The GlobalCapital Podcast

Send us Fan Mail ◆ How the bond market will drive CCMM to provide more climate tech cash  ◆ Multilateral development  bank hybrid capital — and may have found its niche ◆ Covered bond market roars back to life but will it last? The CIF Capital Markets Mechanism (CCMM) priced its first bond this week. The issuer is raising money so that the Climate Investment Funds, created in 2008 as a channel for...

Send us Fan Mail ◆ Gilts rocked on macro fears but sterling bond issuance booms  ◆ Just how much of a basket case is the UK anyway?  ◆ Debt-for-nature swaps blossom This has lead to references in the press to the 2022 Gilt crisis, which the Conservative government caused with its notorious mini-budget of tax cuts to be fuelled through Gilt issuance. There have even been comparisons with 1976 when...

Send us Fan Mail ◆ The sheep and the goats in UK water  ◆ How EM loses assets but gains deals  ◆ US corporates lean to euro bonds Investment bankers feel like they're on the verge of something good: a boom year in 2025 of mergers and acquisitions, by both corporate and private equity firms, and all the debt and equity financing that goes with it. The US will be front and centre, all agree, as...

Send us Fan Mail ◆ How to fund Europe  ◆ What market experts think is going to happen next  ◆ The EU to embark on biggest six-month funding spree The European Union shapes up poorly compared to its rivals when it comes to growth and competitiveness. Former ECB president and Italian prime minister Mario Draghi believes the bloc needs €800bn of investment a year, but how to raise it? We reveal all....

Send us Fan Mail ◆ French government collapse scrambles bond market  ◆ What next for French corporate, FIG, covered bond and public sector bond issuers?  ◆ ECB Trials on distributed ledger technology: the verdict The long-running saga of the peril of the French public purse took a new twist this week as the country's government collapsed over budget wrangling.  That turned the traditional ord...

Send us Fan Mail ◆ French bond issuers' tough time ahead as PM fights to get budget through  ◆ Trump tough talk on tariffs' threat to emerging markets ◆ Investors give IPO sellers the silent treatment There are barneys - quarrels to those unfamiliar with British slang - breaking out all over the place and capital markets are caught in the crossfire. In France, prime minister Michel Barni...

Send us Fan Mail ◆ The challenge for SSA issuers next year  ◆ German banks and the commercial property millstone  ◆ Hybrid hot streak explained SSA bonds in euros have widened against swaps by quite some way in recent months. That will present a big challenge for the asset class's smaller issuers next year. We explain how the market will find a new clearing level. German banks - two in partic...

Send us Fan Mail ◆ Donald Trump’s threat to ESG finance in the US  ◆ Why ‘woke capitalism’ won’t be put to bed  ◆ UK auto ABS faces up to compensation crisis One of the biggest areas of conflict in US politics over the next four years — and indeed, over the past four — will be over environmental, social and governance matters. Donal Trump’s administration will likely be no fan of what its supporte...

Send us Fan Mail ◆ Trump triumphs, Scholz slumps, rates roil ◆ Credit issuers off to the races ◆ Rates issuers contend with unprecedented Bund-swap inversion The underlying movements between benchmark rates and bond yields are rocking the capital markets. Why? Well, this week the blame could be laid squarely at the door of politics. Donald Trump's resounding victory in the US presidential rac...

Send us Fan Mail ◆ What Trump or Harris mean for EM sovereign issuers  ◆ The outlook for UK capital markets after the Budget  ◆ Creditors turn on each other in Thames Water saga In a year of elections, now comes the big one — the US votes on November 5 for either Kamala Harris or Donald Trump as its next president. Whoever wins, and whichever of the Democrats or Republicans ends up controlling Con...

Send us Fan Mail ◆ New CEO revamps HSBC to be leaner and meaner  ◆ What markets think of idea to make UK water sector non-profit  ◆ The swap spread dynamic hammering SSA bonds New HSBC boss Georges Elhedery is restructuring the bank. It's what new CEOs do; and it has certainly been tried at HSBC before, with mixed results. But plenty of people think this time could be different. We explain wh...

Send us Fan Mail ◆ Iconic NYC spot powers CMBS revival  ◆ Gilt market braces for Labour Budget  ◆ Banks plan bonds for November undaunted by US election The US CMBS market lapped up its biggest deal of the year this week, backed by loans on New York's famous Rockefeller Center. We look into what the deal tells us about the revival of offices and the pipeline for the CMBS market, which has bee...

