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GlobalCapital
Information Services
London, England 20,578 followers
GlobalCapital is the foremost information source of the international capital markets.
About us
GlobalCapital is the foremost information source of the international capital markets. Over more than three decades, we have educated and entertained the people and institutions of the world’s financial industry with extensive coverage of all the major sectors — spanning deal analysis, people moves, industry trends and more. Our editorial team have unrivalled access to the people who matter in the markets, and the expertise to turn that contact into up to the minute information for our readers, through written journalism and our data offerings. Whether you wish to check the pulse of your market, to research in detail an issuer, intermediary or asset class in a particular sector, or to check how your institution is performing relative to its peers, our service is for you. Timely, sometimes irreverent and always informative, GlobalCapital is the Voice of the Markets.
- Website
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http://www.globalcapital.com
External link for GlobalCapital
- Industry
- Information Services
- Company size
- 51-200 employees
- Headquarters
- London, England
- Type
- Public Company
- Founded
- 1987
- Specialties
- Syndicated Loans, Equity, Emerging Markets, Corporate Bonds, Leveraged Finance, Securitization, Banks, Capital Markets, Banks, Public Sector Borrowing, DCM, ECM, Securitisation, Debt Capital Markets, Equity Capital Markets, Covered Bonds, and Private Debt
Locations
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Primary
8 Bouverie Street
London, England EC4Y 8AX, GB
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1120 Avenue of the Americas
New York, NY 10036, US
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183 Queen's Road East
Wanchai, Hong Kong -, HK
Employees at GlobalCapital
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Craig Coben
Retired Senior Investment Banker (Bank of America, Merrill Lynch, Deutsche Bank) | Freelance Columnist | Expert Witness | Nonprofit Trustee | Fulham…
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Ralph Sinclair
London Bureau Chief at GlobalCapital
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Oliver West
US Bureau Chief / Latin America reporter at GlobalCapital
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Sara Leech
Director of Events and Commercial Content, GlobalCapital
Updates
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This week's edition of the #SSA roundup: There is ‘agony’ for some SSA issuers in trying to balance #euro and #dollar funding – both in terms of cost and execution risk – in their attempt to accelerate funding for the rest of the year: https://lnkd.in/eZ43ptNc The EFSF - European Financial Stability Facility kicked off the week with a large €5bn trade and wrapped up its funding for the year. Silke Weiss told us about the rationale behind the dual-tranche structure and the intraday execution strategy: https://lnkd.in/ezgpjcTV Another large trade came from Austria. Marcus Stix at the Austrian Treasury shared the highlights of the sovereign’s biggest five year syndication to date: https://lnkd.in/eTSj8K6T French issuers are also back. Bpifrance’s Eric Louis talked us through the new €1.5bn social bond that was the issuer’s largest benchmark since 2020, while Samia Ben Mebarek at AFD - Agence Française de Développement gave us a flavour of how the agency spotted back-to-back opportunities to wrap up public funding for 2024: https://lnkd.in/ePCevqCK https://lnkd.in/eyP2x7T7 Ministerium der Finanzen des Landes Nordrhein Westfalen also managed to find a window to bring a long-awaited 10 year issue, but in a somewhat choppy euro market it built a smaller book than it has become accustomed to. Andreas Becker talked us through the trade: https://lnkd.in/eET3C-t9 In dollars, the buoyant issuance conditions continued, allowing for Oesterreichische Kontrollbank AG (OeKB) to finish benchmark funding for the year. Monika Seitelberger told us about the “very strong print”: https://lnkd.in/eGW4TgE8 A pair of Canadian issuers also made a showing Export Development Canada | Exportation et développement Canada’s Chadrick Buffel talked about the efforts that went into balancing both the swap spread and US Treasury spread for investors: https://lnkd.in/eccSDEYe Guillaume Pichard from the Québec shared how dollar proved the best option for the province this week, one that allowed for a larger-than-usual print of $2bn: https://lnkd.in/esiuaUTq
