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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 official ...
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Send us a text ◆ 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 corporates GlobalCapital 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 th…
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Send us a text ◆ 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 reli…
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Send us a text ◆ SLBs miss targets with hundreds more up for review ◆ US issuers make hay in European sunshine ◆ Banks probe longer dated debt issuance The 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 issue…
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Send us a text ◆ 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 turmoil The 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 s…
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Send us a text ◆ 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' abil…
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Send us a text ◆ 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 ruling We 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 act…
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Send us a text ◆ 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 Wehlert US 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 inves…
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Send us a text ◆ Farewell, KommuneKredit ◆ Covered bonds advance on SSAs’ territory ◆ Ivory Coast makes funding breakthrough ◆ Romania’s risks Genuinely 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 supr…
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Send us a text ◆ UK fires starting pistol on digital Gilts ◆ SSA market absorbs EU defence funding detail ◆ Credit issuers adjust tactics The 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, partic…
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Send us a text ◆ DOGE threatens US CMBS recovery ◆ Drill, baby, drill? Borrow, habibi, borrow ◆ Cracks appear in European credit market Just 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 Do…
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Send us a text ◆ 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 suppo…
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Send us a text ◆ Rob Murray, the Defence, Security and Resilience Bank's creator, explains all ◆ Why US must be involved ◆ Three point strategy to augment defence spending The 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 thi…
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Send us a text ◆ 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 dollars New 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 …
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Send us a text ◆ German poll to have far-reaching consequences for bond market ◆ UK water sector's capital markets tangle ◆ Corporate issuance picks up in emerging markets Germany 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…
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Send us a text ◆ Using the bond market to boost European security ◆ Africa nears sovereign debt stabiliser ◆ Sterling's ESG problem With 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 settin…
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Send us a text ◆ Trump orders review of US involvement in multilateral development banks ◆ What's driving Reverse Yankee issuance? ◆ Deutsche Bank sparks new controversy in AT1 capital Among 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 involveme…
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Send us a text ◆ Why you got paid what you got paid ◆ Insider reveals what really goes on when bonuses are allocated ◆ HSBC winds down M&A and ECM We 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 Lync…
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Send us a text ◆ 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 status The 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' recover…
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Send us a text ◆ 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 Inve…
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Send us a text ◆ 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 blossom This 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. Th…
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Send us a text ◆ The sheep and the goats in UK water ◆ How EM loses assets but gains deals ◆ US corporates lean to euro bonds Investment 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 U…
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Send us a text ◆ How to fund Europe ◆ What market experts think is going to happen next ◆ The EU to embark on biggest six-month funding spree The European Union shapes up poorly compared to its rivals when it comes to growth and competitiveness. Former ECB president and Italian prime minister Mario Draghi believes the bloc needs €800bn of investmen…
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Send us a text ◆ French government collapse scrambles bond market ◆ What next for French corporate, FIG, covered bond and public sector bond issuers? ◆ ECB Trials on distributed ledger technology: the verdict The long-running saga of the peril of the French public purse took a new twist this week as the country's government collapsed over budget wr…
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Send us a text ◆ French bond issuers' tough time ahead as PM fights to get budget through ◆ Trump tough talk on tariffs' threat to emerging markets ◆ Investors give IPO sellers the silent treatment There are barneys - quarrels to those unfamiliar with British slang - breaking out all over the place and capital markets are caught in the crossfire. I…
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Send us a text ◆ The challenge for SSA issuers next year ◆ German banks and the commercial property millstone ◆ Hybrid hot streak explained SSA bonds in euros have widened against swaps by quite some way in recent months. That will present a big challenge for the asset class's smaller issuers next year. We explain how the market will find a new cle…
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Send us a text ◆ Donald Trump’s threat to ESG finance in the US ◆ Why ‘woke capitalism’ won’t be put to bed ◆ UK auto ABS faces up to compensation crisis One of the biggest areas of conflict in US politics over the next four years — and indeed, over the past four — will be over environmental, social and governance matters. Donal Trump’s administrat…
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Send us a text ◆ Trump triumphs, Scholz slumps, rates roil ◆ Credit issuers off to the races ◆ Rates issuers contend with unprecedented Bund-swap inversion The underlying movements between benchmark rates and bond yields are rocking the capital markets. Why? Well, this week the blame could be laid squarely at the door of politics. Donald Trump's re…
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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