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The GlobalCapital Podcast

Business & Economics Podcasts

A weekly podcast from GlobalCapital discussing the most interesting stories from the world’s capital markets

A weekly podcast from GlobalCapital discussing the most interesting stories from the world’s capital markets

Location:

United Kingdom

Description:

A weekly podcast from GlobalCapital discussing the most interesting stories from the world’s capital markets

Language:

English

Contact:

+44 2077797307


Episodes

Where bankers make the most money

1/28/2022
Compensation is up across the board for investment banking staff and bankers in the capital markets. But where do you have to work to make the big bucks? The GlobalCapital Podcast reveals the answers. We talk about pay levels — salary and bonus — throughout the ranks and which bits of the bank pay the best to work in. We also talk about what different shops pay and where to locate yourself for the best chance of making top dollar… or euro, or pound. But are the rising compensation levels...

Duration:00:33:33

A golden opportunity for oil and gas as new reality bites capital markets

1/21/2022
Last week on the GC Podcast, we questioned whether we had passed the high point of bond market madness — the sorts of new issues that left some market participants wondering why anyone would buy a deal on such parsimonious terms as they watched many more pile in regardless. This week, there was mounting evidence to suggest we had. Top rated issuers in the SSA and covered bond markets found themselves locked out of longer dated debt — at least at terms they would be happy to pay — as...

Duration:00:26:15

Was that the high water mark for bond market madness?

1/14/2022
The primary bond market was going gangbusters this week. January is always a busy month but, so far, this one feels busier than others. Bond markets have run on central bank fuel in the form of low rates and quantitative easing for years. That has led to some startlingly low yields and an era of cheap borrowing. But with rate rises on the way to combat inflation, there is a very real sense that this could be the end of an era. Amid the flood of new bond issues, issuers are grappling with...

Duration:00:32:42

What the first few days of 2022 tells us about the rest of the year in capital markets

1/7/2022
January is invariably one of the busiest months in the capital markets calendar for new issuance as borrowers race to get ahead of their funding plans, and those of their rivals. So far this year, it has been no different with huge volumes of bond funding raised across different markets. But underlying the buoyant conditions is a sense of unease that they might not last forever. This week, we looked at what is causing that unease — from the spectre of rising interest rates and the...

Duration:00:27:34

How the ECB set up the primary bond market for a hectic January

12/17/2021
This week was an important one for the primary capital markets, even if there was very little, if any, issuance. The US Federal Reserve, the Bank of England and the European Central Bank all made key monetary policy decisions that laid the ground for what is traditionally one of the busiest months for capital raising all year — January — and beyond. We focus on what the ECB said about its plans for bond buying and how this will impact bond markets at the start of next year, particularly for...

Duration:00:21:31

Ripping up the IPO rulebook

12/10/2021
First the UK and now the EU have embarked upon a review of whether the way IPOs are done on their turf is fit for modern markets or not. With €93bn-equivalent raised through IPOs so far this year in EMEA — a number only equalled in the last 21 years in 2007 — there seems to be a case for streamlining the way deals are done and making the market cheaper and more accessible. But IPO volumes vary from year to year — it will not always be this busy. Will the reforms under discussion be...

Duration:00:26:55

Omicron hits leveraged finance market

12/3/2021
A fertile hunting ground for signs of major shocks affecting capital markets is invariably the parts where the worst rated credits are — where risk is deemed to be highest. That typically means the emerging markets and, as was our subject this week, the leveraged finance market where the most indebted companies raise debt capital. The recently detected Omicron variant of the coronavirus is already having an effect on the latter. Three huge financing deals that have been in the pipeline for...

Duration:00:18:06

Unorthodox emerging markets from Bitcoin to the Bosphorus

11/26/2021
Turkey has once again defied monetary policy orthodoxy by cutting interest rates in a bid to tackle inflation, which is running at around 20%. The results on the country’s currency, the lira, have not been pretty and it has plummeted in value. But what does that mean for the country’s access to capital markets? This is, after all, a sovereign borrower with a big presence in bond markets and the country’s banks and companies also rely on international funding. We discuss why the reaction to...

Duration:00:31:43

The future of work in capital markets

11/19/2021
The way people did business and went about their work in the capital markets changed almost overnight in early 2020 with the advent of the coronavirus pandemic — and in ways many would have previously thought impossible. Gone were the gruelling roadshows and short haul business trips as deal marketing went online. Gone too was the need to be present in the office or on the trading floor. Compliance and technological worries were swiftly overcome and record volumes of capital markets...

Duration:00:34:55

How to pay for the developing world’s fight against climate change

11/12/2021
If the COP 26 conference on climate, which concludes this week in Glasgow, has had a consistent theme, it has been trying to agree how much funding the developing world needs from the rich one to combat the most severe consequences of climate change, and how to make sure that funding gets there. In this week’s podcast we examine some of the smart and innovative ways capital markets can help bring about climate adaptation in the developing world, and how institutions like development banks...

