing pressure on French government bonds as the country grapples with its public finances. The signs are that OAT market pain is spilling over into other asset classes. We discuss just how far the pain will spread....

Send us Fan Mail ◆ Issuers reconsider plans after bonds plunge  ◆ Argentina, Brazil and the bond market  ◆ Anticipating El Niño's impact on credit Bond markets stumbled on Thursday, throwing into doubt issuers' plans for the weeks ahead. We examine what is happening and how it will affect he primary bond market in the weeks to come. Meanwhile, in the run-up to the IMF/World Bank Annual M...

Send us Fan Mail ◆ OAT rout puts French borrowers in awkward spot ◆ Sterling FRNs: a popular underdog ◆ Emerging market secondary bonds lose relevance French government bonds got bodied by this week’s global sell-off, as France-specific fears spiked the already heady cocktail of alarms driving yields higher everywhere. The OAT-Bund spread was knocked right off the pitch, to 113bp. Unfortunate timi...

Send us Fan Mail ◆ Gulf private placements bite back ◆ Price to issue bonds rises ◆ CLOs catch a break  Gulf sovereigns and banks have raised billions with large, privately placed bonds since the US-Iran war began. Now the friendly, accommodating investors that bought them are starting to sell. Gulf issuers were glad to raise cash quietly in these private deals and paid handsomely to do so. Now th...

Send us Fan Mail ◆ The threat of US corporate issuance to European borrowers  ◆ The new funding environment for Middle East banks  ◆ Reviving UK equity capital markets The plight of the red squirrel, native to the UK, is well known — pushed out by the chunkier, more vigorous grey variety imported from the US. Is there a parrallel with the European corporate bond market we wonder, given the vast am...

Send us Fan Mail ◆ Solving order book attrition in the corporate bond market  ◆ Signs of trouble in the tech debt boom  ◆ The task before the EU's two newest chief regulators The rate at which investors are dropping out of order books in Europe's corporate bond market when issuers tighten the pricing on their deals in syndication is rising. We examine why, what borrowers are doing to cou...

Send us Fan Mail ◆ Covered bond issuers take stock as pipeline threats loom  ◆ Caution creeps into FIG market  ◆ What triple-A ratings for Italian ABS mean for banks, securitization and the credit rating industry The primary bond market has been characteristically busy for the last two weeks with issuers of all stripes trying to beat rivals to investors' cash ahead of what is expected to be a...

Send us Fan Mail ◆ Predictions for Gulf issuance change shape again  ◆ Investment grade firms to pick tricky path through autumn  ◆ The Alphabet effect: hyperscalers hit Kangaroo market Middle East borrowers, especially the big sovereigns, have mostly kept away from the public bond market since the US-Iran war began at the end of February. There has been much anticipation that they will return in...

Send us Fan Mail ◆ Have capital markets comprehended the heatwave?  ◆ Which SSA issuers need to get it done this autumn  ◆ Halcyon days for MTN, M&A and ECM bankers Heatwaves and wildfires are dominating the news but the capital markets seem barely to have noticed. We discuss how the bond and securitization markets are thinking about the risks of global warming, whether they are worrying about...

Send us Fan Mail ◆ Europe's corporate bond market braces for US tech issuance surge  ◆ Canada makes move for EU regs equivalence but to what end?  ◆ Middle East private placements here to stay... but will take up less room Europe's corporate bond market is fretting over increased bond issuance from hyperscalers in the autumn. These US tech giants, when they come to the market, come big....

Send us Fan Mail ◆ The collapse of another specialist lender hits asset-backed lending but why it's different this time  ◆ MDBs ramp up private funding  ◆ No greenium but European banks happy to print more ESG labelled debt Barely six months after the controversial collapse of Market Financial Solutions, another UK specialist lender has tumbled. The failure of Amplifi is another blow to the b...

