The GlobalCapital Podcast

Send us Fan Mail ◆ Deep dive into new SSA asset class  ◆ What the possible return of NoChu means for Europe's CLO market  ◆ US market braces for aircraft ABS revival The African Development Bank is at the forefront of the biggest development in SSA debt issuance in years. It will likely price the first hybrid deal from such an issuer in the coming weeks and months. We examine why it is doing...

Send us Fan Mail ◆ G20 tries again for MDBs to do more  ◆ The investment case for Turkey after UAE steps in  ◆ Will the CMBS revival be stunted? Multilateral development banks, which borrow money from the bond market at triple-A rates to fund projects in the developing world, are the subject of great scrutiny as the world claws its way out of the pandemic and grapples with climate change. The G20,...

Send us Fan Mail ◆ "Nobody on the road, nobody on the beach," as issuers spy their chance ◆ Why SSAs are in prime position for the rest of the year ◆ A record breaking deal in Asia's equity-linked bond market Don Henley lamented the lack of people on the road and the beach in his song The Boys of Summer . Some in the bond markets might be thinking the same almost 40 years later as t...

Send us Fan Mail ◆ The World Bank's Valerie Hickey 'we need green systems, not projects' ◆ Two airports praised for SLBs ◆ Three IPOs revive market for European listings Valerie Hickey is the World Bank’s global director for the environment, natural resources and the blue economy. She talked to us about the challenges the world faces in getting capital to developing countries, what...

Send us Fan Mail ◆ Its pipes leak but does Thames Water’s debt structure hold water?  ◆ How the EU’s funding for H2 impacts the SSA market  ◆ LatAm issuers like London buses but not for the obvious reason Thames Water, the utility that hydrates over a quarter of the UK population, ran into trouble this week that could result in its renationalisation. We examine the company’s debt structure and ass...

Send us Fan Mail ◆ A dicey moment for bank bonds ◆ Unibail shops for hybrid solution ◆ Vibes from this year's 'Euromoney' ◆ The ESM's new MD speaks to GlobalCapital The covered bond market had a wobble this week. It was the last thing bank bond issuers needed just as the wreckage of Credit Suisse and Silicon Valley Bank disappeared from the rear view mirror. But it could be the...

Send us Fan Mail - Another blow for London listings  - Cold property: US offices worry CMBS  - AT1 market revival  - SLLs vanishing WE Soda, the soda ash producer, pulled this week its much heralded London IPO. It was a blow that the UK’s equity capital market and the European IPO market needed like the proverbial hole in the head. We examine what went wrong but discover that all is not lost, with...

Send us Fan Mail - AI: the cheat code to cheap labour?  - Why NY might be about to get it very wrong on sov debt restructuring  - A huge green bond debut for Aussie mining state Artificial intelligence might not have made it far past drafting generic deal pitches and finding a list of comparable bonds just yet but that, it could be argued, is already a chunk of what junior bankers do when they are...

Send us Fan Mail An attempt to raise standards in the SLL market Will WE Soda’s IPO pop? Grocer price caps enrage bond investors First off, apologies to John Betjeman for the above mauling of his work but it isn’t often that you see market participants applauding attempts to regulate what they do and it inspired us to verse, albeit not our own. That happened this week when the UK’s Financial Condu...

Send us Fan Mail How borrowers are navigating the US’s debt ceiling stand-off The rise of Middle East capital markets Tougher times ahead for European corporate issuers  This was the week when capital markets really started to worry about the US hitting its debt ceiling. We examine how that affected issuers in the dollar market this week from SSAs to the big Wall Street firms, to big companies. Bu...

Send us Fan Mail Sukuk market flying but other parts of EM in peril What now for Turkis issuers? SSAs dive into dollars despite debt ceiling threat Exciting pricing in UK RMBS Emerging market issuers are hardly a uniform bunch and that was demonstrated this week with some taking full advantage of an undersupplied sukuk market, while in Latin America, some borrowers are facing disaster. Meanwhile,...

Send us Fan Mail Pivotal moment for Turkey’s bond issuers Once upon a time… in Ecuador Crunch time for RMBS It’s not every day that a Hollywood megastar endorses a bit of finance arranged by a notorious investment bank to protect the Galapagos Islands; in fact that is a very specific set of circumstances indeed. So, when Leonardo DiCaprio posted on Instagram this week in praise of the largest debt...

