The GlobalCapital Podcast

Business & Economics Podcasts

A weekly podcast from GlobalCapital discussing the most interesting stories from the world’s capital markets. Contact us at podcast@globalcapital.com

Location:

United Kingdom

Description:

A weekly podcast from GlobalCapital discussing the most interesting stories from the world’s capital markets. Contact us at podcast@globalcapital.com

Language:

English

Contact:

+44 2077797307


Episodes

The great equity capital markets mystery and European politicians’ 180 on securitization rules

1/27/2023
The equity capital markets were supposed to have been alive with deals this January — bond markets certainly have been — but very little has happened. We investigate who is to blame and when we might see some action. Meanwhile, European politicians and officials have stigmatised the securitization market after its part in the 2008 financial crisis. All of a sudden, as a letter from French and German politicians and leaked to GlobalCapital reveals, they agree with the banks that many of the...

Duration:00:33:51

The beef with sustainability-linked bonds

1/20/2023
The sustainability-linked bond market is a nascent one but booming. It is a controversial one too, with some accusing it of being a platform for greenwashing. Those accusations escalated this week when Mighty Earth, an NGO, made a complaint to the US Securities and Exchange Commission about SLB issuer and beef production giant JBS. The outcome is sure to resound through this market for years to come. We examine Mighty Earth’s complaint and look at JBS’s response to it. We also talk about...

Duration:00:42:28

Ukraine: finance and economy, an insider’s view

1/13/2023
Sergiy Nikolaychuk is the deputy governor of the National Bank of Ukraine, the country’s central bank. Appointed to the job in 2021, he has been at the heart of Ukraine’s financial system and economy throughout Russia’s invasion. We spoke to him in Vienna this week about how the NBU makes plans during wartime, its expectations for the conflict and how its economy and financial system has held up as well as its latest agreement with the IMF. While Ukraine might not be able to come to the...

Duration:00:44:11

The big test for 2023 and the ECB’s inadvertent boost to private credit

1/6/2023
The first couple of weeks in January are not just among the busiest of the year in the capital markets but can also tell us a lot about the year ahead. In the first GlobalCapital Podcast of the year, we take a look across the credit spectrum from ECB rulings in the leveraged finance market to how sovereigns will fund the energy price crisis. How bond issuance goes in January is especially important this year after such a disrupted 2022 for so many borrowers. A lot of the problems underlying...

Duration:00:17:32

Can investors spot a green oil company? Plus top moments of the year

12/16/2022
In GlobalCapital's last podcast of 2022, four of our journalists pick the moments from this year that stood out most for them as important, memorable... or amusing. We also discuss how the UK regulator is using Brexit to try and ease some of the harsh restrictions imposed on securitization by the EU since 2008 — while the EU is refusing to listen to the industry’s complaints. In the equity capital market, there has been a burst of block trades, proving that investors have appetite — an...

Duration:00:34:43

What China’s Covid policy means for EM bonds, the EU-lephant in the room and the state of private credit

12/9/2022
China relaxed some of its zero-Covid policy this week, giving hope that this will stimulate Chinese growth. We explain why that will be a boost for beleaguered emerging market bond issuers and investors — and also why it might not. The European Union completed its gigantic funding task for the year this week with a €7bn bond sale. Other SSA issuers have had to navigate around it all year as this bond behemoth must come to the market often and in size. But next year, the EU — and other...

Duration:00:38:12

Can issuers avoid the ESG heat with private bond sales?

12/2/2022
Hungary came to the markets this week with a privately placed increase of a dollar bond. Along with recent green bonds from the issuer, the response from some in the market was that the issuer was doing funding this way to avoid scrutiny over its standards of governance. The country is in an escalating dispute with the EU over allowing the primacy of the rule of law, as bloc membership demands. The European Commission has recommended freezing disbursement of funds to the country unless it...

Duration:00:33:41

The bull run for bank bonds and scope for improvement in the SLB market

11/25/2022
It has been a record November for bank bond issuance and one of the busiest months for that market ever. That is, of course, unusual. What is even more unusual is that many in the market expect the pace of issuance to run long into December. Typically, the market dies down after the US Thanksgiving holiday at the end of November. We look into what is driving this late spree of deals and ask what might stop it. Sustainability-linked bonds are not straightforward products and this week, one...

Duration:00:37:36

The Santa rally comes early and what killed Ithaca’s share price

11/18/2022
The first UK IPO of significance in a year might have been hoped to be a bellwether for future deals and perhaps spark a revival for listings. But the IPO of Ithaca Energy has not worked out quite as the company and its investors might have hoped with the share price tumbling. We take an in-depth look at the company and the listing to find out what happened. In the primary bond market the tale has been, on the whole, much rosier. Investors have bet that central banks are nearing the top of...

