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
SSAs and US Treasuries: crossing the final frontier
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◆ Supranationals and agencies prepare to achieve the previously unthinkable
◆ Leveraged loans versus private credit and their effect on CLOs
◆ A new dawn for dollar covered bonds and UK equity market structure
Bond issuance from supranational and agency issuers is rampant. And not only are volumes high but the bonds are flying too, attracting large order books, being priced with little if any issue premium and then performing in the secondary market.
There has been a notable resurgence in dollar issuance in particular, even as issuers price within a hair's breadth of US Treasury yields. That has set the market alight with chatter once more that an issuer could be about to price a bond through what is commonly held to be the most risk-free asset on the planet. We explain the dynamics at work and identify what deal from which issuer could achieve this milestone.
At the lower end of the credit spectrum, borrowers are making choices between going to the private credit market for funding or the broadly syndicated leveraged loan market. We discuss the choices borrowers face and the implications for the collateralised loan obligation market.
The dollar market hosted a rarity this week: a covered bond from a European bank. As investors look for alternative highly-rated securities in the currency to Treasuries, we investigate whether we will see much more covered bond issuance and what might drive or prevent it.
Finally, we looked into what trade bodies are demanding of the Financial Conduct Authority from its consultation on the structure of UK equity markets. We examine their arguments for a consolidated tape and where trading should be encouraged to take place.
Now read on:
SSAs glow in sunshine of demand, pushing spreads ever closer to Treasuries
Credit quality diverges, with CLOs getting better names, private credit the rest
Bawag’s first dollar covered bond shines light on niche market
Trade bodies to FCA: leave trading alone but give us a great equities tape
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