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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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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 thinking they …
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◆ 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 Review 2023|Outl…
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◆ 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 financial year …
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◆ 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 and what the su…
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◆ 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 cons of democra…
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◆ 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 CMU happening.…
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◆ 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 troubling debt piles.…
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◆ 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 reality coming…
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◆ 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 in the bond mar…
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◆ 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 — and governments a…
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◆ 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 classes that they ha…
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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 very busy time …
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◆ 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 withdrawn suppo…
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◆ 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 makes of the demi…
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◆ 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 emerging markets …
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◆ 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 government's b…
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◆ 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 associated with …
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◆ 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 has done, with…
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◆ 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 2008 financial cri…
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Sustainable finance has become a huge market, with issuers all over the world having sold more than $2 trillion of green bonds. Yet the climate emergency is still getting worse. Finance is committed to aligning with the Paris Agreement, but is it on track? In this special podcast supported by the European Investment Bank to coincide with the World …
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North Africa is one of the most important regions for the European Investment Bank’s financing outside the EU, and one where it sees great potential for funding sustainable development. In this special podcast supported by the European Investment Bank from Marrakech, which is hosting the World Bank and IMF annual meetings, Ricardo Mourinho, the EIB…
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◆ The Beatles may have a new, if that is the right word, song but one of their classics sums up Zambia's debt restructuring best ◆ The bank treasurer's dilemma ◆ A new index for the covered bond market To say Zambia has had a convoluted route to get to its debt restructuring is something of an understatement. But it has made major progress this wee…
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◆ Why the PE industry is going to have to make the IPO market work ◆ Real estate, real refi risk ◆ Managing the SSA bond pipeline The European IPO market is in a pitiful state. Of the few deals that do make it to book building, some are pulled while some that are priced then tank. Discounts are eye-watering and a lack of liquidity makes bringing mi…
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◆ Scottish government puzzles bond market with debt plan ◆ Saudi sov wealth fund makes sukuk debut as crisis in Middle East deepens ◆ Supranational hybrids and other highlights from the IMF/World Bank Annual Meetings in Marrakech Scotland's first minister Humza Yousaf caught the attention of the bond market this week by revealing plans for the coun…
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◆ Will Israel-Hamas conflict or US rates derail EM primary? ◆ Europe's IPO market dealt a new blow ◆ Private credit muscling in on investment grade lending Emerging market issuers sold no dollar bonds in the immediate aftermath of both Hamas's attack on Israel on October 7 and Israel's initial response. But the violence was not the only reason for …
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◆ IG investors comfort eat sweet spreads ◆ What can FIG issuers do now? ◆ US HEI securitizations: mainstream or flash in pan? With some core government bond benchmarks soaring to their highest yields in over a decade this week, we looked at the effects long term rising interest rates and short-term spikes in yields are having on what investors will…
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◆ Central banks and governments want to take banks’ money ◆Where has the greenium gone? ◆ Direct lending goes investment grade Banks have been having a whale of a time as issuers in the bond market this month, with ample demand. But a whole gang of threats is creeping towards them. Having failed to pass on higher interest rates to their depositors,…
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◆ Should markets rejoice or worry? ◆ FIG borrowers are gung-ho ◆ Topping rates poses quandary for EM ◆ CLO investors sort sheep from goats Capital markets of all stripes wrestled this week with one question: what happens next to interest rates? Each market had its own interpretation, and they were surprisingly different. Public sector bond speciali…
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◆ A new NPL threat to Italian banks ◆ Hybrid capital gets a makeover ◆ Covered bond liquidity ◆ SSA market finds its rhythm Reaction in the markets to Italy's plan to allow bad lenders to buy back their loans at a small premium to what the owners paid for them has been both critical and robust. Is it just private investors griping about not being a…
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Some corporate borrowers are finding the once verdant loan market a hostile spot to hang out lately, driving some companies to test out bonds for the first time. If a debut deal this week from Germany’s Rewe — which seems to still be able to access loans without any problem — is anything to go by, then the potential debutants planning to take the p…
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◆ Nordea's novel twist on sustainable funding goes mainstream ◆ Corporate and SSAs: here for the duration ◆ Gabon and off: coup hits bonds Having inaugurated the product in its home currency markets, Nordea this week brought its SLL bonds to euros. The deal's proceeds are dedicated to funding the lender's sustainability-linked loan book, creating a…
