FICC Focus
FICC Focus provides market analysis on interest rates, corporate bonds, emerging market debt, commodities, and currencies, presented by Bloomberg Intelligence analysts.
Episodes
State of Distressed: Burian, Stark on the Preordained Bankruptcy
To demonstrate how the modern bankruptcy system often feels prepackaged and inevitable, Brown Rudnick’s Robert Stark compares the current state of Chapter 11 to a trip to the local bureaucracy: “We could do everything that is being done now by setting up bankruptcy at a DMV, go cut your deal in the back room, bring your $60 check, stand in line, and get a rubber stamp by the DMV.” Stark and Houlih
Macro Matters: Mariner CIO E.G. Fisher on Liquidity and Credit
With the Federal Reserve leaning toward a smaller balance sheet and several year-end funding pressures approaching, investors may need to pay closer attention to liquidity and the cost of financing leveraged positions. E.G. Fisher, chief investment officer at Mariner Investment Group, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to di
Masters of the Muniverse: JPMorgan and the Muni SMA Revolution
Municipal separately managed accounts (SMAs) have exploded 16-fold in market share, becoming a predominant investment vehicle in the post-global financial crisis world, with tight spreads and low ratios making alpha elusive. In this episode of Masters of the Muniverse, Bloomberg Intelligence’s new head of municipal research and strategy, Matthew Gastall, sits down with two guests from JPMorga
Credit Crunch: Barings’ Yan on Outlook for Portfolio Finance
“The pace and trajectory of private-market growth has simply outpaced the growth of bank balance sheets,” says Dadong Yan, head of Barings Portfolio Finance, explaining the success of the asset class and the opportunities that lie ahead. In this episode of Credit Crunch, Yan joins Bloomberg Intelligence’s Noel Hebert to discuss the evolution of portfolio finance from a bank-dominated lending busin
Macro Matters: US Economic Outlook With Natixis’ Hodge
Cooling inflation and a softer labor market are giving the Federal Reserve more room to remain patient, even as investors debate whether Kevin Warsh’s Fed could still deliver another rate increase. Chris Hodge, chief economist at Natixis, joins Bloomberg Intelligence interest rate strategists Ira Jersey and Will Hoffman to discuss this and more on this Macro Matters e
Credit Crunch: New Fed Watch as Rates, Not Spreads Drive Credit
Rates and the new Fed are at the forefront of market headlines amid wide government bond yields. In this episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, discusses how credit remains a safe haven in every crisis with Mohammed Kazmi, senior portfolio manager at Union Bancaire Privée. They dig deep into the new Fed poli
All Options Considered: Lessons From Korea’s ETF Volatility
South Korea has become a real-world case study in how market concentration, investor enthusiasm and leveraged ETFs can amplify volatility. In this episode, Bloomberg Intelligence’s Tanvir Sandhu, Rena Kwok and Shirley Wong examine how leveraged products can create powerful feedback loops when positioning starts to outweigh fundamentals. They unpack the mechanics of ETF rebalancing, the role of AI
Credit Crunch: Principal’s Goosay on Credit Relative Value Setup
“We’ve gotten a little addicted post-2008 to the Fed guiding us,” says Michael Goosay, CIO and global head of fixed income for Principal Asset Management. “I’ve been doing this a very long time to remember when... we kind of had to guess at what the Fed did.” In this episode of the Credit Crunch podcast, Goosay joins Bloomberg Intelligence’s Noel Hebert to talk about the potential implication of a
EM Lens: GMO’s Courmes Steers EM Local Bond Bulls
Emerging market local-currency government debt deserves a prominent place in global fixed income portfolios, as economic fundamentals remain resilient and the US dollar remains rich. Victoria Courmes, portfolio manager on GMO’s emerging country debt team, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the firm’s total return expectations through the sec
Macro Matters: Invesco’s Brignac on Liquidity, Fed Balance Sheet
With the change in leadership at the Federal Reserve, investors are paying greater-than-usual attention to the outlook for short-term funding markets, money-market funds and the central bank’s balance sheet. Laurie Brignac, head of global liquidity at Invesco, joins Bloomberg Intelligence interest rate strategists Ira Jersey and Will Hoffman to discuss this and more on this Macro Matters edition o
FX Moment: Dollar-Yen Bearish Push Needs US Data Validation Next
