Les meilleurs podcasts GlobalCapital (2024)

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Emerging markets brace for US election 31:17

5d ago31:17

31:17

Send us a text ◆ 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 De…

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Is HSBC about to power up in investment banking? 41:32

13d ago41:32

41:32

Send us a text ◆ 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 th…

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The Rockefeller swank 27:09

20d ago27:09

27:09

Send us a text ◆ 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 pi…

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UK leads charge to T+1 but brews up a storm 33:24

27d ago33:24

33:24

Send us a text ◆ 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 a…

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Core blimey! Eurozone govvie bond pecking order upended 31:46

1M ago31:46

31:46

Send us a text ◆ 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 …

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Too much of a good thing? 46:24

1M ago46:24

46:24

Send us a text ◆ 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 marke…

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Deutsche’s three bad options 49:10

2M ago49:10

49:10

Send us a text ◆ 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…

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European unions 41:29

2M ago41:29

41:29

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Picking a vintage bond syndication from a duffer 37:46

2M ago37:46

37:46

Send us a text ◆ 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 f…

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The first Samurai: September survival 28:52

2M ago28:52

28:52

Send us a text ◆ 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.…

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Autumn comes early to bond market 32:55

3M ago32:55

32:55

Send us a text ◆ 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 distinct…

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The UK bonus episode 37:59

3M ago37:59

37:59

Send us a text 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 …

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'And here history rattled over the points' 20:09

3M ago20:09

20:09

Send us a text ◆ 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 tailspi…

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Slovenia takes the lead in blockchain bonds 25:20

3M ago25:20

25:20

Send us a text ◆ 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 fi…

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Why Ukraine wants to pay investors again 41:55

3M ago41:55

41:55

Send us a text ◆ 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 f…

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The new big thing in ESG capital markets 44:20

4M ago44:20

44:20

Send us a text ◆ 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? H…

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Is Paris in peril? 43:38

4M ago43:38

43:38

Send us a text ◆ 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…

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Debt and democracy — how polls, politics and protest weigh on capital markets 22:12

4M ago22:12

22:12

Send us a text ◆ 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 …

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The mutual savings bank that loves M&A 41:56

4M ago41:56

41:56

Send us a text ◆ 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 uniq…

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FIG market seeks way past French impasse 47:23

5M ago47:23

47:23

Send us a text ◆ 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 u…

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Things fall apart 43:08

5M ago43:08

43:08

Send us a text ◆ 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 dec…

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Taking the pulse of European securitization 52:00

5M ago52:00

52:00

Send us a text ◆ 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 bi…

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A tale of two issuers: South Africa and Saudi Arabia 35:36

5M ago35:36

35:36

Send us a text ◆ 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'…

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The trouble with Capital Markets Union, EMEA investment banking and EM bonds 40:58

6M ago40:58

40:58

Send us a text ◆ 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…

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Blockchain bonds on the launchpad as Macron touts big bank M&A 48:34

6M ago48:34

48:34

Send us a text ◆ 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 …

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From the one that has the market abuzz to the one with 'war next door' — why airline IPOs are stacking up 28:56

6M ago28:56

28:56

Send us a text ◆ 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…

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Is sustainability-linked finance over and who will run HSBC? 41:06

6M ago41:06

41:06

Send us a text ◆ 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 internationa…

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The curse of the millstone mandate 53:55

6M ago53:55

53:55

Send us a text ◆ 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 don…

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Callable capital, calling it off and cancelling cornerstones 44:50

7M ago44:50

44:50

Send us a text ◆ 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 s…

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Holy mountain mama: 'nuns on rampage' as W Virginia bans banks in ESG escalation 47:53

7M ago47:53

47:53

Send us a text ◆ 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 m…

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Do banks’ right hands know what the left is doing? 39:27

7M ago39:27

39:27

Send us a text ◆ 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…

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Does experience matter on syndicate desks? 47:21

7M ago47:21

47:21

Send us a text 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…

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Can it really get any better than this? 53:22

8M ago53:22

53:22

Send us a text ◆ 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 R…

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Why everything works in credit and how the Gilt market is changing 32:37

8M ago32:37

32:37

Send us a text ◆ 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 …

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Banks told to stop ratio wrangling, Shein IPO dilemma and Israel bonds 35:30

8M ago35:30

35:30

Send us a text ◆ 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 …

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Retail, real money and Ramadan 44:47

8M ago44:47

44:47

Send us a text ◆ 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 …

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Is regulatory mayhem throttling Europe? 35:04

9M ago35:04

35:04

Send us a text ◆ 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…

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African default risk after Kenya, Japan lays transition pathway 40:13

9M ago40:13

40:13

Send us a text ◆ 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 troubl…

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Time for the FIG market to get real (estate) 51:03

9M ago51:03

51:03

Send us a text ◆ 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…

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Making bond market history 37:25

9M ago37:25

37:25

Send us a text ◆ 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 …

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Banks sued over climate as African govvies return 38:52

10M ago38:52

38:52

Send us a text ◆ 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 — an…

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Fast money, front-loading and FOMO 28:09

10M ago28:09

28:09

Send us a text ◆ 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 class…

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Sterling bonanza for corporates and SSAs 51:33

10M ago51:33

51:33

Send us a text 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 …

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It's all kicking off 44:03

10M ago44:03

44:03

Send us a text ◆ 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 …

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GlobalCapital's Review 2023 | Outlook 2024 podcast 50:04

11M ago50:04

50:04

Send us a text ◆ 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 ma…

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Milei, Macro and Mexico 44:53

11M ago44:53

44:53

Send us a text ◆ 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 em…

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German SSAs face funding uncertainty 19:31

11M ago19:31

19:31

Send us a text ◆ 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…

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Dude, where's my greenium? 36:21

12M ago36:21

36:21

Send us a text ◆ 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 a…

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Bond investors bolster Israel coffers 40:39

12M ago40:39

40:39

Send us a text ◆ 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…

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Transatlantic securitization: taking off or final flight? 41:51

12M ago41:51

41:51

Send us a text ◆ 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 200…

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