The GlobalCapital Podcast

Send us Fan Mail ◆ Political shift threatens Paris's growing status  ◆ The liberation of securitization in Europe as Macron weakened  ◆ Bond issuance returns, mostly As new parliaments form after the EU, UK and in particular, French elections, we uncover how, despite each poll resulting in the widely expected outcome, capital markets might never be the same again. Paris's remarkable rise...

Send us Fan Mail ◆ UK ousts Tories from power...  ◆ ... setting up final round of French elections as only bar to primary market revival  ◆ EM debt restructurings: balancing what creditors demand with what voters need This week, we looked once again at the intersection of politics and capital markets. The Labour Party, as predicted, won the UK general election by a landslide, with departing prime...

Send us Fan Mail ◆ Natixis’s sometimes requited love affair with elite M&A bankers ◆ What the French election could to ESG, and to the bank bond market When a posse of high-powered Paris dealmakers threatened to walk out of Natixis because they were being treated like “just another employee”, rivals said ‘I told you so’. They were sure Natixis’s unique way of doing M&A banking was falling...

Send us Fan Mail ◆ Banks need a bond market leader, just not a French one  ◆ From Golden Goose to lame duck  ◆  CMBS problems, rise of solar ABS Europe's banks have been unwilling or unable to issue bonds since French president Emmanuel Macron sent the markets into a tailspin a couple of weeks ago by calling parliamentary elections. We explain why the uncertainty the election is causing is so...

Send us Fan Mail ◆ Politics panic slaps SSAs, FIG but what of corporate bonds?  ◆ EU denied its wish  ◆ Introducing Primary Market Monitor Well, you can't say we didn't warn you. On last week's show we talked about European elections and the likelihood of volatility following the ECB's historic rate cut. Et voila! French president Emmanuel Macron's decision to call snap pa...

Send us Fan Mail ◆ Private credit, regulation and cuddly toys at Global ABS in Barcelona  ◆ What the European parliamentary elections mean for EU bonds and Capital Marekts Union ◆ Will volatility follow the ECB's historic rate cut? The incursion of private credit into the securitization market, and how securitizations are regulated, were two of the big topics at Europe's biggest industry...

Send us Fan Mail ◆ Which banks sell in run-up to rate cuts ◆ South Africa election and the bond market ◆ Saudi Arabia leaves peers behind Rates volatility returned to the European FIG market this week. We ask what credits investors are buying ahead of a key ECB monetary policy meeting, when it is expected to cut interest rates, and why. South Africa's election this week was, at the time of wr...

Send us Fan Mail ◆ Capital Markets Union: gauffre it  ◆ The EMEA investment banking riddle  ◆ Why EM bond investors keep buying deals that end up under water Mairead McGuinness, the European Commissioner for financial services, financial stability and Capital Markets Union urged those attending the International Capital Markets Association's conference in Brussels this week to get on with bui...

Send us Fan Mail ◆ A pivotal moment for digital capital markets  ◆ Who really benefits from bonds on the blockchain?  ◆ FIG M&A in Europe There is no shortage of evangelists for digital capital markets. But adoption of bonds on the blockchain has been slow, not least because it hasn't always been obvious what problem the tech is solving, or how it can be widely implemented. This week, how...

Send us Fan Mail ◆ Etihad to lead fleet of airline listings as IPO market and aviation sector blossom  ◆ Air Baltic's historic coupon  ◆ Open season for bank AT1s An airline IPOs are a rare bird. In the last nine years, there have been three. The industry has rebounded from Covid, however, as UAE carrier Etihad's results proved this week and now it and at least eight others are looking t...

Send us Fan Mail ◆ Sustainability-linked bonds lose appeal...  ◆ ... as do the loan versions, come to think of it  ◆ The favourites to take over from Quinn at HSBC When Enel missed a KPI on its sustainability-linked bonds, it could have marked a moment of maturation for a youthful product but issuance volumes are plummeting. Meanwhile, the international banks that lend to Turkey's financial i...

Send us Fan Mail ◆ The 'marginal madate': it seemed like a good idea at the time  ◆ GlobalCapital's new columnist, Craig Coben  ◆ World Bank boosts lending capacity What do you do when that mandate you accepted in a quiet market to keep busy is still lurking about, taking up time and energy, when the market has picked up and juicier deals are to be done? Is extending balance sheet t...

Send us Fan Mail ◆ Supranationals speak on callable capital  ◆ Bank funding: pricing reset  ◆ The demise of the cornerstone investor As the great and the good of the development finance world gathered in Washington, DC for the World Bank/IMF Spring Meetings, multilateral development banks published details about their callable capital, the next vital step along the way to powering up their lending...

