FICC Focus

Tariff-induced uncertainty has rapidly altered the cost of capital for companies across all sectors, with potential for wider spreads to persist. Carlos Mendez, Co-Founder and Managing Partner at Crayhill Capital Management, joins Bloomberg Intelligence’s Noel Hebert and Sam Geier on this episode of Credit Crunch to dive into the firm’s focus on commercial finance and renewable infrastructure asse...

The dollar and equity markets remain expensive even after the recent declines, says Sonal Desai, chief investment officer for Franklin Templeton Fixed Income, on this Macro Matters edition of the FICC Focus podcast. Desai joins host and BI chief US rates strategist Ira Jersey and associate North American rates strategist Will Hoffman for a discussion about the recent extreme volatility. She thinks...

“I don’t think that we’ve seen the full potential of these deals. What we’re going to see … in the coming years [is] sponsors and companies actually needing to execute on these third-party deals,” says Natasha Tsiouris, a partner at Davis Polk & Wardwell LLP, about keeping the threat of the “deal away” alive in evolving liability management transactions. Tsiouris, in a conversation with Bloomberg...

Wide intraday-trading ranges across markets highlight risks on the downside and sensitivity to any positive news on the upside. In this edition of the All Options Considered podcast, Tanvir Sandhu, Bloomberg Intelligence’s chief global derivatives strategist, discusses tariff-led cross-asset volatility. Measures of equity convexity have spiked and spot-volatility reactivity has increased. Rates vo...

Building relationships is fundamental to turning around middle-market companies, according to SierraConstellation Partners (SCP) Founder and CEO Lawrence Perkins, as employees are “in the center of the bullseye [and] doing the work every day, taking the calls from the vendors, taking the calls from the analyst, the private equity sponsor...the direct lender.” In his feature interview with Bloomber...

Given inflation may be a feature of economy in the coming years, real estate and public infrastructure may be places for investors to consider, saysSeema Shah, chief global strategist for Principal Asset Management. On this Macro Matters edition of the FICC Focus podcast, Shah joins host and BI chief US rates strategistIra Jerseyto discuss investment ideas and regions in the midst of market volati...

The mortgage market may be on the brink of major transformation amid freshly implemented tariffs, proposed deregulation and the potential privatization of Fannie Mae and Freddie Mac. In this episode of Credit Crunch, Bloomberg Intelligence’s Noel Hebert and Sam Geier are joined by Deepak Narula, founder and co-chief investment officer of Metacapital Management, to explore emerging opportunities in...

Global markets are struggling to digest the unprecedented economic and financial stability challenges posed by an all-out trade war. Dr. Fabio Natalucci, CEO of the Andersen Institute for Finance & Economics, joins Bloomberg Intelligence’s Damian Sassower, chief emerging market fixed income strategist, to break down his growth and inflation outlook for developed and emerging markets across the glo...

High yield had good first quarter gains with default rates low but cracks started developing in March even before Liberation day which led to a substantial rout with spreads selling off at record speeds. Will 2Q be a huge loss or will there be a turnaround and why? Mahesh Bhimalingam, Bloomberg Intelligence's Global Head of Credit Strategy, discusses the results of the BI 2Q25 High Yield Investor...

Copper and uranium may be well-positioned as economies seek to balance energy needs against social demands. Oskar Lewnowski, Founder and Group CEO of Orion Resource Partners, joins Bloomberg Intelligence’s Noel Hebert and Rob Barnett on the latest episode of the Credit Crunch podcast to discuss supply-demand dynamics across the commodity landscape, themes (including energy and technology) incentiv...

The risk to bondholders is that the 2% inflation target becomes unbearable for the Fed, says Jim Grant, founder of Grant’s Interest Rate Observer. Grant is joined by Bloomberg Intelligence’s chief US rates strategist Ira Jersey and senior US and Canada rates-strategy associate, Will Hoffman to discuss the outlook for US financial markets following a sweeping US tariff announcement. The trio discus...

It may be all about US tariffs in early 2Q, with the April 2 US tariff announcements and possible retaliation from trading partners risking to entertain increased risk aversion, which bodes well with our bullish view for defensive FX such as the yen. In this episode of FX Moment, Bloomberg Intelligence's chief G-10 FX strategist Audrey Childe-Freeman talks to Bloomberg Economics Chief Trade and Cl...