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In this week's edition of the Corporate Bond Wrap: The long end lost some of its lustre this week in Europe’s high grade corporate bond market, with books and spread moves indicating that investors favoured shorter tranches. This was best seen in a €1.9bn triple tranche deal for UK drink maker Diageo, which saw higher demand for a 6.5 tranche than a 20 year tranche. Before the summer, the 20 year would have almost certainly been the one in highest demand. Market participants gave multiple reasons as to why demand has shifted shorter, from oversupply to curve flattening, meaning that ultra-long end corporate bonds just don’t offer the same value as they have done for so much of this year. https://lnkd.in/g7DZMmEv In the US, high grade corporate borrowers have chalked up their second busiest August ever, in the persistent trend seen across the West of borrowers funding sooner rather than later to avoid US election volatility. This has been seen across markets, with Europe’s IG corporate market reopening a week earlier than usual this month as some borrowers tried to avoid the queues. Up to August 29, there had been $88.5bn of IG corporate bonds printed in dollars. https://lnkd.in/gw8axeFU #corporatebonds
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This week's edition of the #SSA roundup: SSA benchmark issuance resumed earlier than usual after the summer lull this year with a deluge of bonds in euros and dollars. But it wasn’t all plain sailing as issuers run into mounting supply concerns, crowded issuance windows, and tight spreads versus govvies, especially OATs: https://lnkd.in/edQEX7uP The World Bank had a stellar time of it, however, raising $9bn-equivalent on just one day across three benchmark bonds in dollars and euros. World Bank funding official Andrea Dore explained how the issuer was able to capitalise on having ‘the best of two worlds’: https://lnkd.in/eDFHX5Pv KfW also returned, in euros, with a deal that took its green bond issuance this year – the 10th anniversary of its green bond programme – to over €10bn. Sven Wabbels and Jörg Graupner shared their observations of this ‘solid transaction with a solid performance’: https://lnkd.in/eMYCmqcg Anu Sammallahti of the State Treasury Finland spoke about its bond syndication, with the deal breaking a decade-long size record for the sovereign: https://lnkd.in/e_4uUEQt Bank Nederlandse Gemeenten’s Sydney Siahaija, CFA shared the highlights of its 10 year euro social offering and its plan to consider shorter dated funding for the remainder of 2024: https://lnkd.in/e_4uUEQt Dr. Alexander Labermeier at the State of Hesse explained to us the rationale behind ‘being brave’ in being the first SSA issuer out in euros this week this year and the decision it faced about the deal size: https://lnkd.in/eXFq8jxu Central American supra Cabei's Humberto Rodríguez also told us about the issuer’s plan to make it sterling debut: https://lnkd.in/e8T45v3e
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In this week's edition of the Corporate Bond Wrap: Europe’s high grade corporate bond market burst into life a week earlier than usual with €7.2bn of benchmark sized issuance in euros alone. Standout trades include a €2.5bn triple tranche deal from BMW Group, and an €800m 30 year non-call 5.25 year hybrid from Merck. The earliness of the summer market reopening is down to one factor that has been at the forefront of issuer decisions all year – the US presidential election on November 5. While issuers, #investors and #bankers came into the summer convinced that the battle between Kamala Harris and Donald Trump was having less sway on market dynamics, the burst of issuance this week – more than double the next highest amount for the week in recent years – suggests borrowers are still nervous about volatility come November. https://lnkd.in/eGnpmmEK And the deals that were sold this week mostly look to have performed strongly in the secondary markets. This is important for the deluge of trades expected after the UK bank holiday on Monday – which is traditionally seen as the starting gun for the busy September issuance window. Although next week is only short, it is tipped to be packed with trades. https://lnkd.in/ec7v5Trz #corporatebonds
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In this week's edition of the Corporate Bond Wrap: The arb has swung in favour of euros for #US #investment grade corporates, sparking some hope that the Reverse Yankee market might attract more issuers than usual once the market reopens fully at the end of the month. Euros are usually 9bp wider than dollars after the basis swap for the same issuer, but the hullabaloo in the US at the start of August has shifted the balance, and now euros are pricing through dollars. Even if US companies do not want to take advantage of this temporary state of affairs, there is a chance that euros could be preferable to dollars next year. If Kamala Harris becomes US president in November, her stance on international trade is tipped to be beneficial to #euro credit spreads – and detrimental to #dollar spreads, while the opposite is true if Donald Trump wins the top job. https://lnkd.in/eW-nKvYz In the US, drugmaker Eli Lilly and Company printed a $13.3bn in a week heavily front loaded because of the US CPI data drop. This August is one of the busiest summers ever, with $62.7bn of supply by Thursday, well up on the $43bn sold this time last year. https://lnkd.in/eYZJubC2 #corporatebonds
