Bondcast - The Rates Podcast

NatWest Corporates and Institutions

In this weekly podcast series, Imogen Bachra along with the NatWest Markets team of rates & markets specialists help investment professionals shape their portfolio views on fixed income, learn how the biggest themes, trends, and events affect bond performance, and get deeper insight into rates markets including the latest analysis & research from the NatWest team.

  1. 1 day ago

    The Week Ahead: 13 – 19 July

    Imogen Bachra looks ahead to a week shaped by renewed Middle East risk, key US inflation data, Chair Warsh’s testimony, UK political uncertainty, and the start of earnings season. Key takeaways Markets may need to price a higher geopolitical risk premium after renewed escalation in the Middle East.Oil prices, shipping costs, and physical flows through the Strait remain important indicators of how markets are assessing regional risk.US CPI will be a key focus, with expectations for a decline in overall consumer prices and lower year-over-year headline and core inflation rates.Chair Warsh’s testimony before Congress may offer limited forward guidance on rates, but could provide more detail on the Federal Reserve’s taskforces.UK markets are likely to focus on political developments, the next Labour leader, and the implications of the Chancellor appointment for borrowing and fiscal policy.Earnings season begins with financials, while the broader macro focus on hyperscalers and technology companies comes later in the month.Topics covered Middle East geopolitical risk and market risk premiumOil prices, shipping costs, and the StraitUS inflation and CPI dataFederal Reserve policy and Chair Warsh’s Congressional testimonyUK politics, fiscal discipline, borrowing risk, and the Chancellor appointmentRachel Reeves’ Mansion House speechCorporate earnings season, financials, hyperscalers, and technology companiesQuestions this episode helps answer What market themes matter most in the week commencing 13 July?

    3 min

  2. 3 days ago

    Are markets too quick to price more rate hikes?

    Oil prices are back in focus, markets are repricing central bank risk, and politics is adding another layer of uncertainty across Europe and the UK. In this episode of Bondcast, Imogen Bachra, Deepika Dayal and Oriane Parmentier discuss whether markets are moving too quickly to price further rate hikes – and what investors should watch next. In this episode, we discuss: Middle East tensions and oil prices: why renewed geopolitical risk has pushed markets to reassess inflation and rate expectations.ECB pricing: whether recent euro rates repricing has gone too far, and why July still looks too soon for a policy shift.Fed outlook: why short-term oil moves may complicate the picture, but still leave the Fed in wait-and-see mode.US inflation and growth: why higher oil prices could act as both an inflation impulse and a tax on the consumer.Bank of England risks: why the UK still faces the clearest upside risk to policy rates, even if hikes look more likely later than sooner.France and OATs: what Marine Le Pen’s 2027 election intentions mean for French political risk and bond spreads.UK politics and gilts: why fiscal policy, borrowing risks and autumn policy announcements may matter more than near-term leadership headlines.Leverage ratio framework: what the Bank of England’s latest consultation could mean for bank demand for gilts — and why it may not be a game changer yet.Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy. This episode was recorded on 9 July 2026, and captions are automatically generated.  For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    34 min

  3. 6 days ago

    Speakers' Corner: Are markets too optimistic on oil and global shipping?

    Oil prices have retraced to pre-conflict levels following the signing of a memorandum of understanding (MOU) and the reopening of the Strait. But does that rebound accurately reflect what’s happening in the real economy? In this special episode of Bondcast: Speakers Corner, Imogen Bachra is joined by NatWest economist Aastha Gupta, who specialises in global trade, to examine whether markets have moved ahead of the underlying fundamentals. They explore why physical shipping flows remain well below normal, why freight and insurance costs continue to matter for inflation, and what this means for rates markets and central bank expectations. Key takeaways * Markets have rapidly repriced geopolitical risk, with oil prices returning to pre-conflict levels. * Physical shipping volumes have only partially recovered and remain well below pre-crisis norms. * Freight rates have eased but continue to trade above historical baselines, reflecting ongoing supply constraints. * Marine insurance and compliance requirements remain important bottlenecks to restoring shipping capacity. * Shipping demand remains resilient as firms continue to reroute cargo, build inventories and front-load trade ahead of tariff deadlines. * The recovery in global trade is likely to be gradual and uneven rather than a quick return to normal. * The gap between financial market pricing and physical trade dynamics suggests inflation risks may remain more persistent than markets currently expect. This episode was recorded on 30 June 2026. The views expressed in this episode are not necessarily those of NatWest Group. For any terms used please refer to this glossary: https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    13 min

