The GlobalCapital Podcast
A weekly podcast from GlobalCapital, the capital markets news service based in London and New York, discussing its most interesting stories from around the world. Every Friday, listen to lively discussion about the very latest themes, the most innovative and important bond and equity issues and syndicated loans and much more from the capital markets. This podcast is for anyone working in or wanting to work in the capital markets, from investment bankers to investors, lawyers, and regulators. GlobalCapital has been the 'voice of the markets' for over 35 years, covering bond, loan, equity, and securitisation markets globally.
Episodes
The bully of the curve
Send us Fan Mail◆ Oil trumps politics ◆ Kuwait scores late winner ◆ How to save Thames Water harmlessly The three month euro/dollar basis swap was traditionally called the bully of the curve because it controlled the rest, but there is no doubt who’s the boss now — dirty old oil.As the US and Iran traded blows, Houthi threats to close the Gulf of Aden made oil traders freak out this week. Their al
The meaning of a basis point
Send us Fan Mail◆ Greenium reappears in unlikely place ◆ US banks splash out ◆ Is that all I’m worth? ◆ Cantor is comingA basis point might always be the same quantity, but is it a lot or a little? It depends whom you ask, and when. For supranational, sovereign and agency bond issuers in the dollar market, 1.7bp over Treasuries and 1.9bp over are two different things.Records keep falling as SSAs p
Banks beefing up buy-backs as sterling market anticipates bright future
Send us Fan Mail◆ Clean-up calls set to change how banks manage senior debt ◆ The Bank of England's SSA bond booster ◆ What is behind booming corporate bond issuance in sterlingA lot of expensive bank bonds, issued when rates and inflation were high and spreads wide, have call dates coming up, meaning issuers will be keen to replace them with cheaper debt at current market prices. To do so, t
Brewing a bromance between Burnham and bonds
Send us Fan Mail◆ How UK's likely next PM can woo the bond market ◆ Fibre ABS coming to Europe ◆ The rise of the corporate KangarooAndy Burnham looks set to become the next UK prime minister, following the resignation of Keir Starmer on Monday. But how will the new man in 10 Downing Street get along with the bond market? One of his predecessors, Liz Truss, managed fixed income relations so ba
The waiting games: ME issuance, digital capital markets and French covered bonds
Send us Fan Mail◆ Iran peace deal in sight but where are the Middle East issuers? ◆ Why primary capital markets will be slow adopters of DLT ◆ Why French covered bond issuance has slowed and why it might pick upThe Iran war has kept the Middle East's bond issuers largely at bay but with the path to peace now clearer, issuance conditions have improved. But even this might not be enough to temp
The ESN has landed
Send us Fan Mail◆ What now for European Secured Notes ater long-awaited debut?◆ The mood in European securitization amid MFS fallout and reg reform ◆ Digitalisation of bond market is up to the regulatorsBpifrance achieved a world first this week, pricing the inaugural European Secured Note. The deal was a success but it has taken about a decade to get the product from concept to market. The questi
Two comebacks and a pull-back: credit card ABS, insurance tier two and SSA bonds
Send us Fan Mail◆ Credit card ABS grows as securitization sets off for Barcelona ◆ What can scupper insurance tier two spree ◆ SSAs appear unwilling to test Treasury spread recordA deal from Vanquis Bank, a securitization of credit card receivables, is the latest deal in a revival of an asset class that has been morinund since the 2008 financial crisis. We examine why this market is making a comeb
Par from the Maduro crowd?