In this episode of the FX Moment podcast, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Chris Turner, head of FX strategy at ING Bank in London, discuss dollar-yen near- and mid-term dynamics. The combined shift in the dollar view following the July 29 Fed meeting, stretched long positioning and joint US-Japan FX intervention were the perfect catalysts for a s
Credit Crunch: Park Square’s Doumar on Junior Debt and BDC Angst
“In the US today, what you see is... capital leaving the system out of the BDCs, and that’s creating a lot of technical pressure on the market,” says Robin Doumar, founder and managing partner of Park Square Capital. “So we should see better structures, better pricing, better terms.” In this episode of the Credit Crunch podcast, Doumar joins Bloomberg Intelligence’s Noel Hebert to discuss Park Squ
Macro Matters: BE’s Anna Wong on Warsh and Fed Communication
Kevin Warsh’s new communications approach may be creating more uncertainty for markets, not less. Anna Wong, Bloomberg Economics chief US economist, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast. Wong discusses why Warsh’s latest press conference appeared to contribute to the selloff in long-dated Treas
EM Lens: Identifying Alpha Opportunities in EM Equities
Emerging market equities are among this year’s top-performing asset classes globally as investors benefit from strengthening fundamentals, diminishing foreign-exchange volatility and a more resilient macroeconomic backdrop. Andrew Keiller, partner at Baillie Gifford, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed-income strategist, to assess the environment for thematic and idiosyn
Credit Crunch: Bright Meadow’s Rilander on MBS, Housing Policy
“There are a lot of people who would love to give away their prepayment option to get their family into the home they want,” says Adam Rilander, CIO and head of agency MBS strategies at Bright Meadow, an investment team within Mariner Investment Group. Rilander joins Bloomberg Intelligence’s Erica Adelberg and Noel Hebert on the latest episode of Credit Crunch to discuss housing affordability, pot
Macro Matters: Invesco’s Levitt on Equities, Rates and Oil
Oil volatility and renewed geopolitical risk have complicated what had looked like a supportive backdrop for risk assets in 2026. Brian Levitt, Invesco’s chief global market strategist, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast to discuss why he still sees a constructive medium-term outlook for markets even a
EM Lens: William Blair’s Assalin Remains Bullish on EM Outlook
Emerging market hard-currency credit continues to outperform most major fixed-income asset classes, yet it also offers a wide range of tactical and relative value positioning. Marcelo Assalin, head of EM debt and portfolio manager at William Blair Investment Management, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed-income strategist, to discuss positioning and performance heading
Macro Matters: BI’s Adelberg on Housing, MBS and Prepay Risk
Housing affordability, mortgage-market modernization and changing refinance behavior are reshaping the outlook for mortgage-backed securities. Erica Adelberg, Bloomberg Intelligence MBS strategist, joins Ira Jersey, BI chief US interest-rate strategist, on this edition of the FICC Focus podcast, Macro Matters. Adelberg discusses how new credit-score models and lender choice could expand
All Options Considered: Equity Derivatives With Susquehanna
On the face of it, index volatility has remained relatively subdued, but underneath there is significant rotation and elevated single-stock volatility. In this edition of the All Options Considered podcast, Bloomberg Intelligence chief global derivatives strategist Tanvir Sandhu is joined by Chris Murphy, co-head of derivatives strategy at Susquehanna, to discuss equity volatility and flows.The Al
Credit Crunch: Xponance’s McElreath on Credit Inefficiencies
“The portfolio manager’s dilemma is, ‘Do I take risk, or do I not take risk?’” Noel McElreath, senior portfolio manager for US fixed income at Xponance, tells Bloomberg Intelligence’s Noel Hebert. “And then, ‘What is excess return telling me?’” On this episode of Credit Crunch, the pair discuss the importance of disciplined credit selection, exploiting structural inefficiencies and
State of Distressed Debt: C Street CEO Henes on Board Dynamics
To illustrate how uniquely challenging the restructuring experience is for the unacquainted, C Street Advisory Group founder and CEO Jon Henes recalled a client CEO’s sentiment after complex, hardball restructuring negotiations: “Every time we walk into a room ... I feel like I’m in one big game of poker. Except you know what your cards are and you know what my cards are and you know what everybod
