The GlobalCapital Podcast

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...

Send us Fan Mail ◆ Powell Fed era ends with split decision ◆ Bank capital to lead Gulf bond revival ◆ SSAs, corporates and FIG face busy May  President Trump appointed Jay Powell as Federal Reserve chair — then hounded him continually to ease monetary policy and ended up launching a criminal investigation against him. What could possibly go wrong for Kevin Warsh? The central question for markets i...

Send us Fan Mail ◆ Fast money reverses out of SSA bond market  ◆ CLO managers face risky ramp startegy  ◆ Corporate hybrid bond market runs hot despite volatility The rise of hedge funds as dedicated investors in the supranational and agency bond market was one of the biggest changes in that sector at the start of the year. But now they are pulling back from new issue syndications. We examine why...

Send us Fan Mail ◆ Dazzling feats of issuance in public sector bond market but signs of wariness persist  ◆ How banks have derisked May issuance  ◆ Corporate bond investors stick around So many bond issuance records tumbled in a busy week in the primary market that to some it felt like we were back in January. That is typically the busiest month of the year and the 2026 edition was particularly su...

Send us Fan Mail ◆ Gulf issuers turn to private markets  ◆ Public sector and corporate borrowers to bring forward plans  ◆ Banks re-enter covered and unsecured funding markets US vice-president JD Vance set off on Friday for Pakistan (pictured) for peace talks to end the war with Iran. The talks are part of a two-week ceasefire, announced on Tuesday, that rejuvenated the primary bond market. We sp...

Send us Fan Mail ◆ Middle East capital securities will need to be refinanced ◆ Supranationals, agencies and municipalities have had a good war ◆ New ideas to promote covered bonds The central group of bond issuers in the Middle East are the banks. They are well capitalised, with clean balance sheets and often high credit ratings. But none has come to the market since the war began at the end of Fe...

Send us Fan Mail ◆ Outsiders open EM investors’ wallets ◆ European banks let their hair down in dollar market, still shy in euros ◆ Digital innovation in Frankfurt with DZ Bank Angola and African telecom company Helios Towers were hardly the issuers anyone expected to restart bond issuance from central and eastern Europe, the Middle East and Africa. The Middle East war stopped all sales for three...

Send us Fan Mail ◆ What strikes on energy infrastructure in the Middle East mean for emerging market bonds  ◆ Why issuing in dollars has become so dicey for supranationals and agencies  ◆ Europe's advantage in the private credit metldown This week we looked into some of the direct and indirect consequences the war with Iran is having on bond markets. Emerging market issuers are among the most...

Send us Fan Mail ◆ Hyperscaler sets new standard for European corporate bond market  ◆ What it will it take to get a bank to issue in euros again  ◆ Iran war could reshape ultra-competitive Gulf capital markets For bond issuers to keep away from the primary bond market after a shock, like the outbreak of the war with Iran, is not unusual. But it is when only one group is steering clear when every...

Send us Fan Mail ◆ How banks and bankers are operating in the region under threat of military escaltion  ◆ Bond issuance to resume — but how?  ◆ Dwindling fee pool poses questions over long-term future for banks The Middle East bond market as been one of growing volumes for the last decade and banks both local and international have been pouring resources into the region to grab a slice of the act...

Send us Fan Mail ◆ UAE issuers leave emerging markets lable behind  ◆ What Blue Owl can teach about private credit for the masses  ◆ A bump in the road for UK bridging lenders on the way to securitization Abu Dhabi was in the bond market this week just two days after JP Morgan confirmed that issuers from the UAE would be removed from its benchmark Emerging Markets Bond Indices (EMBI) by the end of...

Send us Fan Mail ◆ How AI threat to software biz threatens stockmarket listings...  ◆ ... and collaterlised loan obligation market  ◆ AT1 market hits new record tight but buyers turn away Investors are wary that recent AI upgrades — notably Anthropic's latest Claude Cowork agent — are a threat to the software as a service (Saas) sector. This is causing headaches for Saas businesses looking to...

Send us Fan Mail ◆ Why emerging market issuers are doing less in dollars  ◆ Republic of Congo — located between rock and hard place  ◆ The GlobalCapital Podcast was brought to you by the numbers 17, 100 and the whole Alphabet Emerging market issuers are diversifying away from dollar funding. We examine which currencies they are looking to raise debt capital with and what is driving them out of the...

Send us Fan Mail ◆ Bond auctions get the fintech treatment  ◆ Oracle shows how to fund AI capex with bonds  ◆ Banks plough on in bonds despite weaker markets There's nothing new about auctioning bonds as a means to distribute them but this week, fintech BondAuction was involved in a deal for The Housing Finance Corporation that brought new technology to the idea and introduced it to a new sec...

Send us Fan Mail ◆ Scottish government bonds near  ◆ CLOs and private credit  ◆ Corporate hybrid debt reaches new tights Scotland is looking for banks and lawyers to help bring its first bond to market. But the idea raised a number of questions at GC Towers this week. Firstly, what is Scotland? Is it a sovereign issuer, a sub-sovereign, or something altogether new? Not only did we wonder what inve...

Send us Fan Mail ◆ CSG's IPO and the rampant investment for defence companies  ◆ Ukraine issuer back in bond market  ◆ Fomo sapiens: investment bankings most joyless Money is pouring into defence, both from government budgets and from investors in the capital markets. The IPO of Czech defence supplier CSG this week was an extraordinary transaction — the largest European listing to date and th...

Send us Fan Mail ◆ Public sector issuers embrace hedge fund bid...  ◆ ... as they flex in the swap market  ◆ Car makers welcomed back to bond market Allocating more of a new issue to hedge funds has long been something SSA issuers have only done if they absolutley needed to. But that is now changing. Issuers are giving more bonds to the so-called fast money but only if it slows down. We discuss wh...