Send us a text ◆ Why Europe's corporate bond market is on a roll ◆ Reverse Yankees, hot hybrids and huge size with more to come ◆ Europe's stock exchanges' attempts to drum up more IPOs Market participants had expected this week to be a busy one for euro and sterling investment grade corporate bond issuance. But the volume of business that was done exceeded all expectations. With jumbo deals from the likes of Alphabet to successful offerings from less common credits like Bri...

Send us a text ◆ Pause clauses could add to disaster arsenal ◆ KfW CEO Stefan Wintels on bond digitisation ◆ What ESG backlash? Banks ramp up green bond issuance As Hurricane Melissa ripped through the Carribbean this week, the bond market had a part to play in helping Jamaica fund its recovery from the storm. That came in the form of a catastrophe bond, which we explain in detail, but we also discuss how sovereign debt could be tweaked in future to help stricken countries get by....

Send us a text ◆ What is pushing CLO mezz wider ◆ FIG pre-funding underway ◆ What happened at the World Bank/IMF Annual Meetings The CLO market is both subject to and affects what happens in leveraged loans, risking distortion in the latter. First, we discuss why the riskier bits of the CLO stack are trading wider. Then we delve into why CLOs give us cause to think that leveraged loan pricing may not purely reflect the credit quality of the borrowers. If you like listening to Glob...

Send us a text ◆ Holders win write-down ruling but path to recovery uncertain ◆ StrideUp brings Islamic innovation to UK securitization ◆ Emerging market bonds have an off-week (almost) We picked apart a Swiss court ruling this week that overturned the country's financial regulator's decision in March 2023 to write-down Credit Suisse's additional tier one (AT1) paper. The decision was controversial at the time because the AT1 holders came out worse from the collapse of Credit Suis...

Send us a text ◆ Why buy bonds when spreads are so tight ◆ Using tech to unearth new economic signals ◆ Playing the shifting relative value pitch This week, in an exclusive interview with world's largest investment manager, BlackRock, we discussed how much tighter credit spreads can go, what is driving it and how the company is adjusting to underlying shifts in relative value. We also debated tech: whether digitalisation of the bond market is all it's cracked up to be for the buy-...

Send us a text ◆ Italy dazzles with size as we launch our new MTN Awards ◆ Enel snubs the market it created ◆ Record month for CEEMEA bond issuers Italy showed just what the medium term note market can do for borrowers this week as it priced a €700m deal. We examine what the benefits were to the issuer. We are also launching our first ever dedicated MTN Awards. We tell you how they will be awarded and how to take part but you can also click here to find out more. We also dis...

Send us a text ◆ QNB deal to pique Gulf interest in euro issuance ◆ Denmark develops green market with EuGB ◆ Foreign AT1s return to Aussie market GlobalCapital began life in 1987 as a weekly newspaper called EuroWeek, dedicated to tracking the international flows of capital developing in the growing Eurobond market. This week provided some classic examples of the genre as borrowers looked abroad for new sources of cash. QNB, a Qatar bank, priced an eye-catching bond in euros this...

Send us a text ◆ Bank issuers and investors anticipate EBA report on regulatory equivalence ◆ Mediobanca enters its Monte dei Paschi era ◆ The case for not keeping Russia's money The bank finance industrial complex descended on Seville this week for the European Covered Bond Council Plenary, FT Live's Covered Bond Congress and GlobalCapital's Covered Bond Awards. This annual series of events captures more than just what is happening in the covered bond market and has become a majo...

Send us a text ◆ Colombia turns from Swiss francs to eurozone in funding flurry ◆ CEEMEA issuers enjoy purple patch ◆ A test for US auto ABS as Europe's RMBS market gets boost Colombia has been on a world tour of debt markets lately. It priced a bond in euros this week for the first time in years, following a gargantuan loan in Swiss francs last month. We find out what the Latin America sovereign is up to. It wasn't the only emerging markets issuer making a splash recently either....

Send us a text ◆ Record Gilt and hot sterling bonds give the lie to ‘UK crisis’ chatter ◆ Emerging market bonds bask in rampant demand ◆ Qualms creep into public sector bonds as investors get choosy In a week of sharp contrasts, parts of the bond market are enjoying exceptional conditions for issuance, while others are feeling uneasy. Sometimes both interpretations are given of the same market — like sterling bonds, which have been hammered in the press this week as...