Macro Matters: Stanford’s Duffie on Fed Balance-Sheet Limits
Darrell Duffie, the Adams Distinguished Professor of Management and Finance at Stanford Graduate School of Business, joins Bloomberg Intelligence’s Ira Jersey on this Macro Matters edition of the FICC Focus podcast to discuss how much the Federal Reserve can realistically shrink its balance sheet under Chair Kevin Warsh. Duffie argues that the real constraint isn’t on the asset side, but on the li
FX Moment: US Fundamentals Set Up Early 2H Dollar Revival
In this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Win Thin, chief economist at Bank of Nassau 1982 Limited, discuss the US dollar outlook into 2H. They acknowledge the return of economics and yields as key FX drivers which implies that dollar strength may be the path of least resistance, at least in 3Q, and for as long as US
Credit Crunch: Investor Survey 3Q - Rates, IG vs. HY, US vs. EU
Credit and high yield recovered all losses due to the Iran war in 2Q. Will 3Q keep delivering gains, and why? Mahesh Bhimalingam, Bloomberg Intelligence global head of credit strategy, discusses the results of the BI 3Q26 Investor Survey and the market outlook with David Fancourt, High Yield Fund Manager at M&G Investments. They discuss valuations and central bank actions, along with distress and
Credit Crunch: Wellington’s Fitzgerald on Convexity Over Carry
“When you just think about the distribution of outcomes on corporate bonds from these levels of spreads, the cost of getting a few of them wrong can wipe out a quarter, or even a year of alpha in these sort of lower-return opportunity type environments,” says Connor Fitzgerald, fixed income portfolio manager for Wellington Management. Fitzgerald joins Bloomberg Intelligence’s Noel Hebert on this e
Credit Crunch: Around the World of Global Credit in 60 Minutes
Global credit markets swung through war and peace, making strategic insights essential for the second half of the year. Bloomberg Intelligence’s credit strategists have their sights set on 2H, but what do their outlooks hold? In this episode of the Credit Crunch podcast, Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, hosts BI’s global credit strategy team to discuss k
Macro Matters: Huw Worthington on ECB, Gilts and Rate Outlook
Bloomberg Intelligence Chief European Rates Strategist Huw Worthington joins Ira Jersey on this Macro Matters edition of the FICC Focus podcast to discuss the latest moves from the European Central Bank, the Bank of England and global rate markets. Worthington explains why the ECB’s recent rate hike may already look too aggressive now that oil and gas prices have fallen back, and why the market ma
Credit Crunch: BlackRock’s Rosenberg on Systematic, AI Impacts
“LLMs give us the opportunity to kind of rethink how much expected skill we can get out of our tools and techniques,” says Jeffrey Rosenberg, managing director and senior fixed income portfolio manager for BlackRock Systematic. “If deep fundamental value investing is dedicating 10,000 hours to create ... concentrated portfolios based on an expectation of high degrees of skill, maybe we can do some
EM Lens: Credit Index Futures Can Improve EM Balance Sheets
Emerging market credit index futures improve liquidity and balance-sheet efficiency, yet they also open the door to a wider range of tactical and relative-value trading opportunities. Lee Bartholomew, global head of derivative markets at Deutsche Börse, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the evolution of Eurex-listed EM credit index futures,
Macro Matters: BE’s Anna Wong on Warsh, Fed & Inflation Outlook
With Kevin Warsh’s first meeting as Federal Reserve chair behind him, the discourse can move to what it signals for monetary policy. Bloomberg Economics Chief US Economist Anna Wong joins Ira Jersey on this edition of Macro Matters and argues that while Warsh avoided explicit forward guidance, his emphasis was on price stability, skepticism toward forecast precision and support for a shorter polic
All Options Considered: Volatility Forum Singapore 2026
This edition of the All Options Considered podcast features a recording from the Bloomberg Volatility Forum held in Singapore on June 3. Bloomberg Intelligence’s Alison Williams, head of global strategy, delivers opening remarks, followed by a keynote presentation from Chief Global Derivatives Strategist Tanvir Sandhu on multi-asset volatility strategy. The program also includes a panel discussion