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This week's edition of the #SSA roundup: Benchmark SSA issuance is about to resume after a quiet summer. Half a dozen #euro deals could arrive in the next few days, and the #dollar market will also have plenty to look at. We spoke to market participants about how issuers should approach the market: https://lnkd.in/eaKDi8bq We also dived deep into the World Bank’s new outcome #bond, which is linked to Amazon reforestation. We investigated how this niche but quickly evolving market is growing. The World Bank’s Michael Bennett, Asif Sherani of HSBC, which structured and arranged the deal, Nuveen, a TIAA company’s Stephen M. Liberatore, CFA, which was the biggest investor in it, and the reforestation project’s operator MOMBAK’s Gabriel Haddad Silva all gave us their insight: https://lnkd.in/ehjaf_D8 IFC - International Finance Corporation is chipping it away at funding for its new fiscal year which started in July, returning with a £250m bond this week. Elena Panomarenko talked us through the deal and the supranational’s funding strategy for the rest of the fiscal year: https://lnkd.in/e2BcC7cQ We also spoke to Utku Bora Geyikci, PhD and Federico Barriga-Salazar at Fitch Ratings about the agency’s latest move to lower the outlook on Finland’s rating and the rationale behind it. Anu Sammallahti from Finland’s State Treasury (Valtiokonttori (State Treasury of Finland))also shared some thoughts and colour on the sovereign’s next syndicated transaction: https://lnkd.in/ekCZ8UmJ
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How is MarketAxess redefining trading in Global Emerging Markets? A culture of collaboration, cutting-edge technology and unrivalled geographic reach contributed to MarketAxess’ win as Best Secondary Market Trading Platform for Emerging Market Bonds at the GlobalCapital Bond Awards 2024. We sat down with Dan Burke, the firm’s new Global Head of Emerging Markets, to discuss how the MarketAxess platform has evolved and what the future holds. Access the free-to-read article: https://lnkd.in/eBXWnQVW Sponsored by MarketAxess #GlobalCapitalAwards #trading #emergingmarkets #bonds #bondmarket
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This week's edition of the #SSA roundup: The start of the week may have been a turbulent time in the markets but neither the SSA sector, nor GlobalCapital likes to live in the past, so we spent our week looking ahead to the resumption of public benchmark bond issuance in the weeks to come, and beyond. And Germany took up much of our attention. The country’s agency, sub-sovereign and covered bond issuers are likely to lead the capital markets into the autumn after this week’s volatility, setting pricing levels from which other issuers will be able to benchmark: https://lnkd.in/e2JeJFfj Those German sub-sovereigns are facing up to an even bigger borrowing task ahead. Julian Zimmermann of Scope Ratings, Michael Stroschein of S&P Global and Andreas Becker of the State of North-Rhine Westphalia (Land NRW) were among those we spoke to about what the sector faces: https://lnkd.in/eyPse2Km Andreas also spoke to us in greater depth about North-Rhine Westphalia’s funding so far this year, and what it has left to do — which may be more than it had initially planned for: https://lnkd.in/ev6YSBcY One good article about German state funding deserves another, and so Dr. Alexander Labermeier of the State of Hesse talked to us about its funding plans: https://lnkd.in/eDDTuM9d But it wasn’t all about Germany in the sub-sovereign bond market this week as we spotted a very rare bird indeed. The Treasury Corporation of Victoria priced a deal in Swiss francs. It was the Australian state’s first in over 30 years. Paul Kelly, the issuer’s head of markets, told us all about it: https://lnkd.in/eHW3Uypf
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GlobalCapital is pleased to announce a new upcoming event in our series of exclusive editorially-led briefings — GC Live: Swiss Franc Bonds. The Swiss bond market revival began in late 2022 and it has not looked back since, with no signs of slowing down. How will market participants navigate volatility events on the horizon? And has the Swiss franc fully re-established itself as a core part of international funding programmes? 𝐖𝐞 𝐢𝐧𝐯𝐢𝐭𝐞 𝐢𝐬𝐬𝐮𝐞𝐫𝐬 𝐚𝐧𝐝 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐟𝐫𝐨𝐦 𝐨𝐮𝐫 𝐧𝐞𝐭𝐰𝐨𝐫𝐤 𝐭𝐨 𝐣𝐨𝐢𝐧 𝐨𝐮𝐫 𝐭𝐞𝐚𝐦 𝐢𝐧 𝐙𝐮̈𝐫𝐢𝐜𝐡, 𝐨𝐧 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟏, 𝐭𝐨 𝐝𝐞𝐛𝐚𝐭𝐞 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐩𝐫𝐞𝐬𝐬𝐢𝐧𝐠 𝐢𝐬𝐬𝐮𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭. Limited seats available. Apply for your place now: https://lnkd.in/eKQH4-cw #GCLive #swissfrancs #capitalmarkets