Send us a text ◆ How French issuers are responding to political ructions ◆ French corporate, agency, bank and sovereign bonds discussed ◆ French lender brings innovative European Defence Bond French prime minister Francois Bayrou's decision this week to hold a confidence vote in his government is likely to be a key influence on European capital markets for the immediate future and possibly beyond. We discuss how it is affecting the borrowing costs and behaviour of different issuer...

Send us a text ◆ Why investors are piling into SSA bonds despite the tight spreads ◆ Bank AT1 issuers spy chance ◆ EDF pioneers in Kangaroo market Benchmark bond issuance resumed across asset classes this week. In the SSA market, we investigated why issuers were able to build record order books for huge bonds when spreads are so tight. We also inspected a restricted tier one deal from Allianz to see what it meant for banks looking to issue their version of that level of capital — ...

Send us a text ◆ Exclusive interview with Amundi portfolio manager, Jonathan Manning ◆ Navigating fixed income amid tariff disruption ◆ Investing at tight spreads Yields are high and defying predictions that they will fall. Meanwhile, spreads are tight across credit markets with recent new issues pricing at or through fair value. Then consider erratic US trade policy, the early signs of international investors abandoning dollar assets and the rise of private credit into investment...

Send us a text ◆ Wendel proves the summer market isn't just for the big boys ◆ Trio of new issues show buoyant market for banks ◆ Private credit's threat to the investment grade bond and loan markets Both the investment grade corporate and financial institution bond markets this week hosted stellar new issues, proving that for certain issuers the perceived lack of summer liquidity is a fiction. Wendel broke its usual issuance pattern to price a very successful new issue, proving t...

Send us a text ◆ Mexico throws Pemex innovative debt lifeline ◆ Callable ZCs in vogue for public sector issuers ◆ Why ECB regs update will drive insurance capital issuance Pemex, Mexico's state-owned energy company, is a storied bond issuer. But lately it has been in a spot of bother. We explain what has been going and what an innovative bit of financing organised by the Mexican government this week — a P-cap — will do to east the company's debt burden. Meanwhile, a particular gro...

Send us a text ◆ EU budget ambition to cement issuer status ◆ French spreads ◆ Finally, the European bond market's consolidated tape The European Commission has launched what its president, Ursula von der Leyen has called its "most ambitious" budget proposals. They include a heap of joint borrowing to be done by the EU, cementing its status as a permanently huge bond issuer. We look into the numbers to see what it means for the SSA bond market. Meanwhile, in France, covered bonds ...

Send us a text ◆ UK rule change cheers covered bonds... ◆ ... as it shelves Taxonomy plans amid wider transition shift ◆ Digital markets: what makes a swap smart The UK is going for growth and is making a regulatory revamp part of that programme. Chancellor of the exchequer Rachel Reeves said this week in her Mansion House speech that "in too many areas, regulation still acts as a boot on the neck of businesses" and that she was part of a government that has "swept away" reg...

Send us a text ◆ Stellar conditions for issuers across the bond market ◆ How bond issuance will pan out over the rest of the year ◆ Dedollarisation discussed The relatively few issuers that took advantage of the primary market this week were well rewarded. US tariffs were kicked down the road once more meaning low volatility and so investors were happy to chase what deals they could find. But is the market about to quieten down for the summer just when it seems there could not be ...

Send us a text ◆ SSA yields bump up against US government curve with deficit set to spiral ◆ Waning CEEMEA ESG bond issuance ◆ Leaner, meaner SLL market The SSA bond market has enjoyed its fair share of eye-catching relative value inversions of late. Last year, the likes of Portugal and Spain began trading tighter than France in the European government bond market, for example. But after US president Donald Trump got his budget voted through on Thursday, it could be about to...

Send us a text ◆ SSA market faces up to escalating defence funding ◆ Arms company bonds in focus ◆ Slovenia's landmark SLB As Nato members agreed — mostly — to ramp up their defence funding to 5% of GDP over the next decade, we asked the SSA bond market how it would handle the extra funding that it will need to provide for that end. Some Nato members don't even meet the old target of 2% of GDP, so this week's declaration made at the alliance's summit in the Hague was quite t...