Shows
The GlobalCapital PodcastEBRD meets as Romania faces crunch moment and corp bonds lure FIG buyersSend us a text◆ What happened at the EBRD's Annual Meetings ◆ Romania's new president and the fiscal fright that awaits him ◆ Investors distracted from FIG by US corporatesGlobalCapital was on the ground at the European Bank for Reconstruction and Development's Annual Meetings in London this week. We reveal what was discussed and decided, from the bank's capital situation and US involvement, to its support for Ukraine and beyond.Meanwhile, Romania goes to the polls this weekend. Whoever wins the presidential election faces the challenge of bringing down a big deficit. As one o...2025-05-1634 minThe GlobalCapital PodcastUK plans digital debut as bond market digest EU defence spend plansSend us a text◆ UK fires starting pistol on digital Gilts ◆ SSA market absorbs EU defence funding detail ◆ Credit issuers adjust tacticsThe UK has begun a consultation as it looks to issue its first digital Gilt - to be called a DiGit. We discuss what the bond will look like and the UK's route to issuance.Elsewhere in the SSA bond market, participants took stock of further detail on how the EU plans to fund its Security Action for Europe (SAFE) scheme. We examine the details and the bond market's reaction.We a...2025-03-2143 minThe GlobalCapital PodcastThe European Union: the future of a bond market behemothSend us a text◆ Riso and Ruhl on the development of the market's biggest new bond issuer ◆ Beyond NextGeneration EU: can the bloc fund defence? ◆ The campaign for sovereign-like borrower statusThe European Union is the highest profile bond issuer in the market. In response to the pandemic, it ramped up its borrowing to fund member states' recovery from the disaster, going from raising around €500m a year to around €150bn almost overnight.As an issuer, it dominates the public sector bond market and in this episode, GlobalCapital asked two of its most imp...2025-01-2454 minThe GlobalCapital PodcastGlobalCapital's Review 2024 | Outlook 2025 podcastSend us a text◆ How to fund Europe ◆ What market experts think is going to happen next ◆ The EU to embark on biggest six-month funding spreeThe European Union shapes up poorly compared to its rivals when it comes to growth and competitiveness. Former ECB president and Italian prime minister Mario Draghi believes the bloc needs €800bn of investment a year, but how to raise it? We reveal all.That story is just one in our Review 2024 | Outlook 2025 special report. If you register by clicking through to this page, you will not only r...2024-12-1335 minThe GlobalCapital PodcastAutumn comes early to bond marketSend us a text◆ Why benchmark issuance has resumed earlier than usual ◆ What lies ahead for capital markets ◆ African issuers switch out of loans to bondsUnpredictable weather is increasingly a feature of modern times. Indeed, as GlobalCapital recorded this week's show, summer appeared to have ended abruptly in its corner of the UK, with distinctly autumnal weather dampening both the pavements and the mood despite there still being a chunk of August to go.The bond market was also looking distinctly unseasonal this week too, as issuers across asset classes resume...2024-08-2332 minThe GlobalCapital PodcastSlovenia takes the lead in blockchain bondsSend us a text◆ First eurozone government sells bond on distributed ledger ◆ The rate cutting wheel turns fasterMaking innovations a reality is partly about who does them, so the first eurozone sovereign issuer selling a bond on a blockchain is a milestone that takes the market up a notch in credibility.GlobalCapital’s reporters discuss their findings after speaking to Slovenia’s treasury this week about why it wanted to take the lead among peers by trialling this new technology with a €30m four month bond. Other sovereign borrowers told us they were co...2024-08-0525 minThe GlobalCapital PodcastThings fall apartSend us a text◆ Politics panic slaps SSAs, FIG but what of corporate bonds? ◆ EU denied its wish ◆ Introducing Primary Market MonitorWell, you can't say we didn't warn you. On last week's show we talked about European elections and the likelihood of volatility following the ECB's historic rate cut.Et voila!French president Emmanuel Macron's decision to call snap parliamentary elections in the wake of far-right successes in the EU equivalent has caused havoc in bond markets this week. SSA and FIG issuers abandoned deal plans. We discuss which bi...2024-06-1443 minThe GlobalCapital PodcastThe curse of the millstone mandateSend us a text◆ The 'marginal