State of Distressed Debt: Ellias on Reorganizations’ Global Bazaar
“If there’s kind of a squeamishness about forum shopping in the US, there’s a little...it’s just overseas, there’s none at all,” observed Harvard Law Professor Jared Ellias. “There’s a great deal of pride and interest in building...an insolvency system that is equal and in some ways more useful than what they have in the United States.” Ellias sat down with Bloomberg Intelligence analysts Negisa B
Macro Matters: JPMorgan’s Misra on Rates, Credit and Warsh Fed
JPMorgan Asset Management sees a resilient economy facing multiple supply shocks, with inflation still largely supply-led and the Federal Reserve likely to remain on hold for now. Priya Misra, fixed-income portfolio manager at the firm and a manager of the JPMorgan Core Plus Bond ETF (JCPB Equity), joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters ed
Credit Crunch: AI IPOs, Tech Supply and Credit Without Peace
Credit continues to rally despite the lack of a US-Iran peace deal, and it has served as a safe haven relative to rates. In this Credit Crunch podcast, host Mahesh Bhimalingam, global head of credit strategy at Bloomberg Intelligence, and Souheir Asba, credit portfolio manager at AllianceBernstein, discuss how hyperscaler issuance and upcoming IPOs could affect the credit landscape through index a
EM Lens: Extracting the Complexity Premium in Emerging Markets
Emerging markets are becoming a strategic focus for creditors looking to extract the complexity premium embedded in local markets. Atanas Bostandjiev, chairman and founder of Gemcorp Capital Management, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the opportunities available to institutional investors with perpetual capital. Bostandjiev and Sassower d
Macro Matters: Lazard’s Van Nostrand on Supply-Shock Investing
Supply shocks, inflation risks and AI are reshaping the investment landscape, a theme that Lazard’s Chief Investment Officer Eric Van Nostrand discusses with Ira Jersey on this Macro Matters edition of the FICC Focus podcast. Van Nostrand explains why macro matters more to markets now than it did for much of the past two decades, and why investors need to focus more on supply dynamics than traditi
FX Moment: Euro-Dollar 2H Outlook Has Become Binary
Recent euro-dollar price action has validated structural euro-dollar bulls, with the case for diversification strategies beyond the dollar still holding as we look to 2H and 2027. Yet this view is increasingly at risk from an evolving cyclical narrative, with an outperforming US economy and the potential for a hawkish tilt from the Federal Reserve likely to revive cyclical euro-dollar bears into 2
State of Distressed Debt: Ensis’ Shinder on Middle-Market Workouts
“There’s such an informational asymmetry between incumbent investors — the direct lenders who are in the deal and the sponsor — and new parties that it can be harder to bridge that bid-ask,” said Ensis Partners Co-Founder Richard Shinder, “Price transparency acts as a signal... and if you don’t have that price signal, that can be a deterrent to getting things done.” Shinder shared valuable insight
Macro Matters: Morgan Stanley’s Hornbach on Oil and Global Rates
Oil prices have become the key driver of global rates markets as conflict in the Middle East reshapes inflation expectations and policy outlooks. Matt Hornbach, Morgan Stanley’s global head of macro strategy, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast. Hornbach explains why energy prices have been the dominant
EM Lens: Dispersion Creates Cleaner Entry Points in EM Debt
Dispersion is rising across emerging markets, reflecting differences in external balances, policy flexibility and economic proximity to the war in Iran. Pablo Goldberg, EM fixed income portfolio manager at BlackRock, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess institutional positioning and investor sentiment across the asset class, as real yields are
State of Distressed Debt: Judge Kaplan on Bankruptcy Mediation, Venue
“I’ve been shocked by the attention the issue as far as my mediating cases that are before me has gotten because in my view it’s just a label,” US Bankruptcy Judge Michael Kaplan said, addressing the scrutiny surrounding his role as a mediator in cases pending before him. Bankruptcy judges “have always brought parties into chambers in an effort to settle matters when it’s consensual.” In a convers
State of Distressed: Mudrick on the Post-LME Maturity Wall
