Ralph Sinclair

Faversham

London Bureau Chief at GlobalCapital

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Articles

War and why primary credit markets are not as worried as you might think

1 week ago | globalcapital.com | Ralph Sinclair |Sarah E. Ainsworth |Tom Hall |Mike Turner

If you only consumed mainstream news, the escalating conflict between Israel and Iran — and potentially the US — might lead you to assume that such global turmoil would make it a bad time to be issuing debt. But if you only observed the capital markets to the exclusion of all wider news, you'd be forgiven for thinking the world was a stable, peaceful and certain place. Issuance in credit markets has boomed even as the prospect of a wider war ramped up this week.
Orange and black is the new black swan

1 month ago | globalcapital.com | Ralph Sinclair |Jon Hay |Sarah E. Ainsworth |Atanas Dinov

A blip in Bloomberg's terminal services this week delayed bookbuilding on a number of syndications and bond auctions. It passed with seemingly little harm done. But it did reveal how dependent bond issuance and fixed income has become on the company's platform. We asked what would be at stake if there was a longer outage and what can be done to prevent major disruption. Meanwhile, rising US Treasury yields mean SSA bonds are trading at ever smaller spreads over them.
EBRD meets as Romania faces crunch moment and corp bonds lure FIG buyers

1 month ago | globalcapital.com | Ralph Sinclair |Jon Hay |George Collard |Atanas Dinov

GlobalCapital 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 of the emerging markets' biggest bond issuers, that may have repercussions for its credit.
Relief as Trump administration gives hints on US MDB support

1 month ago | globalcapital.com | Ralph Sinclair |Jon Hay |Frank Jackman |Mike Turner

We surveilled the SSA bond market this week and the development finance world to see what both made of US decisions about financial support for a number of international development funders. The result was relief but it was not unqualified, as we ponder what this may mean for US president Donald Trump's review into the country's involvement in international financial institutions. Meanwhile, banks are facing a stark choice about whether to raise covered bond funding or to do unsecured deals.
Capital markets veterans join Defence Security and Resilience Bank project

1 month ago | globalcapital.com | Ralph Sinclair

As a premium subscriber, you can gift this article for free Copy gift link https://www.demo.com/demo-article/ Link copied to clipboard You have reached the limit for gifting for this month There was an error processing the request. Please try again later. You have 10 article gifts to share each month
Sustainability-linked finance's next big test

1 month ago | globalcapital.com | Ralph Sinclair |Atanas Dinov |Jon Hay |Mike Turner

The wave of sustainability-linked bonds that were all the rage a few years ago are now reaching the point where their issuers' performance against their environmental KPIs is being judged. Two issuers this week have failed to meet their targets and will pay higher coupons as a result.
Development finance reacts to US MDB reform aims as EU looks to cut red tape

2 months ago | globalcapital.com | Ralph Sinclair |Sarah E. Ainsworth |Arthur Bautzer |Jon Hay

The US administration gave some clues as to its beliefs on how the IMF and the World Bank should change their operations for the first time this week since president Donald Trump signed an executive order in February asking for a review into the country's involvement in international financial organisations. US treasury secretary Scott Bessant outlined at an event in Washington, DC to coincide with the IMF/World Bank Spring Meetings his gripes with the two institutions.
Everyone has a capital markets strategy until they get punched in the face

2 months ago | globalcapital.com | Ralph Sinclair |Jon Hay |Sarah E. Ainsworth |George Collard

This was supposed to be a decent year for banks in the debt and equity capital markets. But the uncertainty generated by a chaotic US tariff policy has wrecked investment banks' ability to plan and operate in their markets. We look at what is grinding the sell-side's gears and investigate how banks should navigate the volatility to meet their budgets. One area of the bond market where issuance has been slow to resume since the US first announced its new tariffs is the senior unsecured FIG market.
Flirting with financial crisis

2 months ago | globalcapital.com | Ralph Sinclair |Jon Hay |Sarah E. Ainsworth |Frank Jackman

As a premium subscriber, you can gift this article for free Copy gift link https://www.demo.com/demo-article/ Link copied to clipboard You have reached the limit for gifting for this month There was an error processing the request. Please try again later. You have 10 article gifts to share each month
On the tariff trail from the Rose Garden to Riyadh

2 months ago | globalcapital.com | Ralph Sinclair |Jon Hay |George Collard |Mike Turner

US president Donald Trump's imposition of a vast swathe of tariffs on imports bludgeoned stock markets this week and proved the stuff of nightmares for investors as they contemplated the possibility of recession and the return of inflation. But the reality for the bond market will likely be rather more nuanced.