The GlobalCapital Podcast

GlobalCapital
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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 who wants to work in - the capital markets from investment bankers, to funding and treasury officials, investors, lawyers, analysts, NGOs and lobbyists, regulators and policy makers, and analysts.GlobalCapital has been the "voice of the markets" for over 35 years, covering bond, loan, equity and securitisation markets around the world. We cover everything from public sector bond issuers, financial institutions, emerging markets and investment grade corporate bonds and loans to securitisation (including CLOs and ABS), regulation and market news as well as industry gossip.GlobalCapital is written for capital markets professionals but the podcast is of value to anyone with an interest in the industry, whether you have been working in it for as long as we have, or are looking to make your first career move into it.This podcast is a commute-sized slice of everything that's most interesting from the world's capital markets with the aim of helping you sound smarter in your morning meeting, or making you stand out from the crowd of other hopefuls when kick-starting your career.And don't forget, you can #AskGC anything you like and we will select the best questions to answer on the show.Contact us at podcast@globalcapital.com

  1. 2 DAYS AGO

    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 market Plans to change the capital risk-weightings banks must apply to some of their securitization holidings caused consternation in the covered bond market this week. Both securitization and covered bonds are forms of debt secured on a pool of assets — often of the same type, such as mortgages. Of course there are big differences between the two asset classes as well.  Fresh from the European Covered Bond Council's conference in Norway this week, we delve into the controversy and what the outcome will likely be for the way covered bonds are treated under the rules, as well as securitizations. Another two markets that are close cousins are the European financial institution and investment grade corporate bond markets. Both have been very busy lately, awash with deals. But while new issue premiums are rising in the corporate bond market, that is not the case in the FIG market. We discuss why that is and what the pipeline looks like in each for the rest of the month. Finally, we discuss another set of rules affecting securitization. The Renters' Rights Act recently came into force in England. The changes it demands to the way landlords operate will have a knock-on effect on the UK's buy-to-let residential mortgage-backed securities market. We examine what those will be. Now read on: Experts play down European snub to covered bonds Who's afraid of securitization? Fearless FIG investors gobble up latest wave of heavy issuance Corporate issuers pay up in euros as bond wave floods market Fear not the hyperscalers UK BTL RMBS to persist despite Renters' Rights Act

    38 min

  2. 1 MAY

    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 whether he will have an independent mind or be Trump’s puppet. So far, Warsh is getting the benefit of the doubt.  After 62 days without a public bond deal from the Gulf, Emirates NBD reopened the market, surprising observers by bringing a deeply subordinated additional tier one capital deal.  It could be more than a one-off. A lot of banks in the region have capital securities to call and replace, and these are likely to bulk large as issuance gets back into gear. Across the public sector, financial institution and corporate bond markets, May is set to be exceptionally busy with issuance, but each sector is taking the prospect in a different way. Corporates are gung-ho, while SSAs are still gripped by the urge to avoid risk by funding as much as possible early. Financial instutions have borrowing to catch up on, but are close to a cliff edge. Spreads are ultra-tight, but nasty spectres could easily spook the market.

    41 min

  3. 24 APR

    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 volatility The 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 market volatility resulting from the Iran war has sounded the retreat and also assess the impact their withdrawal is having on issuers' pricing power. Meanwhile, the war in Iran is one of a number of factors affecting leveraged loan pricing. It has given CLO managers a chance to make more money, if they can get their hands on enough cheap loans to ramp-up the collateral backing their deals fast enough. But, as we discover, that brings them a whole new set of risks, especially in financial markets which react, as one source put it this week "tweet by tweet". Finally, we ask why investment grade companies are having such success in the hybrid bond market. Counterintuitively, issuers are achieving debut deals and tight pricing on their riskiest form of debt just at a time when the war is making other markets far less certain. We discuss the dynamics at play.

    37 min

  4. 17 APR

    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 around So 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 successful for issuers. But scratch beneath the surface and it was clear that issuers were having to be quite cautious about how they approached investors. This week, we discuss the tactics public sector issuers are using that are driving investors into their deals and those they are not deploying, at least just yet.  We also look at how banks have brought forward issuance, pricing some spectacular deals by doing so, to take advantage of improved investor sentiment resulting from the Iran war ceasefire. We debate what this means for the rest of the spring for banks issuing in the primary market. Finally, we looked at the European corporate bond market where issuers also took full advantage of the sentiment boost, allowing us to examine the way different companies are approaching investors and what makes for a successul new issue. Now read on: SSA orderbooks bulge like it's January but sensitivity and ‘insecurity’ remain SSA issuers that can offer clarity will thrive in uncertainty Surging demand for euro FIG credit eases pressure for clashes in May Waterfall of sticky investors cascades into euro IG corporate bond market

    43 min

  5. 10 APR

    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 markets US 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 much of this week's podcast discussing how public sector issuers, banks and investment grade companies would be altering their bond funding plans to take advantage of this positive but unpredictable opportunity to raise capital. Certainly the ceasefire boosted issuance activity, following Wednesday's rally in asset prices. Banks were more active in unsecured and covered bond funding and there is an urgency among market participants for IG companies and sovereigns, supranationals and agencies to use the time wisely to bring deals while they can. But as we discover, it is not quite as simple as showing up with open orderbooks, given the recent disruption to markets and what lies in store in the months ahead. We also discussed how the Iran war is the latest situation to arise from Donald Trump's second term as US president to showcase the euro market as a solid, reliable alternative to dollar funding as it begins to attract more issuance from Asia as well as the US. But for borrowers in the Middle East, public markets seem beyond the pale even with the ceasefire in place. We examine how several of the region's issuers have turned to private placements to fill their coffers.