Send us Fan Mail◆ Venezuela embarks on historic debt restructuring ◆ Canada suggests covered bond boost ◆ European Secured Notes are here. Regulate themVenezuela's debt restructuring is getting underway, nine years after the country defaulted and just months after the US removed its former president, Nicolas Maduro. The amount of debt involved is expected to be huge but no one outside of Vene
SSAs and US Treasuries: crossing the final frontier
Send us Fan Mail◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structureBond issuance from supranational and agency issuers is rampant. And not only are volumes high but the bonds are flying too, attracting large order books, being priced with lit
Starmer, strife and sterling bonds
Send us Fan Mail◆ The prospects for sterling bond issuance amid UK political upheaval ◆ A new issuer and a new securitization from the SSA sector ◆ Ontario's plans for a resilience bondThe mice turned on the cat in UK politics this week, causing volatility in the bond market and a headache for issuers of sterling bonds. Prime minister Keir Starmer is under fire from Labour Party colleagues an
Justice for covered bonds (and securitization)
Send us Fan Mail◆ EU regs plan sparks debate over treatment of secured borrowing ◆ Blistering corporate and FIG issuance but why are premiums rising in one market but not the other? ◆ UK Renters' Rights Act to impact UK buy-to-let RMBS marketPlans to change the capital risk-weightings banks must apply to some of their securitization holidings caused consternation in the covered bond market th
The outbreak of Warsh
Send us Fan Mail◆ Powell Fed era ends with split decision ◆ Bank capital to lead Gulf bond revival ◆ SSAs, corporates and FIG face busy May President Trump appointed Jay Powell as Federal Reserve chair — then hounded him continually to ease monetary policy and ended up launching a criminal investigation against him. What could possibly go wrong for Kevin Warsh?The central question for markets is w
The fast and the dubious
Send us Fan Mail◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatilityThe rise of hedge funds as dedicated investors in the supranational and agency bond market was one of the biggest changes in that sector at the start of the year. But now they are pulling back from new issue syndications. We examine why mark
What it takes to break issuance records in volatile markets
Send us Fan Mail◆ Dazzling feats of issuance in public sector bond market but signs of wariness persist ◆ How banks have derisked May issuance ◆ Corporate bond investors stick aroundSo many bond issuance records tumbled in a busy week in the primary market that to some it felt like we were back in January. That is typically the busiest month of the year and the 2026 edition was particularly succes
How bond issuers will take advantage of Iran ceasefire
Send us Fan Mail◆ Gulf issuers turn to private markets ◆ Public sector and corporate borrowers to bring forward plans ◆ Banks re-enter covered and unsecured funding marketsUS vice-president JD Vance set off on Friday for Pakistan (pictured) for peace talks to end the war with Iran. The talks are part of a two-week ceasefire, announced on Tuesday, that rejuvenated the primary bond market. We spent
The Gulf’s banks get ready for recession
Send us Fan Mail◆ Middle East capital securities will need to be refinanced ◆ Supranationals, agencies and municipalities have had a good war ◆ New ideas to promote covered bondsThe central group of bond issuers in the Middle East are the banks. They are well capitalised, with clean balance sheets and often high credit ratings. But none has come to the market since the war began at the end of Febr
News from the frontier: Africa leads emerging market bond revival
Send us Fan Mail◆ Outsiders open EM investors’ wallets ◆ European banks let their hair down in dollar market, still shy in euros ◆ Digital innovation in Frankfurt with DZ BankAngola and African telecom company Helios Towers were hardly the issuers anyone expected to restart bond issuance from central and eastern Europe, the Middle East and Africa.The Middle East war stopped all sales for three wee
The dollar dilemma for public sector bond issuers
Send us Fan Mail◆ What strikes on energy infrastructure in the Middle East mean for emerging market bonds ◆ Why issuing in dollars has become so dicey for supranationals and agencies ◆ Europe's advantage in the private credit metldownThis week we looked into some of the direct and indirect consequences the war with Iran is having on bond markets.Emerging market issuers are among the most susc
Banks may be shut but Amazon delivers
Send us Fan Mail◆ Hyperscaler sets new standard for European corporate bond market ◆ What it will it take to get a bank to issue in euros again ◆ Iran war could reshape ultra-competitive Gulf capital marketsFor bond issuers to keep away from the primary bond market after a shock, like the outbreak of the war with Iran, is not unusual. But it is when only one group is steering clear when every othe
The future of the Middle East bond market
Send us Fan Mail◆ How banks and bankers are operating in the region under threat of military escaltion ◆ Bond issuance to resume — but how? ◆ Dwindling fee pool poses questions over long-term future for banksThe Middle East bond market as been one of growing volumes for the last decade and banks both local and international have been pouring resources into the region to grab a slice of the action.