Send us Fan Mail ◆ T+1 is coming but is it worth the hassle?  ◆ Despite appearances, bank bond issuers are not getting it all their own way  ◆ Where the EU slots into the reshuffled SSA pack The UK has launched a draft framework for settling securities trades a day after deals are done — T+1 settlement. The EU is expected to follow, with both markets aiming to catch-up the US, which cut settlement...

Send us Fan Mail ◆ The new pecking order in eurozone government bonds ◆ Can the bond market build Britain? ◆ UniCredit v Commerzbank: after Orcel's gambit, the Orlopp defence Everything you thought you knew about eurozone government bonds is wrong. Well, maybe not quite everything but certainly big shifts have taken place in how the market views the creditworthiness of different sovereigns wi...

Send us Fan Mail ◆ Emerging market and financial institution bonds on fire after Fed cut ◆ Huge demand spurs massive issuance ◆ But signs of weakness appear in corporates and public sector bonds   Markets were unsure what they wanted from the Federal Reserve, but the 50bp rate cut it doled out last week turned out to be just the ticket. In credit markets, all cares and qualms have been forgotten,...

Send us Fan Mail ◆ The new rate cycle begins at last ◆ Can Deutsche Bank avoid being overtaken by UniCredit? ◆ Carmakers in trouble ◆ The DLT help no one wanted UniCredit’s stealth raid to grab 9% of Commerzbank last week threatens Deutsche Bank’s historic primacy in German banking. What can Deutsche CEO Christian Sewing do about it? We discuss three courses of action — one clearly better than the...

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Send us Fan Mail ◆ Corporate bond issuers swarm on new measure of success to chagrin of their banks  ◆ An utter riot at one end of the credit spectrum for bank debt...  ◆ ... while investors take their sweet time at the other end Issuers in the European corporate bond market are beginning to fixate on the amount they are able to move pricing in their favour when they bring a new deal to market as...

Send us Fan Mail ◆ Slovenia debut emblematic of issuers tapping Japanese market despite carry trade chaos  ◆ Being all things to all investors in the covered bond market  ◆ Corporate issuers keep it short and sweet This week we take an in-depth look at the techniques bond issuers are using in the race to get as much funding done before the US election. Benchmark issuance resumed early this year af...

Send us Fan Mail ◆ Why benchmark issuance has resumed earlier than usual ◆ What lies ahead for capital markets ◆ African issuers switch out of loans to bonds Unpredictable weather is increasingly a feature of modern times. Indeed, as GlobalCapital recorded this week's show, summer appeared to have ended abruptly in its corner of the UK, with distinctly autumnal weather dampening both the pave...

Send us Fan Mail Banks have started to reveal how they will restructure the pay of front office staff following the removal of the bonus cap in the UK. We investigate who will benefit from the new rules (spoiler alert: it's probably the banks). Recent market volatility has thrown up opportunities for corporate issuers. Firstly, we discuss why we are about to see more US companies issuing bond...

Send us Fan Mail ◆ Issuers and investors look for clues after violent price swings  ◆ Which borrowers will lead autumn deal spree  ◆ How pricing has shifted in primary market There are moments that change what is to come. When poor US employment data and corporate earnings, and a rise in Japanese interest rates last week sent the markets into a tailspin at the start of this one, it changed how iss...

Send us Fan Mail ◆ First eurozone government sells bond on distributed ledger  ◆ The rate cutting wheel turns faster Making innovations a reality is partly about who does them, so the first eurozone sovereign issuer selling a bond on a blockchain is a milestone that takes the market up a notch in credibility. GlobalCapital ’s reporters discuss their findings after speaking to Slovenia’s treasury t...

Send us Fan Mail ◆ Ukraine restructures $20bn of bonds  ◆ Excitement in digital bonds  ◆ Is UK water going down the plughole? Swiftly after Ukraine was invaded by Russia, it agreed a two year suspension of debt service with bond investors. That expires on August 1. While many thought Ukraine would negotiate an extension, it has chosen instead to do a full restructuring, issuing new bonds in exchan...

Send us Fan Mail ◆ UN circles banks on circular economy  ◆ Topping out on Turkey  ◆ CLOs: summer recess or summer resets? ESG capital markets are undergoing another revolution. The UN is beckoning banks to police their corporate clients' transition to being part of the circular economy. But what is the circular economy and are other shapes available? How can banks put pressure on businesses t...