The GlobalCapital Podcast

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◆ SSA bond market braces for Trump poll response

◆ Jumbo IPO already 'sucking air' out of EMEA equity capital markets

◆ EU securitization regulation reform enters final phase

The biggest scheduled political event of the year is finally at hand — the US mid-term elections, set for November 3. Issuers have been adjusting their borrowing tactics all year to avoid being in the market at what could be a turbulent time. We discuss what sort of primary market public sector bond issuers might be facing once the election passes.

Another US event with global influence is the fortcoming IPO of Anthropic. It could turn out to be the largest listing in history. We examine how global investors are preparing for the deal and the effect that is already having on equity issuance in the EMEA region.

Finally, we looks at some of the key elements of the provisional agreement on EU securitization reform agreed between the Council of the European Union, the European Parliament and the European Commission. This is a long-running saga aimed at making the market a more potent method of stimulating growth in the EU economy. We discuss whether the reforms are likely to achieve those aims and what they mean for the growth of European securitization.

GC Live: At the threshold of a digital bond market

GlobalCapital is hosting its second annual briefing on the digitalisation of the bond market next week in London. If you're an issuer or an investor you can come for free and listen to off-the-record discussions between the people leading this initiative from central bankers and government officials, to investors, bankers and bond issuers.

The event takes place in the morning, too, meaning you will be able to get back to your desk by lunchtime.

The only way to hear what is said is to be there.

Now read on:

SSA market fears ugly hangover from US mid-terms
Anthropic’s mammoth IPO starts to suck air out of EMEA market
EU's ABS reform marathon ends with mixed bag of prizes for investors

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◆ Is the dollar funding for SSA issuers about to fizzle out as quickly as it reappeared?
◆ Islamic securitization leaps forward
◆ FIG market repricing havoc for issuers

A spate of dollar benchmark issuance for supranational and agency issuers has given them welcome relief from the travails of a volatile bond market in euros. But there are plenty of disruptions in the coming weeks, not least the US mid-term elections, that could seal off access to attractive dollar bond funding. We examine the prospects for both core funding markets for this group of issuers.

We also discuss the future of Islamic securitization after Strideup priced its second residential-mortgage backed deal. We delve into what this issuance means for a burgeoning asset class, where the next deals may come from and what form they might take.

Finally, we look at the repricing unders way in Europe for bank bonds. We uncover the difficulty this is causing for issuers looking to raise debt and how they are overcoming it.

Now read on:

‘Tricky’ pricing conditions in euros drive SSAs into dollar market for ‘last hurrah’
StrideUp clears the path for more Sharia-compliant securitizations
Euro FIG market reprices as conditions worsen

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◆ The inside track from the IMF/World Bank Annual Meetings
◆ AI's future economic impact and MDB capital debated
◆ Middle East capital markets

This week the IMF/World Bank Annual Meetings get underway, this year in Bangkok. Every three years this global finance and development jamboree meets away from Washington, DC with Thailand this year's destination.

GlobalCapital sent two of its best to the Thai capital to see what is being discussed inside and outside the conference as we published GlobalMarkets, our sister publication produced especially for the Meetings — and free to read for everybody.

On the podcast, we discuss the IMF's optimism about AI's future impact on productivity, the looming global jobs shortage, and a new tool for multilateral development banks designed to give them more financial firepower.

Meanwhile, we take a read of what bankers and issuers from the bond market are thinking about in their own discussions in Bangkok, including how they are conducting business in the Middle East in the midst of the Iran war and what they are making of NatWest's recent decision to pull out of most of its primary dealerships.

Now read on:

IMF urges countries to squeeze deficits as debt costs mount
Contingent capital facility unveiled that could square MDB capital circle
Contingent capital will be measured against phalanx of MDB innovations

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◆ Credit market wakes up to France debt risks
◆ NatWest resurrects primary dealership dilemma
◆ IPOs are go but time running out

Credit markets are adapting to the growing pressure on French government bonds as the country grapples with its public finances. The signs are that OAT market pain is spilling over into other asset classes. We discuss just how far the pain will spread.

