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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.Contact us at podcast@globalcapital.com

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

Funding the green transition and hell week for new bonds

7/1/2022
In the same week that the Green and Social Bond Principles provided a ton of new guidance on how to apply its formula to different types of security, which we discuss, we take a look at how the capital markets are offering investors different way to fund the green transition. Green capital raising is a rare bright spot in the equity markets these days but it is not all plain sailing. We look at what went wrong with Plenitude’s IPO, the listing of Eni’s renewable business. It was supposed to...

Duration:00:40:55

Jobs in jeopardy but tech returns to equity markets

6/24/2022
It was not that long ago that we ran a number of stories and podcast episodes about banks battling for staff so that they could get record volumes of deals through the capital markets. With inflation rampant, recession looming and interest rates on the rise, some markets have dried up as M&A grinds to a halt. Now bankers fear for their jobs, with one likening the situation to the dotcom bubble bursting two decades ago. Tech firms don’t have to go so far back in time to recall a torrid spell...

Duration:00:45:48

The ECB’s impossible task and an ESG regulatory riddle

6/17/2022
Last week the ECB laid out its plans for its monetary policy. That surely was enough to convince bond markets that it had a grip on both rampant inflation and government bond spreads, right? Wrong. This week it had to convene an unscheduled meeting of its governing council so that it could figure out how to manage spreads in the government bond market. Dealing with inflation is the bank’s core mission; dealing with spreads is something it has had to take on during many years of crisis. In...

Duration:00:41:08

Barcelona, buyouts and bond syndicates

6/10/2022
We wouldn’t normally talk about a capital markets conference on the podcast but next week sees one of the biggest — Global ABS, the biggest gathering for the European securitization market — resume its pre-pandemic full, physical form at its regular haunt, Barcelona. It comes just as the securitization markets in Europe are in a rough state. We discuss what the thousands of delegates at the meet-up will be talking about and where their market is headed — which is also the topic of our...

Duration:00:42:59

Crowd trouble in the capital markets

5/27/2022
From bonds to equities, issuers are finding it harder to raise capital. Inflation, invasion and disruption, not to mention rising interest rates, are shortening the times when the financial markets are stable enough to allow issuers to come to the market with deals. We look into what that means for the rest of the year in bond and equity markets and discover that it is forcing issuers to crowd into the same, smaller windows for new issuance than they have been used to for the last few...

Duration:00:49:27

Tough choices for emerging market bond issuers

5/20/2022
There is no doubt that bond markets are becoming tougher places from which to raise money. Even in the public sector bond markets, where issuers flock in times of trouble, what are typically issuers prized for their rarity are now enjoying less demand because investors have come to value highly the ability to sell out of positions easily given the volatility. But at least borrowers are getting their funding done there. In the emerging markets, which so often bear the brunt of capital...

Duration:00:37:48

The panda in the room

5/13/2022
War in Ukraine, the pandemic and the recovery from it, rampant inflation and the end of the era of cheap money — people in the capital markets have a lot to think about when allocating or raising money. But are they missing the biggest problem of all: China’s slowing economy? A growing number of market participants think so. China as a producer of goods sold to the world and a key consumer of plenty of the world’s commodities and finished goods, is an integral part of the global economy and...

Duration:00:38:54

The nature of credit markets is healing

5/6/2022
Normally when central banks make policy decisions that they were expected to, capital markets activity carries on unencumbered. But not this week. The 50bp interest rate increased from the Federal Reserve on Wednesday was long anticipated but while markets appeared to take the news well at first, by Thursday things had gone sour once more making issuance difficult. Certainly, there’s a lot to feel grim about in the economic realm — supply chain disruption, war in Ukraine, rampant inflation...

Duration:00:41:37

Supply chain disruption comes to capital markets

4/29/2022
It’s not just raw materials and components that are hard to get hold of nowadays. The European leveraged finance market is bang on trend and experiencing some supply chain disruption of its own. We explain which parts of the market are just starting to work again and which are about to seize up and how that will proliferate across other parts of the capital markets. Naturally, we also find a way to crowbar a discussion of Elon Musk’s planned purchase of Twitter into the mix and examine how...

Duration:00:49:48

Fantastic pay rises and where to find them

4/22/2022
It was just a fortnight ago that we reported on what could turn out to be a swathe of job losses in the equity capital markets. But all is not lost; not only are some companies readying initial public offerings to give ECM bankers something to do, for those still left wondering if they’re facing the chop next, there is a hiring spree afoot elsewhere in the capital markets. We tell you where that is and what you can expect to be paid. That hiring spree, like everything else in the capital...