    43 min

  6. 3 APR

    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 bonds The 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 February. With fighting raging and a recession predicted, banks’ secondary spreads have widened, especially on the large quantities of subordinated capital they have issued. That is manageable, and the banks can stay out of the market for a while. But at some point they will need to return — assuming they stick to their word and call capital bonds at the first opportunity. Where are the safe haven assets? US Treasuries and Bunds are the obvious ones, but the war has made them sell off too, as investors price in rate rises. One market that has stayed remarkably resilient is non-sovereign public sector bonds. Despite all the noise, investors and issuers have remained calm throughout March, continuing to do deals at sensible spreads — and April could be busy. Covered bonds rely on a web of regulation — not just the laws that establish them in many countries, but rules governing how much capital banks have to hold against them and how they can use them for repo funding. Several major regulatory changes are in the works at once, including on risk weightings, cross-border equivalence and blockchain. And the industry has an idea of its own — a pan-European mortgage guarantee.

    36 min

  7. 27 MAR

    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 Bank Angola 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 weeks, and bankers were looking for a mainstream, investment grade issuer to reopen the market. But this week it was speculative grade African borrowers — as well as the Serbian republic within Bosnia-Herzegovina — that performed that duty, with successful deals that showed emerging market bond investors are willing to buy. Although the three issuers were all from the risky end of the spectrum, they are protected from the war’s effects. Whether investors are willing to steer closer to the Gulf’s woes will be tested in the coming weeks. Another restart happened in euro bonds for European financial institutions. The market has been bare of new issues all month. For a variety of reasons European banks have avoided their home market. Dealmaking picked up this week, with Bank of Ireland showing the way in euros — but most of the action was still in dollars. Frankfurt is an important node on Europe’s capital market blockchain network, and this week Matthias Bergner, DZ Bank’s group treasurer, joins the podcast to discuss DZ’s latest pilot digital bond, sold to KfW. DZ reckons it is the first bond in which the full lifecycle is on chain. Digitalising the bond market - sponsored interview with KfW In an interview on the GlobalCapital podcast this week, KfW's Tim Meirer and Bert Staufenbiel discuss how to move to the next stage in introducing distributed ledger technology to the bond market. They are convinced it can save time, friction, cost and risk. Interoperability of systems all along the value chain is central to the effort. Meirer and Staufenbiel highlight four essential avenues for progress: open standards, public-private partnerships, modular designs and continuous dialogue.

    48 min

  8. 20 MAR

    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 metldown This 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 susceptible to commodity price volatility. So with strikes this week against energy infratsucture in the Middle East, we investigated what soaring oil and gas prices mean for this group. We also discussed the disruption for sovereign, supranational and agency borrowers in one of their core fudning markets — the dollar. We examine why the war has made doing a deal is proving so risky that many issuers are steering clear of what is supposed to be their biggest pool of investment. Finally, we revisited the world of private credit to discuss the impact of falling valuations of loans made to software companies and how Europe's private credit funds are faring better than their US counterparts.

    40 min
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Ratings & Reviews

5
out of 5
7 Ratings

About

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 who wants to work in - the capital markets from investment bankers, to funding and treasury officials, investors, lawyers, analysts, NGOs and lobbyists, regulators and policy makers, and analysts.GlobalCapital has been the "voice of the markets" for over 35 years, covering bond, loan, equity and securitisation markets around the world. We cover everything from public sector bond issuers, financial institutions, emerging markets and investment grade corporate bonds and loans to securitisation (including CLOs and ABS), regulation and market news as well as industry gossip.GlobalCapital is written for capital markets professionals but the podcast is of value to anyone with an interest in the industry, whether you have been working in it for as long as we have, or are looking to make your first career move into it.This podcast is a commute-sized slice of everything that's most interesting from the world's capital markets with the aim of helping you sound smarter in your morning meeting, or making you stand out from the crowd of other hopefuls when kick-starting your career.And don't forget, you can #AskGC anything you like and we will select the best questions to answer on the show.Contact us at podcast@globalcapital.com

Information

  • Creator
    GlobalCapital
  • Years Active
    2021 - 2026
  • Episodes
    243
  • Rating
    Clean
  • Copyright
    © 2026 The GlobalCapital Podcast
  • Show Website
    The GlobalCapital Podcast

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