France isn't the only country with rising yields and borrowing needs, however. So NatWest Markets' decision to give up all of its primary dealerships except for the UK triggered much discussion about whether sovereign issuers are engaging in the right way with the banks that support their bond issuance. We discuss the costs of being a PD, and the cost to the issuer when its dealers quit.

Finally, plenty of initial public offerings are going through the market but there is a growing sense that issuers waiting in the wings are running out of time to come to market. We look ahead to the pipeline of deals.

Now read on:

Fear of OAT contagion spreads to credit markets
NatWest exit reignites primary dealership viability debate (free to read)
Too much of a good thing
Busy week of IPOs cannot hide slipping timelines

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◆ Issuers reconsider plans after bonds plunge
◆ Argentina, Brazil and the bond market
◆ Anticipating El Niño's impact on credit

Bond markets stumbled on Thursday, throwing into doubt issuers' plans for the weeks ahead. We examine what is happening and how it will affect he primary bond market in the weeks to come.

Meanwhile, in the run-up to the IMF/World Bank Annual Meetings in Bangkok later this month, we looked at how the political situation in Argentina and Brazil are developing, what it means for their economies and how it might affect their bond market access.

Brazil has an imminent presidential election. The winner — either the incumbent Luiz Inácio Lula da Silva, or right-wing challenger Flávio Bolsonaro — faces the task of tackling the country's budget deficit. We discuss what investors have told us about their views on the possible outcomes.

There is no imminent election in Argentina, however, where president Javier Milei has been invoking economic reforms. Are the reforms going to be enough to hearld the return of one market's most notorious defaulters back to bond issuance?

Finally, we discuss the impact of El Niño. The weather phenomenon, which forms over the Pacific Ocean, can have far reaching consequences for the rest of the planet, and that may have ramifications for the bond market.

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◆ OAT rout puts French borrowers in awkward spot ◆ Sterling FRNs: a popular underdog ◆ Emerging market secondary bonds lose relevance

French government bonds got bodied by this week’s global sell-off, as France-specific fears spiked the already heady cocktail of alarms driving yields higher everywhere.

The OAT-Bund spread was knocked right off the pitch, to 113bp.

Unfortunate timing for French banks and companies, which were busy packing in all the funding they could before negotiations over next year’s national Budget begin in October — an event that has been glowing red on the risk events calendar all year. Too bad the risk came early.

Private sector issuers are still welcome in the market, though they are paying up a little over non-French names. But the louder political crisis gets — and it is sure to get very loud during next April’s presidential election — the more French borrowers will be emphasising to investors how much of their business activity is actually outside France.

A freakier result of this year’s weird rates patterns has been the flowering of sterling floating rate notes. This ancient instrument has been gathering dust at the back of the toolshed for years, but was rediscovered by supranational issuers last year and in 2026 is positively glamorous.

Two supranationals that had never issued an FRN linked to Sonia and one that hasn’t for seven years have brought deals in the past week.

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◆ Gulf private placements bite back ◆Price to issue bonds rises ◆ CLOs catch a break

Gulf sovereigns and banks have raised billions with large, privately placed bonds since the US-Iran war began. Now the friendly, accommodating investors that bought them are starting to sell.

Gulf issuers were glad to raise cash quietly in these private deals and paid handsomely to do so. Now these bonds are causing them headaches.

The issuers, especially banks, want to come back to the public market and raise fresh money. With their paper hardly scarce, it looks like they might have to pay up all over again.

For Europe’s bank and corporate issuers, spreads have been incredibly stable and tight, even as interest rates seesawed all over the place.

Now new issues are feeling the pinch a little. Over the last three weeks, there has been a decided increase in new issue premiums. We explore the drivers and whether it matters.

For years, CLOs have subsisted on a diet of yesterday’s mashed potatoes. Fresh leveraged loans were rare — instead they had to buy warmed-up repricings and refinancings of old deals. Equity returns have withered.

At last, there is some good news for CLO managers — a raft of new loans is heading to market, including InPost and Nestlé Water.

