Strategic Alternatives

In 2025, Fixed income returns across the world will depend partly on the continuing resilience of the U.S. economy, and how far the Federal Reserve takes its current easing cycle. But macroeconomic variations among different markets will also be a big influence. In this episode of the Strategic Alternatives podcast, RBC Capital Market specialists from major global markets sift the key factors to offer informed predictions.

At RBC's Global Industrials conference in Las Vegas, Vito Sperduto, Head of RBC Capital Markets U.S., and Lori Calvasina, Head of U.S. equity strategy talk about the key themes shaping equity markets right now, and how investors are thinking about and factoring in the potential impact of the US election.

Last autumn the Industrials M&A landscape was subdued at best. This year the mood at RBC’s Global Industrials Conference was very different, with a revived corporate scene and private equity increasingly active. Joshua Rosenbaum, Global Head of Industrials, joins the Strategic Alternatives podcast to discuss the most promising sectors, and whether the shadow of the global financial crisis is finally clearing.

With over $1 trillion in transactions under his belt, Larry Grafstein, Deputy Chairman, Global Investment Banking, RBC Capital Markets, shares career insights and deal strategies. This episode was originally recorded with The Investment Banking Leaders Podcast on September 23, 2024.

Robert McCormack, Global Head of Debt Capital Markets at RBC, and Allison MacKinnon, Head of UK & European Corporate Debt Capital Markets, share their insights on the shifting dynamics in the capital markets. They discuss the surge in U.S. issuances and how geopolitical concerns shape investor preferences. The guests delve into the evolving landscape of bond markets, highlighting opportunities amid tightening credit spreads and addressing risks associated with interest rates. They also examine the growing impact of ESG financing on investment strategies.

Despite uncertainty around elections in Europe and the U.S., issuers have accelerated their funding plans in what has been a positive year for global bond markets. Head of European Debt Capital Markets and Syndicate, Robert Lamb and Co-head, Canadian Debt Capital Markets, Patrick McDonald explore the trends shaping debt capital markets.

The Trans Mountain Pipeline is up and running; the LNG Canada export facility is gearing up. The promise of new routes and markets for Canadian products is focusing investors’ attention on the market as never before. RBC Canadian energy specialists, Jeff Cormack and Michael Povaschuk, join the Energy Transition in Focus podcast to predict what this means for companies in the sector.

Gerard Cassidy, Co-Head of Global Financials Research, breaks down the impressive potential of U.S. banks as value investments amidst modest GDP growth and expected Fed rate cuts. He discusses the improved credit quality and shifting investor focus towards profitability. Cassidy also tackles upcoming M&A opportunities, regulatory impacts, and the evolving role of AI in banking. His insights present a compelling outlook on the banking sector's future, highlighting promising opportunities for investors eager to navigate this evolving landscape.

Dan Perlin, a fintech analyst, discusses the sector's evolution and diversification post-pandemic. He highlights a surprising optimism at RBC’s fintech conference, suggesting that a potential consumer dip could benefit the industry. The conversation also delves into the impact of generative AI on financial services and how companies are strategically shifting from cost-cutting to growth-driven mergers and acquisitions. Perlin emphasizes the importance of adapting to new market dynamics to thrive in this transformative landscape.

Private capital is critical to energy transition efforts, but much of it to date has been channeled to renewables and electric vehicles. What are the prospects of attracting funds to other sub-sectors, and early-stage innovators? In this episode of Strategic Alternatives, host Beatrix Pratte-Ness is joined by RBC specialists Ralph Ibendahl, Paul Betts, and Barrie Laver to assess the prospects for the market.