The GlobalCapital Podcast
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 officials, investors, lawyers, analysts, NGOs and lobbyists, regulators and policy makers, and analysts.
GlobalCapital has been the "voice of the markets" for over 35 years, covering bond, loan, equity and securitisation markets around the world.
We cover everything from public sector bond issuers, financial institutions, emerging markets and investment grade corporate bonds and loans to securitisation (including CLOs and ABS), regulation and market news as well as industry gossip.
GlobalCapital is written for capital markets professionals but the podcast is of value to anyone with an interest in the industry, whether you have been working in it for as long as we have, or are looking to make your first career move into it.
This podcast is a commute-sized slice of everything that's most interesting from the world's capital markets with the aim of helping you sound smarter in your morning meeting, or making you stand out from the crowd of other hopefuls when kick-starting your career.
And don't forget, you can #AskGC anything you like and we will select the best questions to answer on the show.
Contact us at podcast@globalcapital.com
The GlobalCapital Podcast
Software update: AI Saas scare haunts capital markets
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◆ How AI threat to software biz threatens stockmarket listings...
◆ ... and collaterlised loan obligation market
◆ AT1 market hits new record tight but buyers turn away
Investors are wary that recent AI upgrades — notably Anthropic's latest Claude Cowork agent — are a threat to the software as a service (Saas) sector. This is causing headaches for Saas businesses looking to do an IPO this year as well as the private equity companies that often sponsor them. We examine the threat and what it means for equity capital markets.
Loans made to software companies are also a big part of the collateral for CLOs and here too underlying asset prices are suffering as the same AI peril prompts a cheapening in their value. But that's not the CLO market's only problem. The value of loans made to chemical companies is also on the slide. We discuss the impact on CLOs as an asset class.
Finally, after an incredible run in the additional tier one (AT1) market, a bank has issued one with a reset spread tighter than the psychological barrier of mid-swaps plus 300bp. But there are signs that the market is becoming too rich for some investors. We take a look at this week's landmark deal and look at where next for AT1 issuance, the most subordinated layer of banks' capital structures.
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