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◆ The threat of US corporate issuance to European borrowers

◆ The new funding environment for Middle East banks

◆ Reviving UK equity capital markets

The plight of the red squirrel, native to the UK, is well known — pushed out by the chunkier, more vigorous grey variety imported from the US. Is there a parrallel with the European corporate bond market we wonder, given the vast amounts of US corporate bond issuance taking place this year in euros, sterling and Swiss francs?

US borrowers are set to push Reverse Yankee bond issuance to record volumes this year, causing a worry that their investor-friendly pricing approach will hurt the funding costs of Europe's domestic companies, or may even start to crowd them out of the market. We discuss the dynamics in the primary bond market and what the omens are for European credits with a hefty Reverse Yankee pipeline still to come to market this year.

Another group of issuers that might not be getting it all their own way in the bond market is MIddle East banks. Despite having issued little senior debt so far this year, thanks to the Iran war, the signs were when issuance resumed this week that demand was not overwhelmingly good. There is no sense that this group of issuers cannot raise capital in the bond market but the level of demand is very different to what it was. We look at why that is and what it means for the pipeline of bonds to come.

We also discuss UK equity capital markets. Participants have cheered some recent structural and regulatory changes but they do not seem to have been enough so far to trigger more initial public offerings. We discuss what the government and others need to do to make the UK's public equity market as vigourous as a grey squirrel.

Now read on:

Gulf banks crowd into bond market to build safety buffers
Reverse Yankee onslaught casts shadow over booming corporate bonds
Don’t fear the Reverse Yankees (FREE TO READ)
'The elephant not in the room': timid UK equity investors

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◆ Solving order book attrition in the corporate bond market

◆ Signs of trouble in the tech debt boom

◆ The task before the EU's two newest chief regulators

The rate at which investors are dropping out of order books in Europe's corporate bond market when issuers tighten the pricing on their deals in syndication is rising. We examine why, what borrowers are doing to counter it and discuss just how important order book attrition is in the first place.

Meanwhile, there are signs that investors are tiring of the vast slugs of debt being pushed their way to finance the AI revolution. In the US commercial mortgage-backed securitization market, one particular deal is having a tougher time of it. We delve into it and just why debt buyers are growing more wary of data centre-backed securitizations.

Finally, we talk about the EU's two new incoming regulatory chiefs — Carlo Comporti, soon to be chair of the European Securities and Markets Authority, and Thomas Gstädtner, incoming executive director of the European Banking Authority — and the tasks that lie before them at a critical point in the development of the bloc's capital markets and banking industry.

They will have to meet the challenge of helping to make the EU into a single capital market with banks big enough to compete against the biggest from the US, while bringing the bloc's fragmented system of national regulation along for the ride.

Now read on:

Corporate issuers battle order book attrition in European market
Don’t fear attrition, watch the spread (FREE TO READ)
New Esma and EBA chiefs confirmed as regulatory battles loom
CMBS investors play hard to get for data center financing

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◆ Covered bond issuers take stock as pipeline threats loom

◆ Caution creeps into FIG market

◆ What triple-A ratings for Italian ABS mean for banks, securitization and the credit rating industry

The primary bond market has been characteristically busy for the last two weeks with issuers of all stripes trying to beat rivals to investors' cash ahead of what is expected to be a hectic September. For banks issuing bonds, this has meant competing on a number of fronts — in the covered bond market, the senior unsecured market and the subordinated debt market. But signs are emerging that investors are not willing to swallow any deal in any size at any price.

We examine what recent new issues in each of these markets tell us about issuance for the rest of the year and what issuers are up against both in terms of competing supply and wider threats to market stability. We also uncover how some issuers' recent experiences are already influencing how other borrowers approach the market.

Meanwhile, a securitization of Italian auto loans has secured a pair of triple-A credit ratings. Triple-A rated Italian credit risk feels very pre-2008 and certainly captured the attention of some of the older hands at GlobalCapital. We reveal who benefits from these ratings — both now and in the furture — and how they have come to be in the first place as we question why some rating agencies cap their ratings on ABS relative to the rating they assign the relevant sovereign whereas others do not.

