30 Years of Covering Global Capital Markets

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  • 30 Years in Timelines

    GlobalCapital explores 30 years of covering the global capital markets

  • GlobalCapital: a clear voice for fast-changing markets

    A warm welcome to this publication that marks 30 years of GlobalCapital, or EuroWeek, as it was called until 2014.

  • 30 years young in the sovereign debt market

    Government bond markets are the foundation of the capital markets, but have been anything but stable in the last 30 years, as new techniques of sovereign debt management have given way to the establishment of the euro, the sovereign crisis, and the re-emergence of central banks at the heart of the market. By Owen Sanderson.

  • ‘The death of the Eurobond market has been much exaggerated’

    Financial historian Professor Richard Roberts takes us back to 1987 when GlobalCapital (then called EuroWeek) was launched, a time of market crashes, when Japanese banks dominated the league tables, the World Bank was the best borrower in the market and a small German agency called Kreditanstalt für Wiederaufbau issued its first deal.

  • The early days of EuroWeek: Belgian Dentists and City pubs

    EuroWeek’s first news editor, Bill Blain, remembers his time at the newspaper from 1987 to 1989.

  • Supras cross frontiers in SRI, investor bases and currencies

    Supranational issuers have enjoyed a strong start to 2017, with core currency markets in fine fettle. Wide swap spreads have aided dollar issuance — as have efforts to tap the US investor base — while several borrowers have introduced new strands to their SRI and currency mix. The political outlook is also rosier after Emmanuel Macron won the French presidency, although risks remain in the form of an unconventional US administration and looming Brexit negotiations. GlobalCapital met some of the world’s top tier supranational issuers in May to discuss these topics — and more.

  • SSAs: still winning despite shortened windows

    The heightened borrowing requirements of public sector borrowers across the world since the global financial crisis of 2008 do not appear to be falling back to 2007 levels anytime soon. That, coupled with more issuers entering the syndicated market and increased political risk eating up issuance windows, has made the skill of planning borrowing calendars more difficult than ever. By Craig McGlashan.

  • Agencies: a strong year but still hoping for a return to normal

    Some of the big names in Europe’s agency sector sat down with GlobalCapital in late May to discuss the funding landscape and its future, touching on political risks both in Europe and across the Atlantic, monetary policy, arbitrage opportunities and green bonds.

  • Green bond bulls run free

    Having already racked up $200bn of new issues in the product’s first decade, green bond bankers now have far more ambitious goals in sight. Following sovereign endorsements and with strong growth ahead in emerging markets and structured finance too, they even aspire to an eventual double-digit share of the global bond market. By Julian Lewis.

  • Battle-hardened covered bonds are ready for next challenge

    The covered bond is the all-terrain senior financing product for banks that is built to stand the test of time. It has come through the financial crisis intact and has coped with everything the European Central Bank has thrown at it. But can it really handle going off-road with the introduction of European Secured Notes? By Bill Thornhill.

  • Reinvented senior market awaits finishing touches

    Regulatory authorities have been shaping the concept of bail-inable senior bonds for many years, but the end is finally in sight for European capital market participants. After a little more fine-tuning in 2017, banks and investors will come to settle on the real value of these new products. By Tyler Davies.

  • AT1s prepare to come out punching in round two

    The first additional tier one (AT1) bonds are up for refinancing next year. With supply forecasts shrinking and the asset class performing extraordinarily well in the secondary market so far in 2017, banks should find the second generation of instruments much cheaper to come by than the first. By Tyler Davies.

  • Sterling market resists efforts to pension it off

    The ability of investors to analyse and take down a huge variety of structures in both private and public benchmark deals means sterling will continue to be a unique bond market for domestic and international borrowers — no matter what Brexit means for the UK or the rest of the world. By Philip Moore.

  • Yen markets: a premier source of diversification

    Over the last three decades, few of the world’s capital markets have acted as a more consistent and dependable source of funding diversification than the yen bond market, especially the Samurai sector. By Philip Moore.

  • Swissie 2.0 gains credit as Matterhorns loom

    Once a staple of public sector borrower funding, the Swiss franc bond market has morphed into a smaller, credit-driven sector under the twin pressures of negative rates and evaporated arbitrage. Corporates are the stars of the Swissie 2.0 era, with emerging markets names and more junior debt providing further routes to the yield investors crave, reports Julian Lewis.

  • Smaller currency issuers keep finding new niches

    From high volume markets such as Australian and Hong Kong dollars, to exotic and frontier currencies such as Dominican pesos, Mongolian tughriks and West African francs, niche currency bonds have carved out an important role in capital markets, writes Silas Brown.

  • MTNs — your flexible friend

    The actions of central banks and regulators have put the medium term note market under intense pressure but, with the flexibility that has always characterised the product, MTNs are still providing value to borrowers and investors. By Lewis McLellan.

  • EuroCP takes US turn

    Although volumes of debt outstanding have remained stable, the international commercial paper market has changed in every other dimension in recent years. Reflecting negative euro rates, the positive €/$ basis swap and US money market reforms, ECP has been reinvented as a primarily dollar product, led by European SSAs, with a growing US corporate presence. By Julian Lewis.

  • Asian bonds robust in face of rate hikes after long boom

    It has been a long journey to the deep and diverse Asian bond markets of today, taking in the rise of China, the emergence of local currencies and the region’s maturing dollar market. Now, investors and issuers are looking ahead to further Federal Reserve hikes and preparing for the next challenge. By Adrian Murdoch.