Duration:00:35:16

Tracing the effects of war in Ukraine across global capital markets

4/14/2022
If ever there was a week to demonstrate the interconnectedness of the international capital markets to what is going on in the rest of the world — in this case the awful events in Ukraine — this was it. On the podcast this week we follow a thread that starts with the appalling situation in eastern Europe and ends in the US securitization markets by way of looking at how companies are responding to the heightened uncertainty that the war has brought to the global economy, how it has affected...

Duration:00:43:40

So much for the hiring spree…

4/8/2022
It was only recently that GlobalCapital reported on both the huge amounts of business being done in the capital markets and the tussle between banks to hire enough staff to cope with it all. Record volumes meant soaring pay, especially among the massed legions of junior bankers as firms competed for staff. But the equity capital markets in particular have just had a dreadful quarter with very few pockets of activity and some recently hectic parts of the market all but closed. Already,...

Duration:00:32:08

Turbulent times: ECB retreats from bond market, defaults spoil Swiss calm

4/1/2022
For more than a decade, Europeans and Americans have only known low interest rates and central banks soothing debt markets with endless lashings of liquidity, through buying bonds. In recent years, the European Central Bank has been buying up to 40% of every corporate bond and covered bond issued in the eurozone, as well as vast quantities of public sector bonds. But it is pulling out — meaning the euro bond market is losing its biggest investor. Can it cope? Even the best rated...

Duration:00:32:04

Bonds in turmoil, a glimmer of hope for bank equities — and rhino bonds

3/25/2022
A month into Russia’s war on Ukraine, capital markets are getting more used to the risk it poses, and a wider range of issuers are able to raise money. But riskier types of deal — emerging markets, high yield and equities — are still virtually impossible. Emerging market bond issuance did resume with deals for Nigeria and Turkey, but then the brakes were slammed on again this week when Jay Powell, chairman of the US Federal Reserve, startled bond aficionados by hinting that some of the...

Duration:00:38:59

Capital markets faces carbon reckoning as vultures circle Russian companies

3/18/2022
Banks might finally be held to account for the damage to the environment their bond and equity underwriting does. Elsewhere, three Russian companies might face bankruptcy thanks to the effect of sanctions on their convertible bonds. While it has been fairly straightforward to measure what emissions a loan or an investment funds, assessing the part a bank’s capital markets deal arranging business plays in polluting the planet — working on an oil company IPO, or lead managing a bond for a...

Duration:00:37:32

Russian invasion: response, retreat and repayment

3/11/2022
The full implications of the Russian invasion of Ukraine for the capital markets are still far from clear. As we recorded this episode, European leaders were meeting at Versailles to discuss, among other things, another gigantic borrowing programme for the EU that could be funded in the bond markets — this time to fund defence and energy. We discuss all that we know so far on this developing story and whether it will make the EU the sort of permanent capital markets presence that defines it...

Duration:00:36:48

Getting out of Russia

3/4/2022
The Russian invasion of Ukraine has given capital markets participants in the West compelling legal, moral and financial reasons to question, and indeed halt, their involvement in financing the country and its businesses. Swathes of new sanctions have forbidden all sorts of financing activity, but critically, investors and companies like index providers — which provide a framework for so much investment in Russian assets — are now going beyond what is laid out in the proscriptions as they...

Duration:00:38:53

Russia, Ukraine and the capital markets

2/25/2022
This week’s podcast was recorded the morning after Russia began a full scale invasion of Ukraine. We look into the immediate effects on the capital markets — what the fresh rounds of sanctions means for Russian issuers and what sort of deals other borrowers will be able to do once enough stability returns to markets. We also discuss an area of the capital markets where investors are flocking to buy deals that may turn even hotter as a result of the invasion: the IPO market in the Middle...

Duration:00:36:41

Pay, sex and the City

2/18/2022
The remedy recently imposed upon BNP Paribas for a sexual discrimination case it lost in 2019 could have far reaching effects on the gender pay gap and for transparency over incomes — one of the City’s great taboos — more broadly. Not only did the French bank have to pay Stacey Macken, who won the tribunal, over £2m in compensation but it has been instructed to conduct a pay audit that will see it produce pay data for all of its London branch staff — from the canteen to the C-suite, via the...

Duration:00:43:30

The sons of Salomon

2/11/2022
Salomon Brothers is back. One of the most storied names of 1980s Wall Street, immortalised in Michael Lewis’s book Liar’s Poker is a registered trademark once again and is planning to get into the financial markets. Travelers Group swallowed up the original Salomon Brothers in 1998, a firm which merged with Citi in the same year. Citigroup finally dropped the Salomon brand — by then Salomon Smith Barney — 19 years ago. There are some people around the capital markets today who worked at...

Duration:00:39:11