madate': it seemed like a good idea at the time ◆ GlobalCapital's new columnist, Craig Coben ◆ World Bank boosts lending capacityWhat do you do when that mandate you accepted in a quiet market to keep busy is still lurking about, taking up time and energy, when the market has picked up and juicier deals are to be done?Is extending balance sheet to clients as a second tier firm when the top tier won't anything other than an exercise in futility in the long term?2024-04-2653 minThe GlobalCapital PodcastDoes experience matter on syndicate desks?Send us a textIn the second part of GlobalCapital’s exploration of how bond syndicate desks are changing, after a swathe of the discipline’s senior bankers have been made redundant, we discuss the syndicate job itself.Technology and market transparency have stripped away some of the grunt work, but also made knowledge easier to come by. Are banks thinking they don’t need so much experience on desks?Bankers admit pricing bonds has often become more routine. But when markets get difficult, or situations do, as with Equinix’s recent p...2024-03-2847 minThe GlobalCapital PodcastCan it really get any better than this?Send us a text◆ MUFG's Del Canto and SG's Menzies on what comes next for capital markets ◆ The juniorisation of syndicate desks ◆ Two deals pulled despite fantastic marketsIt was only a few months ago that GlobalCapital asked more than 50 of the bond markets' most senior bankers where they thought the primary markets were headed in 2024 for our Review 2023|Outlook 2024 special report. This week, two of them joined us on the podcast to see which predictions had come true and what comes next for issuers and investors after what has been a stellar start...2024-03-2253 minThe GlobalCapital PodcastBanks sued over climate as African govvies returnSend us a text◆ Are lawsuits about funding polluters the next big risk for banks? ◆ Sub-Saharan Africa issuance returns... ◆ ... but will any follow Ivory Coast's lead?The Dutch branch of Friends of the Earth is suing ING over its roll in financing pollution. It is the latest in what may become a wild spread of lawsuits brought against banks — and governments and corporates, for that matter — as environmental bodies seek to enforce tougher timelines for transition.We look at what this means in terms of being a big risk for the banking secto...2024-01-2638 minThe GlobalCapital PodcastFast money, front-loading and FOMOSend us a text◆ Records smashed in primary markets but what's driving it? ◆ Why order books are so swollen ◆ Rampant demand but companies want to cut hybrid debtIssuers and investors may agree that this is not a perfect market by any means, but that is not stopping them from getting deals done while they can.Investors are piling into asset classes that they haven't bought for some time and issuers are happy to take advantage even though pricing might not be the tightest it has ever been. We look at how this...2024-01-1928 minThe GlobalCapital PodcastSterling bonanza for corporates and SSAsSend us a textAmid all the records being smashed across primary bond markets this week, one could be forgiven for missing what has been happening in the sterling bond market. But fear not; we were all over it. From remarkable debut deals from corporate issuers to a change in how public sector borrowers approach sterling bond issuance in what is a very busy time for the market, we discuss in-depth what has been going on, what is driving it and what it means.Then a change of tack this week as we s...2024-01-1251 minThe GlobalCapital PodcastIt's all kicking offSend us a text◆ SSAs throw etiquette out of the window in rapid start to year ◆ Banks blind-sided by sudden correction ◆ Mixed fortunes for corporate issuersThe first few days and weeks of January have always been a critical time for capital markets issuers but perhaps this year more than ever. As interest rates have risen and central banks have withdrawn support for the bond markets, so issuers have come to rely more upon the first spell of the year for their borrowing needs by front-loading their debt programmes.This week...2024-01-0544 minThe GlobalCapital PodcastGlobalCapital's Review 2023 | Outlook 2024 podcastSend us a text◆ What the most senior debt bankers in the world are worrying about for next year ◆ Who's eating Credit Suisse ◆ If a property company falls in the forest and doesn't make a sound...One of the very biggest investment banking stories this year was the collapse of Credit Suisse. But its rescue by UBS and what the rest of the Street makes of the demise of its rival