This series explores the crisis in the Middle East and its impact on global markets. Experts unpack scenarios for energy disruption, investor uncertainty, and the broader geopolitical ripple effects. In part two we discuss how markets and investors have reacted to the escalating conflict in Iran.

This series explores the crisis in the Middle East and its impact on global markets. Experts unpack scenarios for energy disruption, investor uncertainty, and the broader geopolitical ripple effects. In part one we discuss the current situation and assess forward-looking scenarios.

In Part 2 of this conversation, Marc Granville from the International Capital Market Association (ICMA) continues speaking with Kaikham Onedamdy from the International Finance Corporation (IFC) about the impact and future of the Green Bond Technical Assistance Program (GB TAP). They discuss lessons learned from the programme, including the importance of collaboration, partnerships, and combining technical assistance with funding to support sustainable bond markets in emerging economies. The discussion also highlights the critical role of education and training in scaling sustainable finance globally and building local expertise. Finally, Kaikham shares what is exciting about the future of sustainable finance: the passion of young professionals working to create meaningful impact in their markets.

Marc Granville, Senior Director at ICMA, and Kay Kim from IFC discuss the Green Bond Technical Assistance Program (GB TAP) launched in 2018. The program, supported by Switzerland, Sweden, and Luxembourg, aims to develop green bonds in emerging markets with a $1.4 billion fund. IFC partnered with ICMA for its expertise in sustainable finance training, especially during COVID-19. The program has trained 2,000 bankers from 83 countries, with 41% being women. It has led to tangible impacts, such as banks issuing their first green bonds and developing local taxonomies. The alumni network fosters ongoing learning and collaboration among participants.

• Outlook for 2026: key themes
• Geopolitics and which are the asset classes to watch this year
• Views on the new FED chair as well as FED leadership, tariffs, and shutdown risk
• Investors views on optimism in the markets and how that effects positioning

The ICMA ETF Podcast: What’s new in fixed income ETFs?

Listen now to this ICMA Podcast on exchange-traded funds (ETFs), hosted by Anita Karppi, Senior Director - Buy-side at ICMA, who was joined by Tom Stephens of Schroders Investment Management, Pravin Bagree of UBS Asset Management and Josh Gibbs of State Street Investment Management to discuss what 2026 could look like for fixed income ETFs, and why ETFs are increasingly being treated as core portfolio infrastructure rather than “access” products.

In this episode, the panel discusses:

• The outlook for fixed income ETFs in 2026: intentional duration, credit dispersion and ETFs as risk-management tools
• The active ETF “delivery mechanism” debate: product design, fees and liquidity
• Adoption trends across institutional, wholesale and retail channels, plus the role of platforms and model portfolios
• Regulatory developments, including how rules may shape eligible exposures (including alternatives)

Bryan Pascoe, Andy Hill, Natalie Westerbarkey, and Irene Rey examine evolving market structure, resilience, and digitalisation trends shaping bond markets over the next decade.