Now read on:

Covered bond market seeks balance after frantic fortnight
FIG issuance 'wide open' but investors turning more sensitive and selective
Forza Itali-AAA: more top-rated Italian ABS to follow SG pace setter

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◆ Predictions for Gulf issuance change shape again

◆ Investment grade firms to pick tricky path through autumn

◆ The Alphabet effect: hyperscalers hit Kangaroo market

Middle East borrowers, especially the big sovereigns, have mostly kept away from the public bond market since the US-Iran war began at the end of February. There has been much anticipation that they will return in force in September, when primary bond markets are expected to become much busier. But will they show up? We examine the latest predictions and discuss how the market is changing for these issuers as the war rumbles on.

Investment grade corporate bond issuance in Europe resumed this week after a summer lull. We pick through the deals to see what they can tell us about the weeks ahead and also examine the calendar to find that the autumn issuance window might not be a particularly clear one, especially when factoring in the US mid-term elections in November and how that might influence hyperscaler issuance.

And speaking of hyperscalers, Alphabet made its Kangaroo bond debut this week. We inspect the imapct the issuer had with its blockbuster outing and what that meant for other Kangaroo issuers and the growth of the market.

Now read on:

Enthusiasm dims for Gulf primary market resurgence
Euro corporate bond market readies for issuance burst
Alphabet should build the Kangaroo market, not drain it

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◆ Have capital markets comprehended the heatwave?

◆ Which SSA issuers need to get it done this autumn

◆ Halcyon days for MTN, M&A and ECM bankers

Heatwaves and wildfires are dominating the news but the capital markets seem barely to have noticed. We discuss how the bond and securitization markets are thinking about the risks of global warming, whether they are worrying about it enough and whether anyone has figured out yet who will fund cliamte adaptation, resilience and mitigation.

Meanwhile, public benchmark bond issuance is awakening from its summer slumber. We examine the sovereign, supranational and agency bond market and the deals about to come. We discover there is one group of issuers in particular with funding to do and a limited window in which to do it.

We also identify two areas of invetsment banking where career prospects are on the up. We discuss the fashion for hiring experiened medium term note bankers, and their scarcity, and who in M&A and equity capital markets will likely be paying record bonuses this year.

Now read on:

Markets bask in bullishness as record heat scorches harvests
Wildfires put securitization investors on notice of climate risk
Securitization investors can’t ignore physical climate risk (FREE TO READ)
SSA market braces for 'mini-January' as heavyweights line up
Pre-fund, especially if you're French (FREE TO READ)
MTN bankers: so hot right now
Record payouts beckon in M&A and ECM even as bankers hit beach

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◆ Europe's corporate bond market braces for US tech issuance surge

◆ Canada makes move for EU regs equivalence but to what end?

◆ Middle East private placements here to stay... but will take up less room

Europe's corporate bond market is fretting over increased bond issuance from hyperscalers in the autumn. These US tech giants, when they come to the market, come big. And with their spreads having widened lately, more storied issuers in the market are worried that it will impact their funding costs too. We examine what could drive such a huge slug of issuance in the next couple of months and whether those tightly priced European companies really have anything to worry about.

Canada, meanwhile, is proposing to adjust some of its regulations to make it cheaper for its banks to hold foreign covered bonds. Great news for those banks but critically, the move would also put Canada's regime on a par with the EU's — by far the biggest covered bond market. Matching EU rules is a prerequisite for the bloc to consider full regulatory equivalence. We discuss who would benefit from that, who would not, and how long it might take to have it.

Finally, one of the big themes in the bond market since the outbreak of the Iran war at the end of February has been for Gulf issuers to eschew the public bond market in favour of chunky private placements to raise funding. But, as we discover, that could be about to change. We lay out the pros and cons of public versus private market issuance, why issuers might be compelled back into the public market, and whether Gulf issuers' funding toolkit has been forever changed by the experience of the last few months.

Now read on:

Broader corporate market resists hyperscaler pressures
Industry weighs covered bond third-country equivalence
Market shift expected to dampen big GCC PP activity

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◆ The collapse of another specialist lender hits asset-backed lending but why it's different this time

◆ MDBs ramp up private funding

◆ No greenium but European banks happy to print more ESG labelled debt

Barely six months after the controversial collapse of Market Financial Solutions, another UK specialist lender has tumbled. The failure of Amplifi is another blow to the banks and other institutions that fund the specialist lenders through asset-backed finance.

