GlobalCapital Podcasts

◆ 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…

Democracy at Work in conjunction with The Left Forum Presents: Global Capitalism Live Economic Update with Professor Richard D. Wolff Presentation Topic: A Resurgent U.S. Labor Movement Updates will include analyses of: - Starbucks, Doctors, Autoworkers, etc. - Why Labor Resurgence Now? - Labor’s Goals and Tactics - Alliances with Political Parties…

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…

◆ 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…

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…

◆ 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…

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…

◆ 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. …

◆ 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…

◆ 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…

Capitalism Turns to the Authoritarian State · Why Private Capitalism Makes That Turn · Why State Capitalism Makes That Turn · Will the Authoritarian State Save or End Capitalism? (United States vs. China) · Socialism and the Authoritarian State. Co-sponsored by Democracy at Work and Left Forum Special messages to our audience: Please help sponsor G…

◆ "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…

◆ 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…

◆ 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…

◆ 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…

- 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…

- 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 …

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…

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…

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…

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…

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 …

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…

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…

Quantum computing’s impact on capital markets, oh boy! IPOs are back, and they’re going to be done differently The corporate hybrid debt market’s biggest test A green rating to rule them all We assess what boffins and bankers have been telling us about the impact quantum computing will have on financial markets. As is so often the case with technol…

Europe’s big banks issue for first time since Credit Suisse collapse Investment grade corporates power through What makes a crisis? Lent appeared to end early in the bond markets this week as issuers across the credit spectrum brought a rash of deals, leaving encouraging markers for the weeks ahead. By recent standards of market dysfunction, issuer…

Banking crisis not over, says veteran analyst Why European banks are sitting out the primary market revival From Berlaymont to Berlin: reading the runes in the SSA market The creatures of the capital markets poked their noses tentatively out of their burrows this week to see if the banking storm had passed and to survey its impact. Issuers tested t…

Is the banking crisis over? Is additional tier one capital finished? Rival banks will try to pick off Credit Suisse’s corporate clients The elimination of Credit Suisse as an independent bank last weekend was swift and clinical, but the market response has been anything but. Bond issuance was all but closed this week. Financial institution bond spr…

Will Credit Suisse survive and in what form? Tech lending after SVB A false dawn for EM issuers Swiss regulators are known for making capital requirements tougher for their banks than rule makers elsewhere — it’s known as the Swiss finish. But that didn’t prevent the Swiss National Bank from having to provide a Sfr50bn lifeline to Credit Suisse thi…

- Hand wringing at the end of Arm saga - Green bond rebirth for corporate issuers - Getting private money into development finance - Lenders look to engage Europe’s telcos Arm gave the UK equity capital markets a slap this week when it opted to list in New York rather than the celebrated microchip designer’s home exchange in London, despite huge ef…

In this month's Global Capitalism lecture, Prof. Wolff discusses the following topics: France’s General Strike March 7, 2023 Women, Unions and Strikes in the US Inflation, Profits, Inequality in the US State versus Private Capitalism: China *Global Capitalism is produced by @democracyatwrkBy Democracy at Work - Richard D. Wolff

- QT walks among us - Companies get a yen for yen - Divi recaps return - EU sets Green Bond Standard Quantitative tightening got a bit tighter this week when the ECB stopped showing up in the order books for new covered bond syndications. The central bank’s asset purchases have been a defining feature of Europe’s bond market for the last few years …

Upheaval in the CEE bond market Covid aftershocks in the US CMBS market What Banga means for the World Bank and SSA bonds Russia shocked the world a year ago today when it invaded Ukraine. The world has felt the effects, including the capital markets. To mark the occasion we look into three areas of the markets profoundly changed by the war and que…

Are EU bonds govvies yet? Fast moving credit market develops a strange rattling noise Debt-for-nature: from the Galapagos to the developing world The EU’s huge funding programme and how it issues debt make it appear very much like a sovereign borrower. But while it might like to view itself as such, its audience of investors and bankers don’t entir…

- Do two IPO swallows make a summer, or a winter of discontent? - Why investors think SLBs are 'worthless' and what to do about it - The buy-side grapples with government green bonds - Moans in loans The first two IPOs in Europe this year were priced this week, for Ionos and EuroGroup Laminations. They were a key test for the market after a dismal …

Investors bored with sustainability targets How green was my allocation? Bookrunners won’t tell you Can emerging market borrowers keep up the comeback? There’s a clash brewing in the sustainability-linked bond market with investors losing interest in issuers’ KPI targets. We ask why these important sustainability targets are missing the mark and wh…

What’s up with ECM? European politicians suddenly love securitization again Adani versus Hindenburg Research and what it means for Adani’s banks 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 s…

Mighty Earth vs JBS: how sustainable is the SLB market? How the FIG and corporate bond markets are changing this year What can put a stop to record bond issuance 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 t…

Sergiy Nikolaychuk of Ukraine’s central bank offers an in-depth look at the country’s economy in wartime Can the good times last in the primary bond market? Real estate looks for refi rehab and direct lenders end up as owners Sergiy Nikolaychuk is the deputy governor of the National Bank of Ukraine, the country’s central bank. Appointed to the job …

In this lecture, Prof. Wolff will discuss the following: At an Historical Turning Point Impact on US Impact on Europe Impact on China, India, Russia, BRICSBy Democracy at Work - Richard D. Wolff

Why the good times in primary bond markets may not last The consequences of the ECB’s demand that banks buffer their leveraged finance positions on LBOs How that could play into the hands of private creditors 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 y…

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 t…

Will the easing of Chinese Covid rules help or harm emerging market issuers? How public sector issuers compete with a jumbo — and growing — borrower like the EU Private credit’s late bloom 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 e…

Hungary, its investors and their ESG worries The digital bond markets take a step forward Aroundtown drama fails to cool hot hybrid market 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 …

How much longer can the extraordinary run of bank bond issuance last? Are sustainability-linked bonds too complicated to be meaningful? New bond, old tricks: the art of underwriting returns 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 …

Will the Santa rally in bonds last until Christmas? How much bond issuance will TLTRO repayments drive? Ithaca Energy: autopsy of an IPO 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 a…

In this lecture, Prof. Wolff will discuss the following: US mid-term elections US Capitalism: Crises at home US capitalism: Crises abroadBy Democracy at Work - Richard D. Wolff

The re-emergence of lender protection in leveraged finance How one Korean insurance company caused chaos in Asia’s bond market Climate resilience comes to sovereign bonds 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 be…

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 …

Who’s in Who’s out Who’s paying for it 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 managem…