is a story that will play out into 2024 and beyond.In our Review 2023 | Outlook 2024 special report, we have the most...2023-12-1550 minThe GlobalCapital PodcastMilei, Macro and MexicoSend us a text◆ Latin America’s bond markets at an (interest rate) inflection point ◆ Who’d be a primary dealer? ◆ What price briiiiidge loans?As GlobalCapital launches the poll for our first dedicated Latin America Bond Awards, our podcast takes a deep dive into the region’s troubled capital markets, with special guest Omotunde Lawal, head of emerging markets corporate debt at Barings.There may not be many deals in the market — at least not public ones, as Lawal points out — but there is masses going on. Javier Milei, Argentina’s new populist fir...2023-12-0844 minThe GlobalCapital PodcastTransatlantic securitization: taking off or final flight?Send us a text◆ US RMBS sales in Europe: immigration or vacation? ◆ UBS AT1 makes nonsense of claims of investor fears ◆ The EU's last hurrah in the SSA marketConcorde and supersonic air travel may be the most famous things that were once yet are no longer transatlantic but the securitization market is another. Stringent regulations since the 2008 financial crisis have made cross-border business difficult. Relief came earlier this year when European regulators clarified what investors needed to do to hold overseas paper and since then business has started to flow.But it w...2023-11-1041 minThe GlobalCapital PodcastCapital Ideas — The EIB podcast: Financing the climate transitionSend us a textSustainable finance has become a huge market, with issuers all over the world having sold more than $2 trillion of green bonds. Yet the climate emergency is still getting worse. Finance is committed to aligning with the Paris Agreement, but is it on track?In this special podcast supported by the European Investment Bank to coincide with the World Bank/IMF annual meetings in Marrakech in October 2023, Nancy Saich, the EIB’s chief climate change expert, and Eila Kreivi, its chief sustainable finance advisor, discuss the finance industry’s efforts to become sust...2023-11-0620 minThe GlobalCapital PodcastCapital Ideas — The EIB podcast: Financing development in North AfricaSend us a textNorth Africa is one of the most important regions for the European Investment Bank’s financing outside the EU, and one where it sees great potential for funding sustainable development.In this special podcast supported by the European Investment Bank from Marrakech, which is hosting the World Bank and IMF annual meetings, Ricardo Mourinho, the EIB vice-president responsible for Morocco and Tunisia, explores the Bank’s activities in the region.Its presence there is longstanding – in Morocco it has invested €10bn since 1979. The EIB’s involvement is also deepening, with recen...2023-11-0616 minThe GlobalCapital PodcastScotland bonds: bridge to independence or road to ruin?Send us a text◆ Scottish government puzzles bond market with debt plan ◆ Saudi sov wealth fund makes sukuk debut as crisis in Middle East deepens ◆ Supranational hybrids and other highlights from the IMF/World Bank Annual Meetings in MarrakechScotland's first minister Humza Yousaf caught the attention of the bond market this week by revealing plans for the country's first sovereign issue. The plans are vague and he has given himself until May 2026 to price one, so we cast our net far and wide to see what the market thought of the idea and whet...2023-10-2034 minThe GlobalCapital Podcast(Another) big moment for FIG, hybrid market's mall call, the future of the ESMSend us a text◆ A dicey moment for bank bonds ◆ Unibail shops for hybrid solution ◆ Vibes from this year's 'Euromoney' ◆ The ESM's new MD speaks to GlobalCapitalThe 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 could be the first sign of further volatility in FIG bonds with the market set to face an imminent, severe structural readjustment.Commercial property firms are a class...2023-06-2351 minThe GlobalCapital PodcastFurther fillips for FIG and an EM corporate bond revival of sortsSend us a textItaly and Switzerland give bank bonds a boostA renaissance for emerging market corporate issuance… or notUsing pension funds to fix UK equity capital marketsBanks’ 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 investors that all is as it should be in the asset class, and a Swiss bank priced a bond in the international market. But, as we discover, questions remain for the sector despite both events. Meanwhile, a bond fo...2023-04-2834 minThe GlobalCapital PodcastThe greatest capital markets comeback of