Duration:00:41:08

The arc of the covenants and Korean callable chaos

11/11/2022
Some serious people in the leveraged finance market believe that covenants designed to protect investors are on their way back. That would mark the reversal of a trend that has been going on for perhaps 20 years of borrowers, and the people that own them, pushing the conditions that govern their borrowing ever more in their own favour. It is early days – to the extent some market insiders do not believe it is even happening – but we investigate this week what restraints lenders are...

Duration:00:43:49

Women in financial markets

11/4/2022
That the asset management industry – and the financial markets at large – has a problem with gender equality and women’s participation will be a shock to no one. But a recent survey laid bare just how stark the issue is despite years of debate about how to make the business a better place to work for half of the population. Two women with a wealth of financial markets experience joined us this week to discuss the state of the industry and what to do to improve it. Louise Wilson is the...

Duration:00:41:16

Credit Suisse: breaking up is hard to do

10/28/2022
Credit Suisse finally revealed its new strategy this week — breaking the firm up into three. Talk about a Swiss finish. Many of the details had been leaked in the run up to the announcement but it was no less momentous for all of that. The Swiss firm will keep its domestic operations, wealth and asseet management and markets businesses. Meanwhile, it is selling its profitable but capital-hungry securitization business to investment houses Apollo and Pimco and setting up a separate capital...

Duration:00:32:10

Truss booed off in UK pantomime

10/21/2022
Will Liz Truss’s exit as prime minister be enough to calm the capital markets? What must her successor do to put the UK back on track? Plus who dares wins in corporate bonds and the far-reaching implications of HSBC ads being banned for greenwashing

Duration:00:31:00

Dark days ahead in corporate bonds and scares aplenty in UK markets

10/14/2022
- Capital raising about to get tougher for companies - Chaos reigns in Gilt market With many corporate bond issuers in Europe heading into earnings blackout periods, fears are that once they release their results in a few weeks, the negative impact of inflation, supply chain disruption and rising rates will mean lower profits. That in turn will make capital markets tougher places to raise money. We discuss who will be hit and what they can do to issue debt in the aftermath of bad results...

Duration:00:19:00

Saudi issues ‘bond beyond oil’ as other borrowers try every trick in the book

10/7/2022
The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, made a huge splash in bond markets this week with its debut deal. But the $3bn sale across three green tranches, including a 100 year bond – an unprecedented feat among debut issuers – was not without controversy. While the deal execution itself could not be hailed as anything other than a success, investors had wildly differing opinions about whether a green bond from Saudi Arabia is a credible ESG investment or not. The...

Duration:00:38:36

Anarchy in the UK and never mind the Buoni

9/30/2022
We analyse the disruption to capital markets this following new UK chancellor of the exchequer Kwasi Kwarteng’s plan to fund tax cuts and energy bill support through extra government bond issuance, which spread across currencies and asset classes and ended — or perhaps just paused — with the Bank of England making an emergency purchase of some of those bonds just as the government was in the market issuing some. Sovereign debt managers often tell us they like their markets to be dull and...

Duration:00:34:59

Innovation nears ESG government bonds and UK bankers’ bonuses

9/23/2022
Uruguay has taken a step further along its path to issuing a sustainability-linked bond, which will be something new for the market to get its teeth into. And in an extra wrinkle, the South American sovereign borrower is proposing to pay investors less if it hits certain sustainability targets. We take a look at how near this controversial idea is to becoming reality and whether the market thinks Uruguay will succeed or fail. Meanwhile, as we recorded the podcast, the UK’s new chancellor...

Duration:00:26:52

‘I shouldn’t really be saying this… but I have no idea what investors are doing buying’

9/16/2022
A number of senior bond bankers in Europe’s corporate bond market cannot for figure out why investors are buying what they have to sell. With US inflation above expectations this week suggesting central banks could be about to raise interest rates imminently, yet again, some bankers are having a hard time figuring out why you’d buy anything now that you could buy at a much better yield by waiting a couple of weeks. We explain how deals are getting done in such a volatile market and what is...

Duration:00:35:08

Capital markets take on the energy crisis

9/9/2022
Almost a year ago, we discussed the energy crisis for the first time on this podcast — how energy companies were using the capital markets in the face of higher demand for their product and what it meant for inflation. A year on, things are much worse. Russia’s invasion of Ukraine a few months later has turbocharged that crisis to the point where this week governments are once again unveiling fiscal support packages to help people and businesses through. We look at where the capital markets...

Duration:00:35:39

Say, do you remember printing in September?

8/26/2022
Earth Wind and Fire’s September, a nostalgic paean to the joys of the first month of autumn, might strike a chord with those involved in the business of raising bonds for companies and banks this year. Traditionally — along with January — one of the busiest months in the primary market calendar, most Septembers offer a bumper harvest of bond issuance as investors return form their summer holidays refreshed and with new piles of cash to deploy for the final quarter of the year. But this...

Duration:00:29:26