The GlobalCapital Podcast

Send us Fan Mail ◆ What has driven this week's record issuance and what might threaten sentiment  ◆ Why the Maduro affair is a wake-up call for the EU  ◆ Resolving Venezuela's debtberg  After a rip-roaring start to the bond market this week, we take a look at just how good it is for issuers and what has driven the huge volumes. Sure, the Epiphany holiday on Tuesday pushed issuers to do t...

Send us Fan Mail ◆ Data centres: crunch time for Europe's capital markets  ◆ How AI is changing capital markets work...   ◆ ... and hiring It is no secret that data centre financing will be an increasingly important part of the capital markets in the years ahead. But this week we discuss why it is such a vital test for the EU's capital markets and the bloc's overall competitiveness...

Send us Fan Mail ◆ 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....

Send us Fan Mail ◆ 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...

Send us Fan Mail ◆ 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 ca...

Send us Fan Mail ◆ 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 p...

Send us Fan Mail ◆ 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 C...

Send us Fan Mail ◆ 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.  Wi...

Send us Fan Mail ◆ 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...

Send us Fan Mail ◆ 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...

Send us Fan Mail ◆ 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 decisi...

Send us Fan Mail ◆ 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 deb...

Send us Fan Mail ◆ 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 aw...

Send us Fan Mail ◆ 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 abr...

Send us Fan Mail ◆ 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 ser...

Send us Fan Mail ◆ 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 s...

Send us Fan Mail ◆ 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...

Send us Fan Mail ◆ 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 possibl...

Send us Fan Mail ◆ 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...

Send us Fan Mail ◆ 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 intern...

Send us Fan Mail ◆ 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...

Send us Fan Mail ◆ 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 governmen...

Send us Fan Mail ◆ 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...

Send us Fan Mail ◆ 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 o...

Send us Fan Mail ◆ 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...