Abu Dhabi, Blue Owl and bridging lenders
Send us Fan Mail◆ UAE issuers leave emerging markets lable behind ◆ What Blue Owl can teach about private credit for the masses ◆ A bump in the road for UK bridging lenders on the way to securitizationAbu Dhabi was in the bond market this week just two days after JP Morgan confirmed that issuers from the UAE would be removed from its benchmark Emerging Markets Bond Indices (EMBI) by the end of Mar
Software update: AI Saas scare haunts capital markets
Send us Fan Mail◆ How AI threat to software biz threatens stockmarket listings... ◆ ... and collaterlised loan obligation market ◆ AT1 market hits new record tight but buyers turn awayInvestors are wary that recent AI upgrades — notably Anthropic's latest Claude Cowork agent — are a threat to the software as a service (Saas) sector. This is causing headaches for Saas businesses looking to do
Pod 'sell America'
Send us Fan Mail◆ Why emerging market issuers are doing less in dollars ◆ Republic of Congo — located between rock and hard place ◆ The GlobalCapital Podcast was brought to you by the numbers 17, 100 and the whole AlphabetEmerging market issuers are diversifying away from dollar funding. We examine which currencies they are looking to raise debt capital with and what is driving them out of the dol
New tricks for old dogs and 'fishing with dynamite'
Send us Fan Mail◆ Bond auctions get the fintech treatment ◆ Oracle shows how to fund AI capex with bonds ◆ Banks plough on in bonds despite weaker marketsThere's nothing new about auctioning bonds as a means to distribute them but this week, fintech BondAuction was involved in a deal for The Housing Finance Corporation that brought new technology to the idea and introduced it to a new section
What is Scotland?
Send us Fan Mail◆ Scottish government bonds near ◆ CLOs and private credit ◆ Corporate hybrid debt reaches new tightsScotland is looking for banks and lawyers to help bring its first bond to market. But the idea raised a number of questions at GC Towers this week. Firstly, what is Scotland? Is it a sovereign issuer, a sub-sovereign, or something altogether new?Not only did we wonder what investors
Defence stocks, Ukrainian bonds, fear and Fomo in investment banking
Send us Fan Mail◆ CSG's IPO and the rampant investment for defence companies ◆ Ukraine issuer back in bond market ◆ Fomo sapiens: investment bankings most joylessMoney is pouring into defence, both from government budgets and from investors in the capital markets. The IPO of Czech defence supplier CSG this week was an extraordinary transaction — the largest European listing to date and the bi
Fast money slows down to take on SSA bonds
Send us Fan Mail◆ Public sector issuers embrace hedge fund bid... ◆ ... as they flex in the swap market ◆ Car makers welcomed back to bond marketAllocating more of a new issue to hedge funds has long been something SSA issuers have only done if they absolutley needed to. But that is now changing. Issuers are giving more bonds to the so-called fast money but only if it slows down. We discuss which
'Nameless dread' and the blockbuster bond market
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 their
GlobalCapital's Review 2025 | Outlook 2026 podcast
Send us Fan Mail◆ Data centres: crunch time for Europe's capital markets ◆ How AI is changing capital markets work... ◆ ... and hiringIt 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 as w
ECB baffles bank bond market by mulling AT1 abolition
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 marketsOn 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. Thi
Rewriting the rules for private credit and banks
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 nextAlternative 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 impl
A tale of two capital markets
Send us Fan Mail◆ UK government guns for growth but did it miss? ◆ French fancy: FIG in favour again ◆ Pandas and Wontons with the AIIBAfter 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 capita
Banks, bonuses and the Budget
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 impactThe UK government's Budget announcement next week has been the source of rabid speculation for months. The uncertainty is affecting how banks in parti
Reining in private credit, AI capex looms over bonds and defence label flaps wings
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 CEO o
US companies light up Europe's bond market as exchanges revise IPO playbook
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 IPOsMarket 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. With ju
Thought for pause: how bond markets can help after a hurricane
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 issuanceAs 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 dis
CLOs in focus, bank issuers plan for trouble, despatch from DC