“You have a refinancing problem; that’s the dynamic that we’re in today. With the covenant-lite nature of the loan market, most of these better-quality businesses can orchestrate an extension one time,” said Jason Mudrick, founder and chief investment officer of Mudrick Capital Management. “The problem is when you get to that new post-LME maturity wall, it’s going to be much more challenging if we
Macro Matters: DWS’ Catrambone on Long-End Selloff, Warsh Fed
Rising Treasury yields, war-driven inflation concerns and uncertainty over the Federal Reserve are reshaping the fixed-income outlook. George Catrambone, head of fixed income for the Americas at DWS Group, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast. Catrambone discusses why the move higher in long-end Treasury
Credit Crunch: TCW’s Miller on Rescue Capital and Direct Lending
“The key to longevity in lending is really avoiding principal loss, minimizing principal loss,” says Richard Miller, chief investment officer of TCW’s Private Credit Group. Reduced distress has led to less demand for restructuring and recovery-optimization skill sets in recent years, but “it really feels like in the next four or five [years]... those characteristics are going to be important for p
EM Lens: Developing a Defensive Response to the Mideast Crisis
Heightened geopolitical risk is driving asset price fluctuations, as inflation and interest rate uncertainty demands increased focus on risk management and liquidity. Andrew Jackson, head of investments at Vontobel, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess portfolio exposure and investor sentiment across emerging market debt, as the asset class is
State of Distressed: Trucano on Distressed Investing’s Evolution
“In the past, I think a lot of times [sponsors] just handed the keys over if they were hopelessly insolvent,” industry veteran David Trucano says. “Now [the market has] basically written, through credit agreements, a call to the equity such that they can extract additional value through the capital structure and preserve value for themselves. And as a fiduciary, they’re required to do it.” Bloombe
Macro Matters: NISA Investments’ Douglass on Fed, Fiscal Outlook
Stephen Douglass, chief economist and a member of NISA Investment Advisors’ global investment committee, explains why he still sees the US economy as broadly consistent with a soft-landing path once the current oil shock fades, even though the war has complicated the timing of Fed rate cuts. He joined Ira Jersey, Bloomberg Intelligence’s chief US interest-rate strategist on this edition of Macro M
Credit Crunch: UK Crisis, Private and Middle-Market Credit
The UK is at the forefront of market headlines amid a political crisis and record gilt yields. In this episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, discusses how credit remains a safe haven in every crisis with Boris Okuliar, chief strategy officer and head of global diversified credit at Corinthia Global Management. They d
FX Moment: Sterling, UK Politics; What Can Take Dollar-Yen Lower
In this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Jordan Rochester, head of FICC strategy for EMEA at Mizuho Bank, discuss how the evolving UK political dynamics leave sterling exposed in the near term via the potential revival of a negative fiscal premium. Jordan and Audrey also revisit the dollar-yen outlook following the recent Ministry of Financ
Macro Matters: BI’s Ira Jersey Talks Fed & US Rates Outlook
Bloomberg Intelligence’s chief US interest-rate strategist Ira Jersey lays out his latest views on the Federal Reserve and the US Treasury market in this solo Macro Matters edition of the FICC Focus podcast. Jersey discusses why he expects the Fed to remain on hold for at least the next several months, even after Jay Powell’s departure and Kevin Warsh’s expected arrival as chair. He examines the s
Credit Crunch: Shorecliff’s Nachman on Market, Managing Growth
“We always want to be big enough in any given strategy that we’re relevant to the market, relevant to our counterparties,” says Grant Nachman, Shorecliff Asset Management’s CIO and CEO. “But we always want to try to be nimble enough that we don’t have to own everything.” Nachman joins Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast to discuss Shorecliff’s “full-cy
All Options Considered: AI FOMO, Yen, Making Sense of Volatility
In this edition of All Options Considered, BI’s Chief Global Derivatives Strategist Tanvir Sandhu discusses cross-asset volatility, including how markets were largely driven by the same oil-related macro shock, with equities marked by sharp rallies and slower pullbacks. He also covers this week’s Japanese FX intervention and the rates outlook after key policy decisions.