allSend us a textWill securitization finally throw off the shackles?Bank funding progress report EU sustainability taxonomy causes more aggroAustralians take over European corporate debtEuropean 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 — themselves an indirect consequence of that crisis, which securitization carried the can for — means that ABS could be about to break out. We examine the market to see if it is going to rediscover its pre-crisis heyday. It will be a key funding source for banks...2023-04-2137 minThe GlobalCapital PodcastThe big buyer bails outSend us a text- QT walks among us - Companies get a yen for yen - Divi recaps return - EU sets Green Bond StandardQuantitative 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 as used its balance sheet to fight crisis after crisis. We take a look at what the impact will be of its withdra...2023-03-0334 minThe GlobalCapital PodcastInvestors’ sustainability turn-off and emerging markets’ stunning revivalSend us a textInvestors bored with sustainability targetsHow green was my allocation? Bookrunners won’t tell youCan 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 what the consequences are for the SLB market.We also look into the problems surrounding another key element of the socially responsible bond market — demonstrating that green bonds are going to green funds.Finally, we focus on emerging market b...2023-02-0337 minThe GlobalCapital PodcastThe great equity capital markets mystery and European politicians’ 180 on securitization rulesSend us a textWhat’s up with ECM?European politicians suddenly love securitization againAdani versus Hindenburg Research and what it means for Adani’s banksThe 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 some action.Meanwhile, European politicians and officials have stigmatised the securitization market after its part in the 2008 financial crisis. All of a sudden, as a letter from French and German politicians and leaked to GlobalCa...2023-01-2733 minThe GlobalCapital PodcastThe beef with sustainability-linked bondsSend us a textMighty Earth vs JBS: how sustainable is the SLB market?How the FIG and corporate bond markets are changing this yearWhat can put a stop to record bond issuanceThe 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 this week when Mighty Earth, an NGO, made a complaint to the US Securities and Exchange Commission about SLB issuer and beef production giant JBS. The outcome is sure to resound through this m...2023-01-2042 minThe GlobalCapital PodcastUkraine: finance and economy, an insider’s viewSend us a textSergiy Nikolaychuk of Ukraine’s central bank offers an in-depth look at the country’s economy in wartimeCan the good times last in the primary bond market?Real estate looks for refi rehab and direct lenders end up as ownersSergiy Nikolaychuk is the deputy governor of the National Bank of Ukraine, the country’s central bank. Appointed to the job in 2021, he has been at the heart of Ukraine’s financial system and economy throughout Russia’s invasion. We spoke to him in Vienna this week about how the NBU makes plans during war...2023-01-1344 minThe GlobalCapital PodcastThe big test for 2023 and the ECB’s inadvertent boost to private creditSend us a textWhy the good times in primary bond markets may not lastThe consequences of the ECB’s demand that banks buffer their leveraged finance positions on LBOsHow that could play into the hands of private creditorsThe 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 year ahead. In the first GlobalCapital Podcast of the year, we take a look across the credit spectrum from ECB rulings in the leveraged finance market to how sovereigns wi...2023-01-0617 minThe GlobalCapital PodcastCan investors spot a green oil company? Plus top moments of the yearSend us a textIn 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 to the industry’s complaints.In the equity capital market, there has been a burst of block trades, proving that investors have appetite — an encouraging sign for the chances of more a...2022-12-1634 minThe GlobalCapital PodcastWhat China’s Covid policy means for EM bonds, the EU-lephant in the room and the state of private creditSend us a textWill 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 EUPrivate credit’s late bloomChina 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 emerging market bond issuers and investors — and also why it might not.The European Union completed its gigantic funding task for the year this week with a €7bn bond sale. Other SSA issuers have had t...2022-12-0938 minThe GlobalCapital