Send us Fan Mail◆ What is pushing CLO mezz wider ◆ FIG pre-funding underway ◆ What happened at the World Bank/IMF Annual MeetingsThe 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 may
Credit Suisse AT1 holders' hollow victory and Islamic innovation
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 decision wa
BlackRock on bonds: ride the tightening
Send us Fan Mail◆ Why buy bonds when spreads are so tight ◆ Using tech to unearth new economic signals ◆ Playing the shifting relative value pitchThis 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 debated
Italy wows in MTNs as CEEMEA bonds fly but SLBs stutter
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 awarded
The global cash grab
Send us Fan Mail◆ QNB deal to pique Gulf interest in euro issuance ◆ Denmark develops green market with EuGB ◆ Foreign AT1s return to Aussie marketGlobalCapital 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 abroad
Seville lore: bond market debates regs and reciprocity
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 moneyThe 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 series o
Colombia's European tour as EM issuers enjoy rampant markets
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 boostColombia 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 sover
Raving headlines, roaring markets
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 choosyIn 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 — l
France: Bayrou, bonds and BPCE
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 BondFrench 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 possibly be
Bond issuer opportunities: from SSAs to banks (via Australia)
Send us Fan Mail◆ Why investors are piling into SSA bonds despite the tight spreads ◆ Bank AT1 issuers spy chance ◆ EDF pioneers in Kangaroo marketBenchmark 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 to se
Europe's largest asset manager on credit markets
Send us Fan Mail◆ Exclusive interview with Amundi portfolio manager, Jonathan Manning ◆ Navigating fixed income amid tariff disruption ◆ Investing at tight spreadsYields 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 internation
Credit cracks on as private debt makes incursion into investment grade financing
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 marketsBoth 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 a f
P-cap for Pemex as SSAs zero in and insurers prep to print
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 issuancePemex, 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 government th
Budgets, bonds and the benefit of the tape
Send us Fan Mail◆ EU budget ambition to cement issuer status ◆ French spreads ◆ Finally, the European bond market's consolidated tapeThe 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 look
UK eases up on regs as smart swaps arrive
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 on th
The feel good capital markets podcast of the summer
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 discussedThe 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 is th
SSA bond market nears ultimate spread inversion as Trump bill passes
Send us Fan Mail◆ SSA yields bump up against US government curve with deficit set to spiral ◆ Waning CEEMEA ESG bond issuance ◆ Leaner, meaner SLL marketThe SSA bond market has enjoyed its fair share of eye-catching relative value inversions of late. Last year, the likes of Portugal and Spain began trading tighter than France in the European government bond market, for example. But after US presid
Bond markets called up to meet Nato need
Send us Fan Mail◆ SSA market faces up to escalating defence funding ◆ Arms company bonds in focus ◆ Slovenia's landmark SLBAs Nato members agreed — mostly — to ramp up their defence funding to 5% of GDP over the next decade, we asked the SSA bond market how it would handle the extra funding that it will need to provide for that end. Some Nato members don't even meet the old target of 2%
War and why primary credit markets are not as worried as you might think
Send us Fan Mail◆ Issuance abounds despite Iran-Israel escalation ◆ European securitization regulatory proposals unveiled ◆ A digital first for sovereign bondsIf you only consumed mainstream news, the escalating conflict between Israel and Iran — and potentially the US — might lead you to assume that such global turmoil would make it a bad time to be issuing debt.But if you only observed the capit
Hey EU! Grab this chance by the collar
Send us Fan Mail◆ How can the EU capitalise on US mistakes? ◆ New US insurers head to euros ◆ The greenest of greenThe good and the great of Europe's capital markets gathered for the International Capital Market Association conference this month, and the overwhelming consensus among the speakers was that this was a rare chance for Europe to chip away at US bond market dominance.But it won&ap
Could AI revive real intelligence in investment banking?
