The GlobalCapital Podcast

Jaksot

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  Squirrel on squirrel violence 11.09.2026 31min

  Send us Fan Mail ◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets The plight of the red squirrel, native to the UK, is well known — pushed out by the chunkier, more vigorous grey variety imported from the US. Is there a parrallel with the European corporate bond market we wonder, given the vast amounts of US corporate bond issuance taking place this year in euros, sterling and Swiss...
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  The mysterious case of the disappearing investors 04.09.2026 40min

  Send us Fan Mail ◆ Solving order book attrition in the corporate bond market ◆ Signs of trouble in the tech debt boom ◆ The task before the EU's two newest chief regulators The rate at which investors are dropping out of order books in Europe's corporate bond market when issuers tighten the pricing on their deals in syndication is rising. We examine why, what borrowers are doing to counter it and discuss just how important order book attrition is in the first place. Meanwhile, the...
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  Banks not getting it all their own way in primary market 28.08.2026 40min

  Send us Fan Mail ◆ Covered bond issuers take stock as pipeline threats loom ◆ Caution creeps into FIG market ◆ What triple-A ratings for Italian ABS mean for banks, securitization and the credit rating industry The primary bond market has been characteristically busy for the last two weeks with issuers of all stripes trying to beat rivals to investors' cash ahead of what is expected to be a hectic September. For banks issuing bonds, this has meant competing on a number of fronts —...
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  The Middle East and corporate bond pipeline 21.08.2026 31min

  Send us Fan Mail ◆ Predictions for Gulf issuance change shape again ◆ Investment grade firms to pick tricky path through autumn ◆ The Alphabet effect: hyperscalers hit Kangaroo market Middle East borrowers, especially the big sovereigns, have mostly kept away from the public bond market since the US-Iran war began at the end of February. There has been much anticipation that they will return in force in September, when primary bond markets are expected to become much busier. But w...
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  Record temperatures, record bonuses 14.08.2026 51min

  Send us Fan Mail ◆ Have capital markets comprehended the heatwave? ◆ Which SSA issuers need to get it done this autumn ◆ Halcyon days for MTN, M&A and ECM bankers Heatwaves and wildfires are dominating the news but the capital markets seem barely to have noticed. We discuss how the bond and securitization markets are thinking about the risks of global warming, whether they are worrying about it enough and whether anyone has figured out yet who will fund cliamte adaptation, res...
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  All eyes on the hyperscalers 11.08.2026 50min

  Send us Fan Mail ◆ Europe's corporate bond market braces for US tech issuance surge ◆ Canada makes move for EU regs equivalence but to what end? ◆ Middle East private placements here to stay... but will take up less room Europe's corporate bond market is fretting over increased bond issuance from hyperscalers in the autumn. These US tech giants, when they come to the market, come big. And with their spreads having widened lately, more storied issuers in the market are worried that...
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  Another ABF lender collapses, development banks max out private placements 31.07.2026 55min

  Send us Fan Mail ◆ The collapse of another specialist lender hits asset-backed lending but why it's different this time ◆ MDBs ramp up private funding ◆ No greenium but European banks happy to print more ESG labelled debt Barely six months after the controversial collapse of Market Financial Solutions, another UK specialist lender has tumbled. The failure of Amplifi is another blow to the banks and other institutions that fund the specialist lenders through asset-backed finance.&n...
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  The bully of the curve 24.07.2026 34min

  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 alarm seized bond markets globally, pushing French and German yields to decade highs and Tr...
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  The meaning of a basis point 17.07.2026 48min

  Send us Fan Mail ◆ Greenium reappears in unlikely place ◆ US banks splash out ◆ Is that all I’m worth? ◆ Cantor is coming A 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 price ever closer to Treasuries. Last week the International Finance Corp got to 1.7bp — and it...
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  Banks beefing up buy-backs as sterling market anticipates bright future 03.07.2026 33min

  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 sterling A 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, they may completely change how they deal with investors when they do buy-backs. Man...
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  Brewing a bromance between Burnham and bonds 26.06.2026 52min

  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 Kangaroo Andy 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 badly, it cost her her job and made her term the shortest in the history of the office. Th...
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  The waiting games: ME issuance, digital capital markets and French covered bonds 19.06.2026 49min

  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 up The 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 tempt borrowers back to the primary bond market en masse. We discover why. We also analyse a...
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  The ESN has landed 12.06.2026 1t 3min

  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 regulators Bpifrance 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 question is now where next for ESNs? This twist on a covered bond has clear applications...
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  Two comebacks and a pull-back: credit card ABS, insurance tier two and SSA bonds 05.06.2026 28min

  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 record A 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 comeback now and what makes it different this time. We also discuss our sister pod...
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  Par from the Maduro crowd? 29.05.2026 43min

  Send us Fan Mail ◆ Venezuela embarks on historic debt restructuring ◆ Canada suggests covered bond boost ◆ European Secured Notes are here. Regulate them Venezuela'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 Venezuela knows quite how much. That's not the only unusual thing about the exercise. ...
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  SSAs and US Treasuries: crossing the final frontier 22.05.2026 52min

  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 structure Bond 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 little if any issue premium and then performing in the secondary market. There h...
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  Starmer, strife and sterling bonds 15.05.2026 42min

  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 bond The 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 and faces a challenge to his leadership following a grim set of local election results. Un...
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  Justice for covered bonds (and securitization) 08.05.2026 38min

  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 as...
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  The outbreak of Warsh 01.05.2026 41min

  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 th...
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  The fast and the dubious 24.04.2026 37min

  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 t...