PodcastCan issuers avoid the ESG heat with private bond sales?Send us a textHungary, its investors and their ESG worriesThe digital bond markets take a step forwardAroundtown drama fails to cool hot hybrid marketHungary 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 this way to avoid scrutiny over its standards of governance.The country is in an escalating dispute with the EU over allowing the primacy of the rule of law, as bloc membership...2022-12-0233 minThe GlobalCapital PodcastThe bull run for bank bonds and scope for improvement in the SLB marketSend us a textHow 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 returnsIt 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 is that many in the market expect the pace of issuance to run long into December.Typically, the market dies down after the US Thanksgiving holiday at the end of November. We...2022-11-2537 minThe GlobalCapital PodcastThe Santa rally comes early and what killed Ithaca’s share priceSend us a textWill 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 and its investors might have hoped with the share price tumbling. We take an in-depth look at the company and the listing to find out what happened.I...2022-11-1841 minThe GlobalCapital PodcastThe arc of the covenants and Korean callable chaosSend us a textThe re-emergence of lender protection in leveraged financeHow one Korean insurance company caused chaos in Asia’s bond marketClimate resilience comes to sovereign bondsSome 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 been going on for perhaps 20 years of borrowers, and the people that own them, pushing the conditions that govern their borrowing ever more in their own favour. It is early days – to the extent some market insiders do no...2022-11-1143 minThe GlobalCapital PodcastWomen in financial marketsSend us a textThat 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 of financial markets experience joined us this week to discuss the state of the industry and what to do to improve it. Louise Wilson is the co-fou...2022-11-0441 minThe GlobalCapital PodcastCredit Suisse: breaking up is hard to doSend us a textWho’s inWho’s outWho’s paying for itCredit 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 management and markets businesses. Meanwhile, it is selling its profitable but capital-hungry securitization business to investment houses Apollo and Pimco and setting up a separate capital markets and advi...2022-10-2832 minThe GlobalCapital PodcastTruss booed off in UK pantomimeSend us a textWill Liz Truss’s exit as prime minister be enough to calm the capital markets? What must her successor do to put the UK back on track? Plus who dares wins in corporate bonds and the far-reaching implications of HSBC ads being banned for greenwashing2022-10-2131 minThe GlobalCapital PodcastDark days ahead in corporate bonds and scares aplenty in UK marketsSend us a text- Capital raising about to get tougher for companies- Chaos reigns in Gilt marketWith many corporate bond issuers in Europe heading into earnings blackout periods, fears are that once they release their results in a few weeks, the negative impact of inflation, supply chain disruption and rising rates will mean lower profits.That in turn will make capital markets tougher places to raise money. We discuss who will be hit and what they can do to issue debt in the aftermath of bad...2022-10-1419 minThe GlobalCapital PodcastSaudi issues ‘bond beyond oil’ as other borrowers try every trick in the bookSend us a textFollowing the PIF’s debut bond, is Saudi Arabia a credible green investment?The multitude of unusual tactics bond issuers are using to get deals done in difficult marketsThe Public Investment Fund, Saudi Arabia’s sovereign wealth fund, made a huge splash in bond markets this week with its debut deal. But the $3bn sale across three green tranches, including a 100 year bond – an unprecedented feat among debut issuers – was not without controversy.While the deal execution itself could not be hailed as anything other than a success, investors had wildly d...2022-10-0738 minThe GlobalCapital PodcastAnarchy in the UK and never mind the BuoniSend us a textThe way out of UK market disarrayItalian banks in a better stateBring back the bonus cap, say bankers We analyse the disruption to capital markets this following new UK chancellor of the exchequer Kwasi Kwarteng’s plan to fund tax cuts and energy bill support through extra government bond issuance, which spread across currencies and asset classes and ended — or perhaps just paused — with the Bank of England making an emergency