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Issuance returned to multiple debt markets this week after the summer drought, with the sovereign, supranational and agency market and corporate bond markets seeing a spurt of trades. While everything was orderly, there was a noticeable lack of pizzaz to many of the trades, with small books compared to historical averages and some issuers needing t…
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◆ China property co debt straits play out in EM... ◆ ... and European corporate bonds ◆ The industrious sterling bond market The aftershocks of Chinese property development whopper Country Garden's revelation that it would miss bond coupon payments rippled across the world's capital markets this week. We follow the trail from the beleaguered builde…
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Central Africa’s Gabon did what no other African sovereign has done this week when it completed a debt-for-nature swap which included the first ever blue bond from the African continent. But the deal did not come without its intricacies, as the sovereign got an insurance from the US Development Finance Corp, meaning that the usually Caa1/B- rated c…
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◆ US downgrade: why, if you liked US Treasuries at 3.96%, you'll love them at 4.18% ◆ A new fund for forests ◆ The African sovereign bond paradox ◆ Pemex problems There was a lot going on in the US Treasury market this week, following a downgrade of the sovereign by Fitch, an increase in government borrowing beyond what was expected and jobs data. …
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◆ Deep dive into new SSA asset class ◆ What the possible return of NoChu means for Europe's CLO market ◆ US market braces for aircraft ABS revival The African Development Bank is at the forefront of the biggest development in SSA debt issuance in years. It will likely price the first hybrid deal from such an issuer in the coming weeks and months. W…
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◆ G20 tries again for MDBs to do more ◆ The investment case for Turkey after UAE steps in ◆ Will the CMBS revival be stunted? Multilateral development banks, which borrow money from the bond market at triple-A rates to fund projects in the developing world, are the subject of great scrutiny as the world claws its way out of the pandemic and grapple…
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◆ "Nobody on the road, nobody on the beach," as issuers spy their chance ◆ Why SSAs are in prime position for the rest of the year ◆ A record breaking deal in Asia's equity-linked bond market Don Henley lamented the lack of people on the road and the beach in his song The Boys of Summer. Some in the bond markets might be thinking the same almost 40…
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◆ The World Bank's Valerie Hickey 'we need green systems, not projects' ◆ Two airports praised for SLBs ◆ Three IPOs revive market for European listings Valerie Hickey is the World Bank’s global director for the environment, natural resources and the blue economy. She talked to us about the challenges the world faces in getting capital to developin…
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◆ Its pipes leak but does Thames Water’s debt structure hold water? ◆ How the EU’s funding for H2 impacts the SSA market ◆ LatAm issuers like London buses but not for the obvious reason Thames Water, the utility that hydrates over a quarter of the UK population, ran into trouble this week that could result in its renationalisation. We examine the c…
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◆ A dicey moment for bank bonds ◆ Unibail shops for hybrid solution ◆ Vibes from this year's 'Euromoney' ◆ The ESM's new MD speaks to GlobalCapital The covered bond market had a wobble this week. It was the last thing bank bond issuers needed just as the wreckage of Credit Suisse and Silicon Valley Bank disappeared from the rear view mirror. But it…
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- Another blow for London listings - Cold property: US offices worry CMBS - AT1 market revival - SLLs vanishing WE Soda, the soda ash producer, pulled this week its much heralded London IPO. It was a blow that the UK’s equity capital market and the European IPO market needed like the proverbial hole in the head. We examine what went wrong but disco…
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- AI: the cheat code to cheap labour? - Why NY might be about to get it very wrong on sov debt restructuring - A huge green bond debut for Aussie mining state Artificial intelligence might not have made it far past drafting generic deal pitches and finding a list of comparable bonds just yet but that, it could be argued, is already a chunk of what …
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An attempt to raise standards in the SLL market Will WE Soda’s IPO pop? Grocer price caps enrage bond investors First off, apologies to John Betjeman for the above mauling of his work but it isn’t often that you see market participants applauding attempts to regulate what they do and it inspired us to verse, albeit not our own. That happened this w…
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How borrowers are navigating the US’s debt ceiling stand-off The rise of Middle East capital markets Tougher times ahead for European corporate issuers This was the week when capital markets really started to worry about the US hitting its debt ceiling. We examine how that affected issuers in the dollar market this week from SSAs to the big Wall St…
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Sukuk market flying but other parts of EM in peril What now for Turkis issuers? SSAs dive into dollars despite debt ceiling threat Exciting pricing in UK RMBS Emerging market issuers are hardly a uniform bunch and that was demonstrated this week with some taking full advantage of an undersupplied sukuk market, while in Latin America, some borrowers…
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Pivotal moment for Turkey’s bond issuers Once upon a time… in Ecuador Crunch time for RMBS It’s not every day that a Hollywood megastar endorses a bit of finance arranged by a notorious investment bank to protect the Galapagos Islands; in fact that is a very specific set of circumstances indeed. So, when Leonardo DiCaprio posted on Instagram this w…
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European banks duck out of lending and underwriting Can risk transfer solve the US banking problem? Irritation in the corporate bond market Evidence has emerged of banks, particularly from Europe, doing less funding for high polluting clients. It represents a riposte to accusations of greenwashing but, as always in green finance, we discover there …
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Italy and Switzerland give bank bonds a boost A renaissance for emerging market corporate issuance… or not Using pension funds to fix UK equity capital markets Banks’ access to debt funding and capital hit two important waypoints on the journey back from March’s crisis towards full health. UniCredit called an additional tier one deal, reassuring in…
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Will securitization finally throw off the shackles? Bank funding progress report EU sustainability taxonomy causes more aggro Australians take over European corporate debt European securitization has been in something of an open prison, GlobalCapital argued this week, since the 2008 financial crisis. But the end of central bank funding schemes — th…
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