Duration:00:31:42

COP 26 — a GC Podcast special

11/5/2021
It’s half time in Glasgow at the COP 26 conference where the world has gathered to thrash out the next steps in the fight against climate change. GlobalCapital, which has been reporting from the front lines of ESG finance since the concept’s inception, has boots on the ground at the event (and not on the other side of Scotland, like CNN) while we have also been involved in a special collaborative project with our sister publications in the Euromoney Institutional Investor stable to bring you...

Duration:00:31:33

Has the IPO market become an unfair place?

10/29/2021
With record amounts of issuance in the equity capital markets, dealers and issuers have become increasingly reliant upon cornerstone investors to ensure their deals get done. A cornerstone investor — one that commits to a large chunk of stock in an IPO before book building begins in exchange for a full allocation of shares — should bring several benefits to a new listing by removing some of the underwriting risk, encouraging other investors to join the deal and in some cases helping the...

Duration:00:22:04

The tipping point for blockchain capital markets

10/22/2021
Will capital markets convert to using blockchain-based systems? Will digital currencies replace conventional ones? These questions have been in the air for a long time, but the uncertainty is fading. Increasingly, it looks like the answer to both will be yes. Two experiments this week bring those prospects nearer. SG’s Forge subsidiary has begun a repo transaction on tokenised covered bonds, conducted wholly on the blockchain. And Euroclear and the Banque de France have been war-gaming a...

Duration:00:31:11

Gas — an expanding problem

10/15/2021
Energy suppliers and customers are facing mounting costs thanks to the rocketing price of gas. Heavy demand, particularly from China, combined with low storage in Europe has meant scarcity, which has driven up prices. In the UK, where residential energy customers benefit from a price cap, many smaller energy suppliers have gone out of business finding themselves unable to pass on rising prices to end customers. These seemingly unprofitable end customers have now been passed to the big...

Duration:00:17:08

The ECB: post-Pepp steps

10/8/2021
The ECB’s Pandemic Emergency Purchase Programme (Pepp) is set to end in March. It has been spectacularly successful in suppressing European government bond spreads at a time when those sovereigns have had to raise more money than ever to fund their way out of the pandemic. Naturally, the looming deadline has market players worried about what will happen to the yields of countries such as Spain, Italy and Greece. The ECB this week appeared to leak a proposal for what comes next. On the...

Duration:00:18:28

Finding room for growth in crowded equity capital markets

10/1/2021
Equity markets have been on a tear since an initial tumble when the coronavirus pandemic began. Lashings of central bank support for markets, optimism over the recovery, emergency balance sheet repair and issuers and sellers taking advantage of rocketing valuations have kept developed market valuations climbing. It has become a very crowded trade, with investors bemoaning the amount of work they are being asked to do to keep up just to pay top-end prices. But there may better opportunities...

Duration:00:10:35

World waits for opaque Evergrande to default — or not

9/27/2021
Capital markets around the world had to get up to speed quickly last week with Evergrande, the huge Chinese property developer teetering on the brink of default on $20bn of dollar bonds and some $280bn of other liabilities including renminbi bonds. In this week’s GlobalCapital podcast, GC Asia editor Rashmi Kumar and Latin American bonds reporter Olly West explore the possible outcomes, including a shock to China’s ultra-important property sector, to confidence in the Chinese financial...

Duration:00:23:43

The changing shape of the European government bond market

9/17/2021
The twin influences of the pandemic and the EU continue to form the size and shape of its biggest bond market — that for government debt. There are signs that the spike in bond issuance driven by the pandemic will start to fall now the recovery is underway. But it’s not all about supply and demand with public debt such a hot political issue within the EU. As the pandemic took its toll, the more frugally minded member states had to pause their demands for fiscal prudence. They’re back on...

Duration:00:21:24

What does private equity owe you?

9/10/2021
Every constituent of the capital markets is eager to be seen considering the environmental, social and governance impact of their activities. The private equity industry is no exception. But while it may well be able to screen what it buys as far as the E and G of the ESG trinity are concerned, it sometimes struggles with the S. That’s because the consequences of a PE buyout of a company are often job losses and lower benefits for the least well off workers. Does that mean that the PE...

Duration:00:23:36

The scramble for junior bankers

9/3/2021
A surge in capital markets business following the pandemic has caused a bidding war for junior bankers – those in the first few years of their careers, who can execute deals, if not necessarily run a business yet. At the same time, investment banking is no longer the tallest tree in the career forest for the ambitious. Banks must now compete with all sorts of other employers for the best and brightest. The result has been a rush to get enough bankers in through the door to cope with...

Duration:00:19:51