Send us Fan Mail◆ How worrying is Section 899? ◆ A summer of toil for public sector issuers ◆ Seesawing curves in FIGThe bland outpourings of ChatGPT could not be further from the penetrating, critical advice big companies, governments and investors want from investment banks.But could one foster the other? That is the ideal banks are striving for with a plethora of projects to use artificial inte
The great rates conundrum
Send us Fan Mail◆ EU’s securitization plan leaked ◆ The first new EM sovereign issuer for years ◆ Who can be sued for climate change?Interest rates coming down was supposed to be a sure bet. Now it’s not. Long government bond yields are rising, and not just in the US. Investors are worried — the term premium is climbing, which means it’s not enough now. It’s safest to stay away from duration.We tr
Orange and black is the new black swan
Send us Fan Mail◆ Capital markets' Bloomberg scare ◆ SSAs tipped to go sub-US Treasuries ◆ Jumbos devour credit demand A blip in Bloomberg's terminal services this week delayed bookbuilding on a number of syndications and bond auctions. It passed with seemingly little harm done. But it did reveal how dependent bond issuance and fixed income has become on the company's platform. We a
EBRD meets as Romania faces crunch moment and corp bonds lure FIG buyers
Send us Fan Mail◆ What happened at the EBRD's Annual Meetings ◆ Romania's new president and the fiscal fright that awaits him ◆ Investors distracted from FIG by US corporatesGlobalCapital was on the ground at the European Bank for Reconstruction and Development's Annual Meetings in London this week. We reveal what was discussed and decided, from the bank's capital situation and
Relief as Trump administration gives hints on US MDB support
Send us Fan Mail◆ US gives further clues on MDB support ◆ FIG issuers face funding choices ◆ What's the point of the EU green bond standard?We surveilled the SSA bond market this week and the development finance world to see what both made of US decisions about financial support for a number of international development funders. The result was relief but it was not unqualified, as we ponder w
Sustainability-linked finance's next big test
Send us Fan Mail◆ SLBs miss targets with hundreds more up for review ◆ US issuers make hay in European sunshine ◆ Banks probe longer dated debt issuanceThe wave of sustainability-linked bonds that were all the rage a few years ago are now reaching the point where their issuers' performance against their environmental KPIs is being judged. Two issuers this week have failed to meet their target
Development finance reacts to US MDB reform aims as EU looks to cut red tape
Send us Fan Mail◆ Insiders assess Scott Bessent's speech on MDB reform ◆ European Commission's latest attempt to ease capital market access ◆ Encouraging signs for credit issuers after tariff turmoilThe US administration gave some clues as to its beliefs on how the IMF and the World Bank should change their operations for the first time this week since president Donald Trump signed an ex
Everyone has a capital markets strategy until they get punched in the face
Send us Fan Mail◆ Running a bond business in a crisis ◆ Bank issuers find their way back into the bond market ◆ Can frontier emerging market sovereigns fund themselves?This was supposed to be a decent year for banks in the debt and equity capital markets. But the uncertainty generated by a chaotic US tariff policy has wrecked investment banks' ability to plan and operate in their markets.We l
Flirting with financial crisis
Send us Fan Mail◆ Did we come close to a full blown crisis before Trump's tariff climbdown? ◆ Will we face another in 90 days' time? ◆ UK regulator's astonishing covered bond rulingWe looked this week into whether the US's decision to postpone the imposition of punishing tariffs by 90 days averted a financial crisis, or merely postponed it.The action in the US Treasury market w
On the tariff trail from the Rose Garden to Riyadh
Send us Fan Mail◆ How US tariffs will affect bond issuers in the medium and long term◆ Liberation Day: your funniest quotes ◆ A funding update from KfW's head of capital markets, Petra WehlertUS president Donald Trump's imposition of a vast swathe of tariffs on imports bludgeoned stock markets this week and proved the stuff of nightmares for investors as they contemplated the possibility
The bank using AI to find M&A deals
Send us Fan Mail◆ Farewell, KommuneKredit ◆ Covered bonds advance on SSAs’ territory ◆ Ivory Coast makes funding breakthrough ◆ Romania’s risksGenuinely useful applications of AI are still rare in capital markets, but UniCredit has come up with an intriguing one. It has built a tool called DealSync that is helping it generate M&A mandates.The supranational, sovereign and agency bond market was
UK plans digital debut as bond market digest EU defence spend plans
