The GlobalCapital Podcast

Send us Fan Mail ◆ Records smashed in primary markets but what's driving it?  ◆ Why order books are so swollen  ◆ Rampant demand but companies want to cut hybrid debt Issuers and investors may agree that this is not a perfect market by any means, but that is not stopping them from getting deals done while they can. Investors are piling into asset classes that they haven't bought for some...

Send us Fan Mail Amid all the records being smashed across primary bond markets this week, one could be forgiven for missing what has been happening in the sterling bond market. But fear not; we were all over it.  From remarkable debut deals from corporate issuers to a change in how public sector borrowers approach sterling bond issuance in what is a very busy time for the market, we discuss in-de...

Send us Fan Mail ◆ SSAs throw etiquette out of the window in rapid start to year  ◆ Banks blind-sided by sudden correction  ◆ Mixed fortunes for corporate issuers The first few days and weeks of January have always been a critical time for capital markets issuers but perhaps this year more than ever.  As interest rates have risen and central banks have withdrawn support for the bond markets, so is...

Send us Fan Mail ◆ What the most senior debt bankers in the world are worrying about for next year  ◆ Who's eating Credit Suisse  ◆ If a property company falls in the forest and doesn't make a sound... One of the very biggest investment banking stories this year was the collapse of Credit Suisse. But its rescue by UBS and what the rest of the Street makes of the demise of its rival is a...

Send us Fan Mail ◆ Latin America’s bond markets at an (interest rate) inflection point ◆ Who’d be a primary dealer? ◆ What price briiiiidge loans? As GlobalCapital launches the poll for our first dedicated Latin America Bond Awards , our podcast takes a deep dive into the region’s troubled capital markets, with special guest Omotunde Lawal, head of emerging markets corporate debt at Barings. There...

Send us Fan Mail ◆ German court ruling may hit Bund issuance in 2024 ◆ KfW and Länder funding may also be affected ◆ Banks and borrowers shrink loan syndicates The German constitutional court has rocked the country's public sector borrowers just as they finalise their funding needs for 2024. We look at how the new multi-billion euro-sized hole in the government's budget that is the resul...

Send us Fan Mail ◆ Do green bonds still offer enough reward for issuers?  ◆ Crédit Agricole's nuclear option  ◆ Banks rush to offer better terms to sub-IG companies  Two sovereign issuers recently complained that the pricing advantage of doing a green bond rather than a conventional one — the fabled greenium — was not enough to justify the extra costs associated with labelled issuance. That p...

Send us Fan Mail ◆ Israel has been loading up on bonds since Hamas attack  ◆ Is the SLB market about to come of age?  ◆ A fresh innovation in corporate lending Israel has issued almost $5bn worth of bonds since the end of September, an unusual spell of activity for the borrower and one that coincides with its war against Hamas. We examine what deals it has done, with whom, what they will fund and...

Send us Fan Mail ◆ US RMBS sales in Europe: immigration or vacation?  ◆ UBS AT1 makes nonsense of claims of investor fears  ◆ The EU's last hurrah in the SSA market Concorde and supersonic air travel may be the most famous things that were once yet are no longer transatlantic but the securitization market is another. Stringent regulations since the 2008 financial crisis have made cross-border...

Send us Fan Mail Sustainable finance has become a huge market, with issuers all over the world having sold more than $2 trillion of green bonds. Yet the climate emergency is still getting worse. Finance is committed to aligning with the Paris Agreement, but is it on track? In this special podcast supported by the European Investment Bank to coincide with the World Bank/IMF annual meetings in Marra...

Send us Fan Mail North Africa is one of the most important regions for the European Investment Bank’s financing outside the EU, and one where it sees great potential for funding sustainable development. In this special podcast supported by the European Investment Bank from Marrakech, which is hosting the World Bank and IMF annual meetings, Ricardo Mourinho, the EIB vice-president responsible for M...

Send us Fan Mail ◆ The Beatles may have a new, if that is the right word, song but one of their classics sums up Zambia's debt restructuring best  ◆ The bank treasurer's dilemma  ◆ A new index for the covered bond market To say Zambia has had a convoluted route to get to its debt restructuring is something of an understatement. But it has made major progress this week and the deal it has...

Send us Fan Mail ◆ Why the PE industry is going to have to make the IPO market work  ◆ Real estate, real refi risk  ◆ Managing the SSA bond pipeline The European IPO market is in a pitiful state. Of the few deals that do make it to book building, some are pulled while some that are priced then tank. Discounts are eye-watering and a lack of liquidity makes bringing mid-cap companies all but impossi...