Send us Fan Mail European banks duck out of lending and underwriting Can risk transfer solve the US banking problem? Irritation in the corporate bond market Evidence has emerged of banks, particularly from Europe, doing less funding for high polluting clients. It represents a riposte to accusations of greenwashing but, as always in green finance, we discover there are many shades of grey. Meanwhil...

Send us Fan Mail Italy and Switzerland give bank bonds a boost A renaissance for emerging market corporate issuance… or not Using pension funds to fix UK equity capital markets Banks’ access to debt funding and capital hit two important waypoints on the journey back from March’s crisis towards full health. UniCredit called an additional tier one deal, reassuring investors that all is as it should...

Send us Fan Mail Will securitization finally throw off the shackles? Bank funding progress report  EU sustainability taxonomy causes more aggro Australians take over European corporate debt European securitization has been in something of an open prison, GlobalCapital argued this week, since the 2008 financial crisis. But the end of central bank funding schemes — themselves an indirect consequence...

Send us Fan Mail Quantum computing’s impact on capital markets, oh boy! IPOs are back, and they’re going to be done differently The corporate hybrid debt market’s biggest test A green rating to rule them all We assess what boffins and bankers have been telling us about the impact quantum computing will have on financial markets. As is so often the case with technological leaps, views differ betwee...

Send us Fan Mail Europe’s big banks issue for first time since Credit Suisse collapse Investment grade corporates power through What makes a crisis? Lent appeared to end early in the bond markets this week as issuers across the credit spectrum brought a rash of deals, leaving encouraging markers for the weeks ahead. By recent standards of market dysfunction, issuers have been quicker to come back...

Send us Fan Mail Banking crisis not over, says veteran analyst Why European banks are sitting out the primary market revival From Berlaymont to Berlin: reading the runes in the SSA market The creatures of the capital markets poked their noses tentatively out of their burrows this week to see if the banking storm had passed and to survey its impact. Issuers tested the primary markets with new bonds...

Send us Fan Mail Is the banking crisis over? Is additional tier one capital finished? Rival banks will try to pick off Credit Suisse’s corporate clients  The elimination of Credit Suisse as an independent bank last weekend was swift and clinical, but the market response has been anything but. Bond issuance was all but closed this week. Financial institution bond spreads widened massively at the be...

Send us Fan Mail Will Credit Suisse survive and in what form? Tech lending after SVB A false dawn for EM issuers Swiss regulators are known for making capital requirements tougher for their banks than rule makers elsewhere — it’s known as the Swiss finish. But that didn’t prevent the Swiss National Bank from having to provide a Sfr50bn lifeline to Credit Suisse this week and the bank’s future is s...

Send us Fan Mail -                  Hand wringing at the end of Arm saga -                  Green bond rebirth for corporate issuers -                  Getting private money into development finance -                  Lenders look to engage Europe’s telcos Arm gave the UK equity capital markets a slap this week when it opted to list in New York rather than the celebrated microchip designer’s home...

Send us Fan Mail - QT walks among us  - Companies get a yen for yen  - Divi recaps return  - EU sets Green Bond Standard Quantitative tightening got a bit tighter this week when the ECB stopped showing up in the order books for new covered bond syndications. The central bank’s asset purchases have been a defining feature of Europe’s bond market for the last few years as used its balance sheet to f...

Send us Fan Mail Upheaval in the CEE bond market Covid aftershocks in the US CMBS market What Banga means for the World Bank and SSA bonds Russia shocked the world a year ago today when it invaded Ukraine. The world has felt the effects, including the capital markets. To mark the occasion we look into three areas of the markets profoundly changed by the war and question how they will develop as th...

Send us Fan Mail Are EU bonds govvies yet? Fast moving credit market develops a strange rattling noise Debt-for-nature: from the Galapagos to the developing world The EU’s huge funding programme and how it issues debt make it appear very much like a sovereign borrower. But while it might like to view itself as such, its audience of investors and bankers don’t entirely agree that it is… yet. We dis...

Send us Fan Mail - Do two IPO swallows make a summer, or a winter of discontent? - Why investors think SLBs are 'worthless' and what to do about it - The buy-side grapples with government green bonds - Moans in loans The first two IPOs in Europe this year were priced this week, for Ionos and EuroGroup Laminations. They were a key test for the market after a dismal 2022 when many new list...