But the devil, or perhaps in this case the angel, is in the detail. For the two situations have stark differences. We explain why the ABF industry is taking Amplifi's collapse in its stride.

Meanwhile, some of the world's most prominent multilateral development bank bond issuers have increased the portion of their funding done through private placements rather than through their core public benchmark bond programmes. We examine what is driving the change.

Finally, European banks are issuing more and more ESG-labelled debt. This has often been a way for issuers to save on funding costs by targeting a product with a captive investor base. However, there is little of this so-called greenium to be had. So what is behind the volumes? We reveal all.

Now read on:

Amplifi collapse unlikely to cause major disruption to ABF market
MDB funding mix changes as callable bond bid from Asia blossoms
European banks ramp up green bond sales, unfazed by lack of greenium

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◆ Oil trumps politics ◆ Kuwait scores late winner ◆ How to save Thames Water harmlessly

The three month euro/dollar basis swap was traditionally called the bully of the curve because it controlled the rest, but there is no doubt who’s the boss now — dirty old oil.

As the US and Iran traded blows, Houthi threats to close the Gulf of Aden made oil traders freak out this week. Their alarm seized bond markets globally, pushing French and German yields to decade highs and Treasuries to an 18 month peak.

Gilt investors should have had a week of interesting navel-gazing, wondering whether new chancellor of the exchequer John Healey is going to be their next hero or villain. Instead they were rudely shaken out of it by global events, as Gilts turned out not to be special — all govvies were selling off.

A measure of stability has returned, but it’s looking like an edgy summer.

Kuwait likely had that in mind when it brought a $6bn three tranche bond this week, in the last minute of extra time of the bond market’s pre-summer season.

It was the first public bond issue by any of the highly rated Middle Eastern governments since the war began. Investors lapped it up, delighting bankers, who hope it will encourage other issuers.

Back in the UK, Andy Burnham isn’t probably expecting a honeymoon as prime minister — he didn’t win an election. But his peace will soon be disturbed by having to make a big call on Thames Water.

The UK’s largest water company, serving about a fifth of the population, is running out of money. Creditors have put a recapitalisation offer on the table, but nationalisation might be cleaner and safer.

How it’s handled matters keenly to the UK’s dozen other water companies. A good outcome for Thames bondholders could reduce the perceived risk premium they have to pay, but a messy one could be slippery for their cost of capital.

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◆ 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. Managers active for decades, with dozens of deals behind them, can woo bondholders and present their credentials till they’re blue in the face. Will investors give them credit for their experience with tighter pricing? A penny or two if they’re lucky.

Cantor, the New York broker-dealer led for over 30 years by Howard Lutnick till he took Trump’s shilling as commerce secretary, is not nickel and diming. The firm is moving into European investment banking, starting with equity capital markets, M&A and trading.

That takes wedge, and Cantor is dishing out plenty, hiring teams in Hamburg, Milan, Dubai and soon Stockholm. It’s a big if, but if the bet pays off, the returns will not be measured in basis points.

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◆ Clean-up calls set to change how banks manage senior debt

◆ The Bank of England's SSA bond booster

◆ What is behind booming corporate bond issuance in sterling

A lot of expensive bank bonds, issued when rates and inflation were high and spreads wide, have call dates coming up, meaning issuers will be keen to replace them with cheaper debt at current market prices. To do so, they may completely change how they deal with investors when they do buy-backs.

Many of these bonds contain what is known as a clean-up call, which allows the issuer to redeem the rest of the bonds at par once it has competed a tender offer for them, but usually only if it has managed to buy back more than a threshold amount.

This puts investors into a dilemma because the price they will be offered in the tender will most likely be better than where they can sell the bonds in the secondary market and what they will get if their bonds are taken back in the clean-up call.

It's a technique more commonly used in US markets, and for sub-benchmark sized or subordinated European bank bonds. But now the stakes are being raised as the market contemplates its use in replacing expensive, benchmark-sized senior bonds from issuers that rely on wholesale bond funding. We explore what is at stake for issuers and investors alike.