Send us Fan Mail ◆ Scottish government puzzles bond market with debt plan  ◆ Saudi sov wealth fund makes sukuk debut as crisis in Middle East deepens  ◆ Supranational hybrids and other highlights from the IMF/World Bank Annual Meetings in Marrakech Scotland's first minister Humza Yousaf caught the attention of the bond market this week by revealing plans for the country's first sovereign...

Send us Fan Mail ◆ Will Israel-Hamas conflict or US rates derail EM primary?  ◆ Europe's IPO market dealt a new blow  ◆ Private credit muscling in on investment grade lending Emerging market issuers sold no dollar bonds in the immediate aftermath of both Hamas's attack on Israel on October 7 and Israel's initial response. But the violence was not the only reason for the lack of issu...

Send us Fan Mail ◆ IG investors comfort eat sweet spreads  ◆ What can FIG issuers do now?  ◆ US HEI securitizations: mainstream or flash in pan? With some core government bond benchmarks soaring to their highest yields in over a decade this week, we looked at the effects long term rising interest rates and short-term spikes in yields are having on what investors will buy and what issuers can raise...

Send us Fan Mail ◆ Central banks and governments want to take banks’ money  ◆Where has the greenium gone?  ◆ Direct lending goes investment grade  Banks have been having a whale of a time as issuers in the bond market this month, with ample demand. But a whole gang of threats is creeping towards them. Having failed to pass on higher interest rates to their depositors, banks are vulnerable to a dep...

Send us Fan Mail ◆ Should markets rejoice or worry? ◆ FIG borrowers are gung-ho ◆ Topping rates poses quandary for EM ◆ CLO investors sort sheep from goats Capital markets of all stripes wrestled this week with one question: what happens next to interest rates? Each market had its own interpretation, and they were surprisingly different. Public sector bond specialists worried about how the Federal...

Send us Fan Mail ◆ A new NPL threat to Italian banks  ◆ Hybrid capital gets a makeover  ◆ Covered bond liquidity  ◆ SSA market finds its rhythm Reaction in the markets to Italy's plan to allow bad lenders to buy back their loans at a small premium to what the owners paid for them has been both critical and robust. Is it just private investors griping about not being allowed to make enough mon...

Send us Fan Mail Some corporate borrowers are finding the once verdant loan market a hostile spot to hang out lately, driving some companies to test out bonds for the first time. If a debut deal this week from Germany’s Rewe — which seems to still be able to access loans without any problem — is anything to go by, then the potential debutants planning to take the plunge should feel very confident...

Send us Fan Mail ◆ Nordea's novel twist on sustainable funding goes mainstream  ◆ Corporate and SSAs: here for the duration  ◆ Gabon and off: coup hits bonds Having inaugurated the product in its home currency markets, Nordea this week brought its SLL bonds to euros. The deal's proceeds are dedicated to funding the lender's sustainability-linked loan book, creating an instrument tha...

Send us Fan Mail Issuance returned to multiple debt markets this week after the summer drought, with the sovereign, supranational and agency market and corporate bond markets seeing a spurt of trades. While everything was orderly, there was a noticeable lack of pizzaz to many of the trades, with small books compared to historical averages and some issuers needing to pay higher than usual premiums....

Send us Fan Mail ◆ China property co debt straits play out in EM...  ◆ ... and European corporate bonds  ◆ The industrious sterling bond market The aftershocks of Chinese property development whopper Country Garden's revelation that it would miss bond coupon payments rippled across the world's capital markets this week. We follow the trail from the beleaguered builder throughout the capi...

Send us Fan Mail Central Africa’s Gabon did what no other African sovereign has done this week when it completed a debt-for-nature swap which included the first ever blue bond from the African continent. But the deal did not come without its intricacies, as the sovereign got an insurance from the US Development Finance Corp, meaning that the usually Caa1/B- rated country was now selling Aa2 rated...

Send us Fan Mail ◆  US downgrade: why, if you liked US Treasuries at 3.96%, you'll love them at 4.18%  ◆ A new fund for forests  ◆ The African sovereign bond paradox  ◆ Pemex problems There was a lot going on in the US Treasury market this week, following a downgrade of the sovereign by Fitch, an increase in government borrowing beyond what was expected and jobs data. We delve into what it me...