  4. 5 Jul

    The Week Ahead: 6 July – 10 July 2026

    Imogen Bachra shares her quick take on the big themes and events likely to move markets over the coming week. It’s a lighter but still market-moving calendar, with UK and French political risks, the Bank of England’s Financial Policy Committee report, the latest signals from the Fed and ECB, and renewed focus on dollar-yen intervention risk.

    3 min

  5. 3 Jul

    A deceptively important week for rates markets

    This week on Bondcast, Imogen Bachra, Ian Vanderhorn, and Oriane Parmentier unpack a deceptively important week for rates markets: a mixed US labour report, softer European inflation, central-bank caution at Sintra, and growing focus on the Bank of England’s balance sheet and gilt market resilience. The big takeaway: markets may be pricing out near-term hikes, but the path ahead is anything but simple. Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy. This episode was recorded on 2 July 2026. For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    28 min

  6. 30 Jun

    Speakers' Corner: Leverage ratios, gilt demand and the future of UK funding

    In the first episode of Bondcast Speakers’ Corner, host Imogen Bachra is joined by James Bucknall and Iain Budge to discuss one of the most closely watched regulatory topics in UK rates markets: the leverage ratio framework. With the UK facing sizeable financing needs, ongoing quantitative tightening (QT), and growing debate around who will absorb future gilt supply, the conversation explores whether changes to leverage rules could unlock additional demand from bank treasuries and support government funding markets. Topics raised: * The Financial Policy Committee's (FPC) July review of the leverage ratio framework is an important event for UK rates markets. * Changes to leverage rules could support Treasury Bill market liquidity and increase bank demand for gilts. * The gilt market itself remains resilient, with funding conditions holding up well despite episodes of heightened volatility. * Any easing of leverage constraints would likely benefit a broader range of assets, not just gilts. * Regulatory reform may become increasingly relevant as QT progresses and more duration moves onto private sector balance sheets. Host: Imogen Bachra (Head of Economics and Markets Strategy) Guests: Iain Budge (Head of Banks and Building Societies Solutions) James Bucknall (Head of Sterling Interest Rate Trading) The views expressed in this episode are not necessarily those of NatWest Group. Recorded on 18 June 2026 For any terms used please refer to this glossary: https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    28 min

  7. 28 Jun

    The Week Ahead (29 June - 3 July '26)

    In this new series of Bondcast Week Ahead, Imogen Bachra shares her thoughts on what's moving markets in the coming five days.

    4 min

  8. 26 Jun

    Peak optimism and calm markets

    This week on Bondcast, Imogen Bachra is joined by Oriane Palmentier to discuss rates markets in the UK and Europe. Key topics:  * The sharp repricing lower in UK gilt yields and evolving Bank of England expectations * Whether markets are becoming overly optimistic on oil, inflation and fiscal risks * What to watch during next week’s ECB Sintra conference * Euro area funding plans for the second half of 2026 * What to make of French spreads despite renewed political focus   Host: Imogen Bachra (Head of Economics and Markets Strategy) Guest: Oriane Parmentier (European Rates Strategist)   This episode was recorded on 25 June 2026. Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy. For any terms used please refer to this glossary: https://www.natwest.com/corporates/insights/markets/glossary.html  Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

    23 min
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Ratings & Reviews

5
out of 5
10 Ratings

About

In this weekly podcast series, Imogen Bachra along with the NatWest Markets team of rates & markets specialists help investment professionals shape their portfolio views on fixed income, learn how the biggest themes, trends, and events affect bond performance, and get deeper insight into rates markets including the latest analysis & research from the NatWest team.

Information

  • Creator
    NatWest Corporates and Institutions
  • Years Active
    2021 - 2026
  • Episodes
    222
  • Rating
    Clean
  • Copyright
    © 2026 Bondcast - The Rates Podcast
  • Show Website
    Bondcast - The Rates Podcast

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