Macro Matters: BlackRock’s Brownback on Global FI Opportunities
A changing Federal Reserve, tight credit spreads and renewed opportunities in securitized markets are reshaping the fixed-income outlook. Russ Brownback, BlackRock’s deputy CIO of global fixed income and manager of the Strategic Income Opportunities Fund, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist on this Macro Matters edition of the FICC Focus podcast. Brownback di
EM Lens: Investors Aren’t Packing Their EM Bags Just Yet
Despite the war-induced increase in macroeconomic uncertainty, investors are returning to emerging market fixed income as the universe of investible alpha opportunities continues to expand. Arif Joshi, senior managing director and EM fixed income portfolio manager at Bramshill Investments, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the structural ba
Masters of the Muniverse: New York City and the Market’s Future
New York’s shifting political environment has significant implications for the city’s finances and municipal bond portfolios. In this episode of the Masters of the Muniverse podcast, Pat Luby, head of municipal research and senior municipal strategist at CreditSights, joins Bloomberg Intelligence’s Matthew Gastall, head of municipal research and strategy, and BI senior associate Karen Altamirano.
Macro Matters: Jerome Schneider on Funding Market Risks
Funding markets have remained remarkably calm even as investors continue to debate risks around Federal Reserve balance-sheet policy and the outlook for repo. Jerome Schneider, managing director at Pimco and head of short-term portfolio management and funding, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, and Will Hoffman, BI US and Canadian rates strategist, on this
Credit Crunch: Around the World of Global Credit in 60 Minutes
Global credit risk has been repriced wider and tighter by the Iran war and strategic insights are essential for outperformance. In this episode of the Credit Crunch podcast, Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, hosts BI’s global credit strategy team to highlight worldwide research, data and views. Tim Tan and Jason Lee (Asia), Basel Al-Waqayan (Middle East),
EM Lens: Identifying Alpha Opportunities in EM Fixed Income
Creditors are returning to emerging market fixed income as supply-demand technicals are supportive, rating momentum is positive and real-yield differentials are wide. Thys Louw, emerging market fixed income portfolio manager at Ninety One, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to discuss alpha potential in EM hard- and local-currency debt. Louw and Sasso
Credit Crunch: Saturna’s Drum on Sukuk Growth, Geopolitical Risk
“The market reaction has been very measured. Spreads have clearly moved in response to changes in fiscal outlooks and ratings,” says Patrick Drum, Saturna Capital’s fixed-income lead and portfolio manager, discussing the impact of current events in the Middle East on sukuk and the Islamic finance market. It’s “not so much the conflict itself. Tension is really back to the basics of balance sheet.”