Real estate private credit is uniquely positioned amid the recent wave of loan maturities and reduction in bank capital. Ricardo Gennari, managing director and head of US Real Estate Credit at Leste Group, joins Damian Sassower, Bloomberg Intelligence’s chief fixed-income strategist, to discuss his firm’s approach to loan origination, liquidity maintenance and portfolio management. Gennari and Sas...

Factor-driven, trend and pure alpha are among the sleeves within systematic investing that can fuel returns. Jeffrey Rosenberg, managing director and senior portfolio manager for BlackRock Systematic, has spent years identifying and mining such returns. He joins Bloomberg Intelligence’s Noel Hebert on Credit Crunch to discuss the evolution of systematic investing, defensive alpha, the opportunity...

There has been growth in the product offering in the crypto options market, which often has a right-tail skew and exhibits spot-up, vol-up dynamics. This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in London on March 18. The panel discussion on the crypto adoption curve was moderated by Anna Edwards, Boomberg News' Anchor, with Carol Alexa...

A comfortable environment of US exceptionalism has been replaced by noise around tariff risks, the EU’s fiscal bazooka and US policy pivots, which has supported cross-asset volatility. This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in London on March 18. Bloomberg Intelligence’s chief global derivatives strategist Tanvir Sandhu gave an o...

With municipal bond exemptions potentially endangered and credit risks on the horizon, some may consider this to be a transformational time in the muni market. This month we welcome Patrick Haskell, managing director and head of the Municipal Bond Group at BlackRock, to discuss why he thinks it’s a “generational opportunity to capture income” within the muni market. In this Masters of the Munivers...

Fed Chair Jerome Powell rehabilitated the word “transitory” and injected it into our understanding of where the economy and inflation are now, says Tim Horan, in this Macro Matters edition of the FICC Focus podcast. Horan, the chief investment officer of fixed income at Chilton Trust, joins host and Bloomberg Intelligence chief US rates strategist Ira Jersey and senior US and Canada rates strateg...

Direct lending remains a pillar of private credit, providing companies with new and flexible sources of financing in today’s high interest-rate environment. Laura Holson, Chief Operating Officer of Credit and Managing Director at New Mountain Capital, joins Bloomberg Intelligence’s Noel Hebert and Sam Geier on Credit Crunch to discuss the firm’s focus on “defensive growth” direct lending, and expa...

Government bonds sold off in the past weeks, due to tariff news from the US and the debt brake being eased soon in Germany and this has increased the probabilities of rate cuts by central banks, including the Fed. Credit rallied through this mayhem and the big question is, will this strength continue? In this episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Global Head of Credit Stra...

“Even if we hear rumblings that NDAs are out there with third parties and private lenders are looking at assets,... we’re still in a position where — why wouldn’t they come back to us — because we have more to give,” said Patrick McGrath, partner at Anchorage Capital. “If I’ve invested in a structure and I have a group, I can give them more time. That’s valuable. I can address interest rates. I ca...

It’s back to the future in emerging-market debt, and creditors should look to the Cold War when analyzing geopolitical risk in global fixed-income portfolios. Michael Cirami, Managing Director at Artisan Partners and a portfolio manager for EMsights Capital Group, joins Bloomberg Intelligence Chief Emerging Markets Credit Strategist Damian Sassower to discuss his company’s approach to investing ac...

The weakening path recently observed through US survey evidence has yet to be confirmed by a sustained turn in the core economic news flow, but if confirmed, this could entertain a more bearish dollar outlook than envisaged at the start of the year. In this episode of FX Moment, Bloomberg Intelligence’s chief G-10 FX strategist Audrey Childe-Freeman and Valentin Petrescou, senior portfolio manager...

Hybrid capital solutions may aid small and medium enterprise companies confronting balance-sheet challenges amid persistently high borrowing costs. Ari Lefkovits, managing partner at Delos Capital, joins Bloomberg Intelligence’s credit strategists Noel Hebert and Sam Geier on this episode of the Credit Crunch podcast to discuss trends in private credit markets, and Delos’ advisory and principal in...

A spate of economic and political headlines has traders working harder than usual to assess US indicators for clues on interest rates and property markets. In this episode of the Bloomberg Intelligence Macro Matters Podcast, Lisa Pendergast, president and CEO of CREFC, joins host and BI chief US rates strategist Ira Jersey, senior REIT analyst Jeffrey Langbaum and senior US and Canada rates strate...