  • Asia’s loan market: overbanked but innovation is stirring

    The Asian loan market hasn’t exactly been a hotbed of inventiveness, but it’s still seen some changes. Domestic markets, particularly China, have become vastly more active, while the balance of power in the market has shifted towards local lenders. All, however, are struggling in a world of low margins and low volumes. Adrian Murdoch reports.

  • Asian ECM painful for Western banks, but sophistication grows

    Asian equity capital markets are maturing, slowly but surely. Institutional investment is growing and capital pools are getting deeper. However, change cannot come quickly enough for ECM bankers in the region, who hope that an improving 2017 will make up for a miserable 2016. Adrian Murdoch reports.

  • Corporate bonds prepare for a world without CSPP

    Europe’s corporate bond market has been shaped in the past year, for better or worse, by the European Central Bank’s unprecedented corporate bond buying programme. But as Michael Turner reports, market participants are deeply divided about what may lie ahead as the end of central bank largesse draws near.

  • Loans still struggle, even with $100bn landmark on the cards

    As ultra-competitive and marginally profitable as ever, syndicated loans must combat encroaching capital market rivals while praying for an M&A boom to mask dwindling overall volumes and generate lucrative ancillary business. In the longer term, vanilla lending looks ripe for digitalisation, but emerging market corporates and structured financings offer the prospect of a higher-margin future, reports Julian Lewis.

  • High yield bond market waits for loan retreat

    The European high yield bond market is suffering at the hands of an ultra-competitive leveraged loan market that, driven by central bank cash, is offering borrowers exceptional terms. It will be different when central bank special measures end. Until then, high yield investors will have to be patient, and avoid becoming desperate and making mistakes. Michael Turner reports.

  • Globalisation fires up red hot levfin market

    Conditions for issuers in the European leveraged finance market have arguably never been better, but the story has a lot more to it than cyclical conditions and a reach for yield, writes Nick Jacob. Secular trends have reshaped the market, dissolving the barriers between bonds and loans and between the US and Europe, and created an unprecedented menu of options for issuers.

  • Schuldschein shines as private placements rise in prominence

    Public capital markets are not the only game in town — indeed, one of the most exciting growth areas is private debt financing. This suits issuers that don’t want to have to conform to the sometimes restrictive norms required in public markets — and investors that are eager to find an edge, such as by being paid to do credit work and buy illiquid paper. Silas Brown reports.

  • Growing up fast: CEEMEA bond market offers plenty of options

    Few would have predicted that in the year following the election of Donald Trump, which was identified by all as a catastrophe for bond markets, the CEEMEA region would record its busiest year to date. But over and above volumes, the range of products and instruments on offer, from an increasingly wide range of issuers, shows the CEEMEA bond market is maturing nicely. By Virginia Furness.

  • LatAm charges forward but faces local challenge

    With Argentina back in the fold, the growth of Latin America’s bond markets has been astounding, with high levels of issuance even as fundamentals have not been as strong. The next step in their evolution will be the development of local currency markets, with Mexico leading the way. By Oliver West.

  • Securitization: the unlikely remedy for Europe’s real estate legacies

    The fallout from the real estate-driven financial crisis has had a transformative effect on Europe’s residential mortgage-backed securities market. As the coffers of Europe’s banks swell with cheap central bank stimulus while real estate assets rally, private equity firms and private lenders are swooping into the capital markets to finance once-in-a-generation mortgage portfolio acquisitions. By David Bell.

  • Yield quest brings ABS out of Great Recession’s shadow

    In the depths of the financial crisis, the question of securitization’s comeback was not a matter of when, but if. Though the roots of the crisis could be traced back to the residential mortgage market, securitization was branded public enemy number one and took more than its fair share of blame. But nearly a decade later, ABS is booming, fuelled by investors’ hunt for yield in a low interest rate world. By Max Adams.

  • CLOs emerge from the shadows with reputation intact

    Largely spared from the ravages of the financial crisis, the CLO market is taking advantage of rampant investor demand for floating rate assets. With senior secured corporate debt as its collateral, the CLO market is pitching itself to a whole new breed of investor. By Sam Kerr.

  • Long-stable ECM on watch for upset from tech or regulation

    The equity capital market, foundation of the economy, has changed little for 20 years. It remains able to transfer huge quantities of risk at lightning speed — though it is also buffeted by investor stampedes. But as Jon Hay reports, forces are moving in the market that could bring radical change.

  • Unique variety of convertible market to enter electronic age

    Both bond and share, and also neither, equity-linked debt has always been an acquired taste — for issuers and investors. As Jon Hay reports, it will probably remain a product that does special things for a few people. But big change may be coming in how the business operates, as electronic trading intrudes, potentially disrupting an already slimmed-down market.

  • Rate derivatives market copes with clearing and eyes hedging revival

    Since 2008, interest rate derivatives, especially swaps, have undertaken an enormous migration into central clearing houses. As Ross Lancaster reports, that process is not over yet — there could be battles over where clearing takes place, and the maximum benefits from centralisation have still not been reached.

  • Credit derivatives bounce back

    The single name CDS market might be a quiet backwater now but there is a fair wind blowing through other parts of the credit derivatives business. By Nick Jacob.

  • Searching for synergies

    Technological change, regulatory pressure and competitive forces have combined to make for a fast-moving evolution in equity derivatives. The industry is becoming more automated, and more focused on high-value advice and intellectual property, writes Nick Jacob.

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Publisher: Oliver Hawkins

Telephone: +44(0)20 7779 7304

Deputy Publisher: James Andrews 

Telephone: +44 (0)20 7779 8074

Associate Publisher: Daniel Elton

Telephone: +44 (0)20 7779 7305

US Publisher: Kevin Dougherty

Telephone: +1 212 224 3445