Send us Fan Mail ◆ Oil trumps politics ◆ Kuwait scores late winner ◆ How to save Thames Water harmlessly  The three month euro/dollar basis swap was traditionally called the bully of the curve because it controlled the rest, but there is no doubt who’s the boss now — dirty old oil. As the US and Iran traded blows, Houthi threats to close the Gulf of Aden made oil traders freak out this week. Their...

Send us Fan Mail ◆ Greenium reappears in unlikely place ◆ US banks splash out ◆ Is that all I’m worth? ◆ Cantor is coming A basis point might always be the same quantity, but is it a lot or a little? It depends whom you ask, and when. For supranational, sovereign and agency bond issuers in the dollar market, 1.7bp over Treasuries and 1.9bp over are two different things. Records keep falling as SSA...

Send us Fan Mail ◆ Clean-up calls set to change how banks manage senior debt  ◆ The Bank of England's SSA bond booster  ◆ What is behind booming corporate bond issuance in sterling A lot of expensive bank bonds, issued when rates and inflation were high and spreads wide, have call dates coming up, meaning issuers will be keen to replace them with cheaper debt at current market prices. To do s...

Send us Fan Mail ◆ How UK's likely next PM can woo the bond market  ◆ Fibre ABS coming to Europe  ◆ The rise of the corporate Kangaroo Andy Burnham looks set to become the next UK prime minister, following the resignation of Keir Starmer on Monday. But how will the new man in 10 Downing Street get along with the bond market? One of his predecessors, Liz Truss, managed fixed income relations s...

Send us Fan Mail ◆ Iran peace deal in sight but where are the Middle East issuers?  ◆ Why primary capital markets will be slow adopters of DLT  ◆ Why French covered bond issuance has slowed and why it might pick up The Iran war has kept the Middle East's bond issuers largely at bay but with the path to peace now clearer, issuance conditions have improved. But even this might not be enough to...

Send us Fan Mail ◆ What now for European Secured Notes ater long-awaited debut? ◆ The mood in European securitization amid MFS fallout and reg reform  ◆ Digitalisation of bond market is up to the regulators Bpifrance achieved a world first this week, pricing the inaugural European Secured Note. The deal was a success but it has taken about a decade to get the product from concept to market.  The q...

Send us Fan Mail ◆ Credit card ABS grows as securitization sets off for Barcelona  ◆ What can scupper insurance tier two spree  ◆ SSAs appear unwilling to test Treasury spread record A deal from Vanquis Bank, a securitization of credit card receivables, is the latest deal in a revival of an asset class that has been morinund since the 2008 financial crisis. We examine why this market is making a c...

Send us Fan Mail ◆ Venezuela embarks on historic debt restructuring  ◆ Canada suggests covered bond boost  ◆ European Secured Notes are here. Regulate them Venezuela's debt restructuring is getting underway, nine years after the country defaulted and just months after the US removed its former president, Nicolas Maduro. The amount of debt involved is expected to be huge but no one outside of...

Send us Fan Mail ◆ Supranationals and agencies prepare to achieve the previously unthinkable  ◆ Leveraged loans versus private credit and their effect on CLOs  ◆ A new dawn for dollar covered bonds and UK equity market structure Bond issuance from supranational and agency issuers is rampant. And not only are volumes high but the bonds are flying too, attracting large order books, being priced with...

Send us Fan Mail ◆ The prospects for sterling bond issuance amid UK political upheaval  ◆ A new issuer and a new securitization from the SSA sector  ◆ Ontario's plans for a resilience bond The mice turned on the cat in UK politics this week, causing volatility in the bond market and a headache for issuers of sterling bonds. Prime minister Keir Starmer is under fire from Labour Party colleague...

Send us Fan Mail ◆ EU regs plan sparks debate over treatment of secured borrowing  ◆ Blistering corporate and FIG issuance but why are premiums rising in one market but not the other?  ◆ UK Renters' Rights Act to impact UK buy-to-let RMBS market Plans to change the capital risk-weightings banks must apply to some of their securitization holidings caused consternation in the covered bond marke...