Meanwhile, the Bank of England has started to accept a wider range of public sector bonds as collateral. This will boost the bank treasury bid for sterling SSA bonds. We discuss which new issuers it might attract to the market.

Finally, corporate sterling bond issuance has been on a tear this year. We look at who has been issuing, who hasn't, and what the pipeline looks like for the rest of the year.

Now read on:

Senior bond buy-backs herald new era for European FIG market
Sterling SSA issuers rush the queue as BoE repo change beckons new names
IG corporate bond market eyes rebound in sterling issuance

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◆ How UK's likely next PM can woo the bond market

◆ Fibre ABS coming to Europe

◆ The rise of the corporate Kangaroo

Andy Burnham looks set to become the next UK prime minister, following the resignation of Keir Starmer on Monday. But how will the new man in 10 Downing Street get along with the bond market? One of his predecessors, Liz Truss, managed fixed income relations so badly, it cost her her job and made her term the shortest in the history of the office.

The early signs were not promising. Burnham notoriously said the country should not be "in hock" to the bond market. Perhaps a strange choice of phrase when talking about debt instruments and he has since appeared to row back from the comments, which were intepreted as a fearlessness over borrowing and spending.

So how can Burnham manage the business of government while not blowing up the Gilt market? We have some suggestions.

Meanwhile, the need for digital infrastructure growth in Europe is acute. The capital markets will be vital in funding it and now it looks like a new asset class is on the way — asset-backed securities secured on fibre optic cable networks. We investigate.

We also discuss the rise and rise of the Australian dollar bond market and how global corporations are turning to it increasingly as a source of capital.

Now read on:

Burnham needs a cause — two would please the bond market
First European fibre securitization could arrive within 18 months
Offshore corporate borrowers leap into Aussie dollar mart

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◆ Iran peace deal in sight but where are the Middle East issuers?

◆ Why primary capital markets will be slow adopters of DLT

◆ Why French covered bond issuance has slowed and why it might pick up

The Iran war has kept the Middle East's bond issuers largely at bay but with the path to peace now clearer, issuance conditions have improved. But even this might not be enough to tempt borrowers back to the primary bond market en masse. We discover why.

We also analyse a new report on the digitalisation of wholesale finance and discuss why capital markets might be one of the last bits of finance to go digital.

French issuers are among the biggest users of the covered bond market but so far this year, they are way down on the volumes they have issued compared to last year. We examine what has been going on and uncover the reasons why there could be more French deals in the coming months.

And we also talk about the GlobalCapital Bond Awards 2026 held this week in London, one of our biggest events of the year, and about some of the awards we handed out on the night.

Now read on:

Gulf markets lap up peace memo but public issuance unlikely to come roaring back
Primary capital markets could be among last to adopt DLT, report finds
Core covered issuers to step forward in second half of yearGlobalCapital Bond Awards 2026: winners revealed

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◆ What now for European Secured Notes ater long-awaited debut?

◆ The mood in European securitization amid MFS fallout and reg reform

◆ Digitalisation of bond market is up to the regulators

Bpifrance achieved a world first this week, pricing the inaugural European Secured Note. The deal was a success but it has taken about a decade to get the product from concept to market.

The question is now where next for ESNs? This twist on a covered bond has clear applications as a capital market instrument that can help fund the real economy but it could be argued that its future lies in the hands of the regulators and how they choose to treat it. We discuss the different paths ESNs might be led down and the alternatives open to issuers.

Meanwhile, GlobalCapital's European securitization team is back from Global ABS in Barcelona — that market's major gathering for the year. We find out what is giving the market cause for fear and cheer.

We discuss how specialist lenders, banks and funds are adjusting to prevent or mitigate another scandal like the one that befell Market Financial Solutions earlier this year, and how the securitization market feels about the direction of regulatory reform.

Sticking with the topic of all-powerful financial regulators, we also discuss why it is they rather than the technologists that will decide the fate of bond market digitialisation.

Now read on:

ESNs arrive: regulatory recognition may follow French first
European Secured Notes needn’t rush to Brussels
Funds eye ABF market share as banks pull back
ABS conference delegates emit mixed feelings of trepidation and optimism
On DLT, regulators could bring order — or disruption