The GlobalCapital Podcast · 2026-07-17 · 48 min
Send us Fan Mail ◆ Greenium reappears in unlikely place ◆ US banks splash out ◆ Is that all I’m worth? ◆ Cantor is coming A basis point might always be the same quantity, but is it a lot or a little? It depends whom you ask, and when. For supranational, sovereign and agency bond issuers in the dollar market, 1.7bp over Treasuries and 1.9bp over are two different things. Records keep falling as SSAs price ever closer to Treasuries. Last week the International Finance Corp got to 1.7bp - and it was clearly because its $2bn green bond attracted green-mandated investors, more willing to tolerate spread norms being shaved. Could the first new issue to go through Treasuries be a green bond? Across town, the big US banks, led by Goldman Sachs, have been pumping out huge bonds after their quarterly results. The usual big dollar issues have been replaced with bigger ones - and dropping whoppers in the euro market is also common now. The banks are anything but miserly with new issue premiums, seemingly happy to pay 10bp-15bp - in fact their largesse makes life awkward for other issuers. But they’ve got their eyes on bigger prizes. In Europe’s CLO market, investors are ever so stingy.
Record temperatures, record bonuses79 / 100Brewing a bromance between Burnham and bonds65 / 100All eyes on the hyperscalersAnother ABF lender collapses, development banks max out private placementsThe bully of the curve