Credit Crunch: Investor Survey 2Q - Iran, Rates, Dollar vs. Euro
Credit and high yield had first quarter losses due to the Iran war impact, especially on rates. Will 2Q revert those losses, and why? Mahesh Bhimalingam, Bloomberg Intelligence global head of credit strategy, discusses the results of the BI 2Q26 Investor Survey and the market outlook with Manuel Schoeffler, Head of High Yield at Deka Investment GmbH. They discuss valuations and central bank action
State of Distressed Debt: Weber, Aguirre on Attaining Owner DNA
“Troubled businesses don’t turn around on a dime. They took years to get messed up. They got worse through the restructuring when they were capital-starved,” observed Jon F. Weber, founder of Jon F Weber & Co. “A lender should not have the expectation that, upon pouring in liquidity and improving the capital structure, they’re going to immediately improve. We’re in the reality business... We have
Macro Matters: Fed Past & Future with BNY's Reinhart
The Federal Reserve still has an easing bias and may lower rates another 50 bps this year, says Vincent Reinhart, chief economist for BNY Investments, on this edition of Macro Matters in the FICC Focus podcast series. Reinhart joins host Ira Jersey, chief US interest rate strategist for Bloomberg Intelligence, to discuss BNY Investments’ view on the economy and central bank actions as uncertainty
FX Moment: Iran War Shift First Step Out of Sterling Bear Cycle
The US-Iran ceasefire and associated relief in risk aversion and pullback in oil prices may be a first step out of the sterling-dollar bear cycle of the past few weeks. There will be cyclical relief as the market adjusts back to less hawkish Bank of England rate expectations, which were hurting the pound via the stagflation narrative. Structural relief may also emerge, as the expected monetary-fis
EM Lens: Seeking Solace Ahead of the IMF’s Spring Meetings
Sovereign balance sheets should come under renewed pressure as the war-induced oil shock forces EM governments to take extraordinary measures aimed at actively defending their domestic economies. Fabio Natalucci, CEO of the Andersen Institute for Finance & Economics, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the risks facing EM creditors as the war
Macro Matters: The Auto ABS Landscape With BI’s Chadehumbe
Wider spreads and credit enhancement causing upgrades in auto asset-backed securities reduces the sector’s risk against similarly rated and maturity corporate debt, says Rod Chadehumbe, Bloomberg Intelligence ABS Strategist. Chadehumbe joins host Ira Jersey, BI’s US Rates Strategist to discuss the findings from the first ABS Primer on available on the terminal. Though spreads are tight compared to
All Options Considered: Iran War, Hormuz and Market Tails
Cross-asset markets are under stress given the bi-modal risks of de-escalation vs. prolonged conflict. This edition of All Options Considered podcast discusses the probability distribution around the outcomes of the Iran war and markets. BI’s Chief Global Derivatives Strategist Tanvir Sandhu is joined by Edward Fishman, author of Chokepoints: American Power in the Age of Economic Warfare and Senio
Credit Crunch: GSAM’s McClain on High Yield Risks, Resilience
“Technicals for high yield post-Covid have been very strong, with pretty limited net new supply, minimal downgrades, strong demand given elevated base rates and pretty reasonable credit spread,” says John McClain, Goldman Sachs Asset Management’s global co-head of High Yield and Bank Loans. “We’re seeing some net new supply from areas like data-center debt,” and “large LBO bonds that are coming ov
Credit Crunch: Monroe’s Uddin on Software, Middle-Market Lending
“The thesis of AI is very big. It’s probably one of the largest events in at least my lifetime,” says Monroe President Zia Uddin, discussing the creditor concerns about how AI may affect borrowers. “But what ends up happening is everyone kind of throws the baby out with the bathwater.” Uddin joins Bloomberg Intelligence’s Noel Hebert on the latest episode of Credit Crunch to talk about why not all
Macro Matters: Fed Communications With Bloomberg’s Mike McKee
The atmosphere around the Federal Reserve has evolved as Chair Jerome Powell has grown more comfortable in press conferences, even amid legal and political pressure. Michael McKee, Bloomberg News international economics and policy correspondent, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, and Will Hoffman, BI US and Canadian rates strategist, on this Macro Matters e
Credit Crunch: Proskauer’s Boyko on Outcomes in Private Credit
“What’s different in private credit versus large broadly syndicated loans is in private credit they’re very focused on the ability to incur additional debt, the ability to distribute assets or distribute money through dividends or otherwise,” says Stephen Boyko, partner and co-founder of Proskauer’s Private Credit Group. “They’re also incredibly concerned about the flexibility of the documents.” B