purchase of some of those bonds just as the government was in the market issuing some. Sovereign debt ma...2022-09-3034 minThe GlobalCapital PodcastInnovation nears ESG government bonds and UK bankers’ bonusesSend us a textUruguay has taken a step further along its path to issuing a sustainability-linked bond, which will be something new for the market to get its teeth into. And in an extra wrinkle, the South American sovereign borrower is proposing to pay investors less if it hits certain sustainability targets. We take a look at how near this controversial idea is to becoming reality and whether the market thinks Uruguay will succeed or fail.Meanwhile, as we recorded the podcast, the UK’s new chancellor of the exchequer, Kwasi Kwarteng, was...2022-09-2326 minThe GlobalCapital Podcast‘I shouldn’t really be saying this… but I have no idea what investors are doing buying’Send us a textA number of senior bond bankers in Europe’s corporate bond market cannot for figure out why investors are buying what they have to sell.With US inflation above expectations this week suggesting central banks could be about to raise interest rates imminently, yet again, some bankers are having a hard time figuring out why you’d buy anything now that you could buy at a much better yield by waiting a couple of weeks.We explain how deals are getting done in such a volatile market and what is d...2022-09-1635 minThe GlobalCapital PodcastCapital markets take on the energy crisisSend us a textAlmost a year ago, we discussed the energy crisis for the first time on this podcast — how energy companies were using the capital markets in the face of higher demand for their product and what it meant for inflation. A year on, things are much worse.Russia’s invasion of Ukraine a few months later has turbocharged that crisis to the point where this week governments are once again unveiling fiscal support packages to help people and businesses through. We look at where the capital markets might be used to fund the...2022-09-0935 minThe GlobalCapital PodcastSay, do you remember printing in September?Send us a textEarth Wind and Fire’s September, a nostalgic paean to the joys of the first month of autumn, might strike a chord with those involved in the business of raising bonds for companies and banks this year.Traditionally — along with January — one of the busiest months in the primary market calendar, most Septembers offer a bumper harvest of bond issuance as investors return form their summer holidays refreshed and with new piles of cash to deploy for the final quarter of the year.But this year, things are very differ...2022-08-2629 minThe GlobalCapital PodcastUK mortgage shake-up and the global fight for stock market listingsSend us a textPerenna is a company hoping to change the way home buyers borrow money in the UK with a system borrowed from Denmark. It claims its way of lending money will make housing more affordable. We test that claim and look into how this change could affect the covered bond and residential mortgage backed securities (RMBS) markets.With the number of publicly listed companies seemingly in secular decline, we discuss how stock exchanges and regulators around the world are competing to persuade companies to list with them — especially exciting, new tech firms. We...2022-08-1936 minThe GlobalCapital PodcastCry me a river: the drought that could herald misery in corporate bonds and sustainabilitySend us a textThe Rhine, which flows through Germany's industrial heartlands, is drying up and that could spell trouble for the corporate bond market.A number of industrial giants — investment grade bond issuers with around €66bn of debt between them — all of a sudden can no longer use the river in the ways they are used to.They are struggling to get materials in, carry out their processes and to ship their goods out. It is the second time the river has run low in just four years. The last time it was th...2022-08-1214 minThe GlobalCapital PodcastThe Pelosi effect and a big squeeze in European securitizationSend us a textNancy Pelosi, speaker of the US House of Representatives, riled China this week by dropping in on Taiwan. The ripples of the visit spread across the Asian bond market, already suffering from myriad pressures both local and global.Issuers pulled deals as investors worried about just how far China would go in its retaliation but it was not such a bad week for every borrower, as Singapore demonstrated. We look at how the diplomatic dispute will hurt the Asian bond market in the weeks and months ahead.In Europe...2022-08-0535 min