The ESN Has Landed
The Global Capital Podcast unpacked the debut European Secured Note (ESN) issued by BPI France, a state‑backed lender that packaged SME loans into a AAA‑rated, five‑year bond. The panel explained how ESNs blend covered‑bond features with broader asset eligibility, highlighted the deal’s strong demand (€750 m sold, €2 bn order book) and its pricing just a few basis points above comparable covered bonds, and debated whether ESNs should receive the same regulatory treatment as covered bonds or remain a distinct, less‑regulated product. They also compared ESNs to securitizations, noting the dual‑recourse structure and tighter spreads, and discussed future issuance plans under a €2 bn program.
Two Comebacks and a Pull-Back: Credit Card ABS, Insurance Tier Two and SSA Bonds
The Global Capital Podcast episode covers three main topics: the upcoming Global ABS conference in Barcelona, a resurgence of European credit‑card asset‑backed securities (ABS) highlighted by new deals from challenger banks Vanquis and Advancière, and a surge in tier‑two regulatory...
SSAs and US Treasuries: Crossing the Final Frontier
The episode examines the surge in supranational and agency (SSA) bond issuance, highlighting how record‑high demand has driven spreads to as low as 2‑3 basis points over U.S. Treasuries, with some secondary trades even tighter. Hosts discuss whether a primary‑market...
Justice for Covered Bonds (and Securitization)
The episode examines recent EU regulatory proposals affecting covered bonds and securitisation, highlighting the European Parliament’s approval of a 5% risk‑weighting for senior STS securitisation tranches while rejecting a similar reduction for AA‑ rated covered bonds. Panelists discuss the covered‑bond...
The Outbreak of Warsh
The episode examines the revival of Gulf public bond issuance after a two‑month war‑induced pause, highlighted by Emirates NBD’s $750 million AT1 bond that priced at 6.25% and attracted a $2 billion order book with roughly 24% international demand. Analysts discuss why...
The Fast and the Dubious
The episode examines three intertwined bond market trends: the rapid withdrawal of hedge funds from supranational and agency (SSA) bond order books, the resulting shift toward central bank and official institution investors, and the impact on issuers' funding costs; the...
What It Takes to Break Issuance Records in Volatile Markets
The episode examines a wave of record‑breaking bond issuances across sovereign, supranational, provincial and corporate markets amid heightened geopolitical tension from the Iran conflict. Hosts highlight how the UK, Italy, France, the European Investment Bank, the Asian Infrastructure Investment Bank...
How Bond Issuers Will Take Advantage of Iran Ceasefire
The episode examines how the recent Iran‑US ceasefire is reshaping bond issuance in the Gulf and broader emerging markets. With public markets still volatile, sovereigns like Abu Dhabi and Qatar, as well as Egypt, have turned to private placements, accepting slightly...
The Gulf’s Banks Get Ready for Recession
The episode examines the resilience of the sub‑sovereign and supranational bond market amid Middle‑East tensions, highlighting strong issuance and investor demand for AAA‑rated public‑sector bonds despite rising yields. Hosts discuss recent deals across Europe and New Zealand, noting that issuers...
News From the Frontier: Africa Leads Emerging Market Bond Revival
The episode examines the surprising resurgence of emerging‑market bond issuance, led by African issuers such as Angola and telecom tower firm Helios, while Central‑Eastern European and Middle‑Eastern markets remain largely dormant due to war‑related volatility. George Collard explains why lower‑rated...
The Dollar Dilemma for Public Sector Bond Issuers
The episode examines how recent attacks on Middle East energy infrastructure are pushing oil and gas prices higher and the ripple effects on emerging market (EM) sovereign bonds, noting modest yield increases but overall resilience due to stronger fiscal positions...
Banks May Be Shut but Amazon Delivers
The episode examines how the Middle East war is reshaping capital markets, highlighting a shift in euro‑denominated bond issuance: banks have paused their euro funding while corporate issuers, notably Amazon, are stepping in with record‑breaking deals. Amazon raised €14.5 billion across...
Software Update: AI Saas Scare Haunts Capital Markets
Recent AI upgrades, notably Anthropic’s Claude Co‑worker agent, are unsettling SaaS valuations and complicating IPO plans for many software firms. The devaluation of SaaS‑related loans is eroding the collateral base of collateralised loan obligations, with similar pressures hitting chemical‑sector loans....