State of Distressed Debt: Davis Polk’s Resnick on Emerging LME Trends
“The theme that we’re seeing a lot of is, do we do the same old LME that we would have done six months ago or a year ago, or should we do more of a comprehensive fixing of the balance sheet once?” says Brian Resnick, a restructuring partner and head of Davis Polk’s Liability Management & Special Opportunities practice, discussing trends in liability management strategies as borrowers prepare for l
Macro Matters: Central Banks With BE’s Wong, BI’s Worthington
The soaring short-term yields in the UK may be somewhat overdone, says Bloomberg Intelligence European Rates Strategist Huw Worthington on this Macro Matters edition of the FICC Focus podcast series. BI’s US Rates Strategist Ira Jersey and Bloomberg Economics Chief US Economist Anna Wong joined him on a webinar the morning of March 19 to discuss the Federal Reserve, Bank of England, and the Europe
EM Lens: Shifting to Second Derivatives in EM Sovereign Debt
Emerging market central banks have adopted a hawkish bias following the war-induced oil shock, yet fiscal concerns could weigh on domestic currencies as local governments attempt to mitigate the negative impact of rising energy prices. Cem Karacadag, head of global sovereign debt at Barings, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, on this episode of the EM
Credit Crunch: AGL’s Comer on CLOs, Active Management and Growth
“We traditionally have turned over about 60% of the portfolio per year,” says AGL Credit Management’s Chief Operating Officer Wynne Comer, discussing the company’s approach to managing collateralized loan obligations. “That’s 30% through prepayments, 30% through active management.” Comer joins Bloomberg Intelligence’s Noel Hebert on the latest episode of the Credit Crunch podcast to discuss the ev
EM Lens: War-Induced Oil Shocks Aren’t Kind to EM Economies
Emerging market governments are implementing extraordinary measures to mitigate the impact of rising energy prices, as the war-induced oil shock stirs stagflation pressures and pushes most asset classes lower. Gustavo Medeiros, head of EM research at Ashmore Group, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist on this episode of the EM Lens podcast to assess unde
Macro Matters: Yield-Curve Scenarios with BNY’s Granet
The yield curve may continue its steepening trend, with recent flattening just a cyclical retracement, Jason Granet, CIO of BNY says on this Macro Matter’s episode of the FICC Focus podcast series. Granet joins co-hosts Ira Jersey and Will Hoffman of the Bloomberg Intelligence US Interest-Rate Strategy team to discuss the state of the economy, how BNY assesses the outlook and how it thinks about s
Credit Crunch: Iran War, Software Rout and Credit a Safe Haven
Credit suffered a software loan wobble and private credit contagion before the war in Iran, but it’s been a safe haven vs. rates and equities since hostilities started. In this Credit Crunch podcast, host Mahesh Bhimalingam, global head of credit strategy at Bloomberg Intelligence and Sarah Harrison, senior portfolio manager at Allspring Global Investments, discuss their prognosis on the war, refl
State of Distressed Debt: Moelis’ Murray on Private Credit Workouts
“The goal is to set the company up for longer-term success,” explained Rachel Murray, managing director at Moelis & Co. “If we’re solving quarter-to-quarter, you’re probably not investing in the business as you should; there’s distractions for management, it’s putting more pressure on the business, and frankly, probably their peers and competitors are going after their customers and creating noise
Masters of the Muniverse: MMA Founder Doe on Prediction Markets
Prediction markets may revolutionize the municipal bond industry by improving credit transparency, trading efficiencies, hedging strategies and portfolio management. On the inaugural episode of the Masters of the Muniverse podcast, MMA founder Tom Doe and Bloomberg Intelligence’s new head of municipal research and strategy, Matthew Gastall, discuss the possibilities and promise of prediction marke
Macro Matters: DC Policy Update With BI’s Nathan Dean
It’s surprising that the Basel III Endgame proposal may raise bank capital requirements 3-7% given that President Donald Trump’s mantra is deregulation, says Nathan Dean, Bloomberg Intelligence senior policy analyst. Dean joins host Ira Jersey, BI’s chief US rates strategist, to discuss the Office of the Comptroller of the Currency’s stablecoin proposal implementing the Genius Act, along with open
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