Send us Fan Mail◆ UK fires starting pistol on digital Gilts ◆ SSA market absorbs EU defence funding detail ◆ Credit issuers adjust tacticsThe UK has begun a consultation as it looks to issue its first digital Gilt - to be called a DiGit. We discuss what the bond will look like and the UK's route to issuance.Elsewhere in the SSA bond market, participants took stock of further detail on how the
Trump regime starts to grate on global markets
Send us Fan Mail◆ DOGE threatens US CMBS recovery ◆ Drill, baby, drill? Borrow, habibi, borrow ◆ Cracks appear in European credit marketJust when you thought it was safe to go back into the office... or rather back into commercial mortgage backed securities with offices as the collateral.No sooner has the US CMBS revival begun than US president Donald Trump's administration threatens to ruin
Putting numbers on the defence borrowing hole
Send us Fan Mail◆ EU puts forward €800bn plan◆ Germany screeches into U-turn on debt brake ◆ Bund yield soars 40bp The spectre of European countries needing to massively increase spending on defence has haunted the capital markets ever since it became clear that US president Donald Trump was really thinking of drastically weakening US military support to Europe.It had already triggered a sell-off
A new bond issuer to bolster European defence
Send us Fan Mail◆ Rob Murray, the Defence, Security and Resilience Bank's creator, explains all ◆ Why US must be involved ◆ Three point strategy to augment defence spendingThe idea of a new multilateral bank to help fund defence spending in Europe has shifted to the fore in recent weeks. European leaders are understood to be discussing the idea this week and a plan for one could be announced
Germany: the sick, ageing but 'comfortable' man of Europe
Send us Fan Mail◆ German and European spending needs rile SSA market ◆ GSE reform in the US, green reform in the EU ◆ Saudi Arabia leads Gulf diversification out of dollarsNew German chancellor Friedrich Merz has a lot to tackle when he finally forms his coalition government. Much of it will involve spending more money, which has bond investors on alert for higher borrowing needs.LBBW's chief
German election a pivotal moment for EGBs and European defence
Send us Fan Mail◆ German poll to have far-reaching consequences for bond market ◆ UK water sector's capital markets tangle ◆ Corporate issuance picks up in emerging marketsGermany votes this weekend in a general election. Whatever the resulting coalition, fiscal matters will be top of their agenda. With the pressure on to raise defence spending but with the constraints of the country's d
How the capital markets can rearm Europe
Send us Fan Mail◆ Using the bond market to boost European security ◆ Africa nears sovereign debt stabiliser ◆ Sterling's ESG problemWith the new US government reasserting its belief that Europe needs to provide more of its own security this week, attention has turned once again to how to pay for it.We discuss the various ideas in play, from setting up a new multilateral development bank to re
Team Trump turns gaze on MDBs
Send us Fan Mail◆ Trump orders review of US involvement in multilateral development banks ◆ What's driving Reverse Yankee issuance? ◆ Deutsche Bank sparks new controversy in AT1 capitalAmong many of the executive orders Donald Trump has signed since he became US president for the second time was one which ordered a review of the country's involvement in international organisations. That
Your bonus explained, HSBC shuts up (some of the) shop
Send us Fan Mail◆ Why you got paid what you got paid◆ Insider reveals what really goes on when bonuses are allocated ◆ HSBC winds down M&A and ECMWe lift the lid on how bonuses are allocated in investment banking from the top table to the lowliest analyst. Our columnist, Craig Coben, who spent many years as a senior equities banker at Merrill Lynch and then Bank of America, has been through th
The European Union: the future of a bond market behemoth
Send us Fan Mail◆ Riso and Ruhl on the development of the market's biggest new bond issuer ◆ Beyond NextGeneration EU: can the bloc fund defence? ◆ The campaign for sovereign-like borrower statusThe European Union is the highest profile bond issuer in the market. In response to the pandemic, it ramped up its borrowing to fund member states' recovery from the disaster, going from raising
New recruit joins the SSA market
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 ric
Perfect storm hits sterling bond market
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 blossomThis 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 the
The investment banks to watch in 2025
Send us Fan Mail◆ The sheep and the goats in UK water ◆ How EM loses assets but gains deals ◆ US corporates lean to euro bondsInvestment 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 even
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