Send us Fan Mail ◆ Why everyone from nuns to pro-coal US state treasurers are giving banks stick over ESG  ◆ El Salvador's punchy new debt structure  ◆ Appetite for duration in covered bonds West Virginia: almost heaven unless you're on state treasurer Riley Moore's list of banks the state won't do business with over fossil fuel financing. But unlike most ESG-related exclusions...

Send us Fan Mail ◆ Do investors want unified capital markets coverage? ◆ Corporates fear democracy ◆ Why are FRNs trending? ◆ Second lien mortgages in arrears ― yes please Banks’ urge to cut costs in debt capital markets, especially syndicate desks, is prompting some to call for the ‘global capital markets’ model: one team for equity and all kinds of debt. They argue this could heal banks’ disjoin...

Send us Fan Mail In the second part of GlobalCapital ’s exploration of how bond syndicate desks are changing, after a swathe of the discipline’s senior bankers have been made redundant, we discuss the syndicate job itself. Technology and market transparency have stripped away some of the grunt work, but also made knowledge easier to come by. Are banks thinking they don’t need so much experience on...

Send us Fan Mail ◆ MUFG's Del Canto and SG's Menzies on what comes next for capital markets ◆ The juniorisation of syndicate desks ◆ Two deals pulled despite fantastic markets It was only a few months ago that GlobalCapital asked more than 50 of the bond markets' most senior bankers where they thought the primary markets were headed in 2024 for our Review 2023|Outlook 2024 special r...

Send us Fan Mail ◆ The UK is about to embark upon a new, higher funding remit with a key part of its investor base dwindling  ◆ Why the FIG bond market is so strong and why it will stay that way  ◆ If investors are still leaving EM bond funds, who is buying record amounts of issuance? The UK plans to sell £28bn more Gilts from April — the start of its financial year — than last year, at £265.3bn....

Send us Fan Mail ◆ Basel gets tough on banks gaming ratio regs  ◆ Fast fashion ESG dilemma for London  ◆ What drove Israel's record dollar deal The Basel Committee that supervises banks has unearthed evidence that some of the most important banks are window dressing their accounts to meet regulatory requirements. We discuss the illusions being created and what the supervisors plan to do about...

Send us Fan Mail ◆ The consequences of sovereign retail bonds  ◆ Asset managers alter covered bond landscape  ◆ Ramadan drives Gulf deal surge   ◆ One word: plastics As the UK took a step towards including greater retail investor participation in its Gilt auctions, we looked at recent developments among it peers in doing the same and assess the pros and cons of democratising debt markets. Asset ma...

Send us Fan Mail ◆ Markets plead for regs pause  ◆ Barclays' new strategy  ◆ Middle East ECM to take it up a gear On the one hand, the EU wants a Capital Markets Union that will make the bloc a single pool for financing to compete with the US or China. On the other its lust for rules has created an incoherent mess of red tape, choking off any chance of CMU happening. Now, trade bodies are ple...

Send us Fan Mail ◆ Kenya deal ducks default but two more countries in crosshairs  ◆ Transition finance after historic Japanese bond sale  ◆ How the IPO revival is a boon for the loan market Kenya may have averted fears of default by raising fresh money this week but already investors are working their way down the list of African sovereigns with troubling debt piles. Tunisia and Egypt are next on...

Send us Fan Mail ◆ Primary market for banks flying but will property burst the bubble?  ◆ Japan to debut transition bond as SLLs fall out of favour  ◆ Kenya back in bond market The bond market for bank issuers goes from strength to strength. Any trade seems possible in any format and new issue premiums are rarer than hen's teeth. But is a sharp dose of reality coming in the form of exposure t...

Send us Fan Mail ◆ The first of a new asset class in SSA debt  ◆ Full inspection of AfDB's landmark deal  ◆ A power shift in the European CLO market Years in the making, the first publicly sold hybrid deal from a multilateral development bank arrived this week. The African Development Bank's latest instrument heralds not just the dawn of a new product in the bond market but, as other MDB...

Send us Fan Mail ◆ Are lawsuits about funding polluters the next big risk for banks?  ◆ Sub-Saharan Africa issuance returns...  ◆ ... but will any follow Ivory Coast's lead? The Dutch branch of Friends of the Earth is suing ING over its roll in financing pollution. It is the latest in what may become a wild spread of lawsuits brought against banks  — and governments and corporates, for that m...