FICC Focus

“We’re credit guys,” says James Cuby, partner and head of Europe for Waterfall Asset Management, when discussing asset selection and the right risk-return profile. “We’re not going to be able to generate a 30% return, and therefore an investor’s not going to be comfortable with a minus 20% return.” Cuby joins Bloomberg Intelligence’s Noel Hebert on the latest episode of the Credit Crunch podcast t...

With repo markets functioning smoothly but major structural changes approaching, investors are focused on funding conditions, Federal Reserve liquidity and the shift to mandatory Treasury clearing. Andrew Lazar, head of sales at Buckler Securities, joins Bloomberg Intelligence interest rate strategists Ira Jersey and Will Hoffman to discuss these issues on this Macro Matte...

Global credit markets have stayed relatively calm through wars and sovereign crises like the one in France, despite swings in rates, making strategic insights essential. 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 key research, data and views from around the world. Tim T...

Looking across 200 years of history to the AI-driven energy boom, there’s a case that munis haven’t looked this good in a long time. On this episode of Masters of the Muniverse, Matt Gastall, head of municipal research and strategy at Bloomberg Intelligence, sits down with Mark Schmidt, CFA, executive director and head of municipal strategy and research at Morgan Stanley, for a fast-paced tour of...

In this episode of the FX Moment podcast, recorded in Hong Kong, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Gary Ng, Senior Economist at Natixis CIB in Hong Kong, discuss Asia FX in 4Q and into 2027, with a focus on the yuan and the yen. The bottom line is that structural yuan bulls were validated into 4Q and may extend into 2027, with the 6.65 dollar-yuan reference value...

With nominal GDP running above 6% year to date and earnings season kicking off, Mike Medeiros, macro strategist at Wellington Management, explains why corporate profitability has been well-supported and why that support may be fading, in his return to the Macro Matters edition of the FICC Focus podcast, hosted by Ira Jersey, chief interest-rate strategist for Bloomberg Intelligence. The...

“Even when you think you’ve patched the last three holes ... what does it matter that you actually blocked one, two, and three if the company can still get there through route four?” observes Alex Diaz-Matos, Bloomberg Intelligence senior covenant analyst, on the game of whack-a-mole between creditors and borrowers in today’s bloated credit agreements. In this episode of the State of Distressed De...

With the Federal Reserve confronting persistent inflation, strong demand and questions about how much further rates may need to rise, investors are also watching for potentially significant changes to the central bank’s communications and balance-sheet framework. Richard Clarida, Pacific Investment Management Co. managing director and global economic advisor and former Fed...

Credit and high yield are in the red for the year after a two-month selloff. Will 4Q deliver gains or more losses, and why? On this episode of the Credit Crunch podcast, Mahesh Bhimalingam, Bloomberg Intelligence global head of credit strategy, discusses the results of the BI 4Q26 Investor Survey and the market outlook with George Flynn, high-yield port...

Asset allocators should prepare for continued bouts of volatility, as negative asymmetry in market fundamentals, valuations and technicals is causing investors to trim equity exposure and move up the capital stack. Trevor Slaven, Global Head of Asset Allocation and Multi-Asset Portfolio Solutions at Barings, joins Damian Sassower, Bloomberg Intelligence’s Chief EM Fixed Income Strategist, to asses...

With global bond yields at multi-decade highs and markets pricing further central-bank tightening, investors are reassessing the relative value of rates, equities and currencies. Christian Lawrence, chief cross-asset strategist at Rabobank, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to discuss that and more on this Macro Matters edition...

“You want to buy the security based on this yield, but you have to protect against the risks,” says Mike Vranos, CEO and founder of Ellington Management Group. “What you see is many investors just ignore the option they’re short or, in the extreme example, they ignore the left tail risk,” Vranos adds when discussing how to deliver alpha in securitized products. He joins Bloomberg Intelligence’s Er...

“’Co-op first, ask questions later’ is down a bit from its peak, though not dead,” observes John Sobolewski, Global Chair of Latham & Watkins’ Liability Management Practice, as he addresses the latest dynamic between debtors and lenders in distressed situations. In this episode, Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel sit do...

With AI investment accelerating, energy costs rising and Treasury yields pushing to multi-decade highs, investors are confronting a market where few assets look obviously cheap. Jimmy Chang, chief investment officer of Rockefeller Global Family Office, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to discuss that and more on this Macro Matters e...

With the Federal Reserve beginning a new tightening cycle and markets pricing additional rate increases, investors are reassessing where the Treasury yield curve may be headed next. Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, discusses this and more in a solo Macro Matters edition of the FICC Focus podcast. Jersey explains why Chairman Kevin...

“We want to encourage risk-taking, but we want to encourage the right type of risk-taking, which is informed risk-taking,” says Colin Purdie, global CIO of public markets for Manulife Investment Management. In this episode of Credit Crunch, Purdie joins Bloomberg Intelligence’s Noel Hebert to discuss portfolio construction and decentralized decision-making within a global platform. The two explore...

In this episode of the FX Moment podcast, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman talks to BI’s Chief Interest Rate Strategist Ira Jersey for a flavor on what to expect from the Fed at the Sept. 16 FOMC Meeting. The hotter-than-expected August CPI data is boosting the case for September policy action, though that isn’t a do...

The angst, consternation and hand-wringing over debt levels may be a contrarian indicator that rate markets are oversold, says Brendan Murphy, North American head of fixed income at Insight Investment Management. Murphy joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey on this Macro Matters edition of the FICC Focus podcast to discuss the outlook for fixed in...

Cross-asset volatility has declined over summer even though the path of resistance for yields has been higher. In this edition of the All Options Considered podcast, BI’s Chief Global Derivatives Strategist Tanvir Sandhu gives an update on macro dynamics, bond market volatility, yen, S&P 500 dispersion strategies and the fat tails on gas prices.

Emerging market equities have outperformed the S&P 500 by over 14% over the past year, as investors take advantage of attractive valuations, falling currency volatility and a more resilient macroeconomic backdrop. Malcolm Dorson, Senior EM Portfolio Manager and Head of the Active Investment Team at Global X, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to asses...

With the latest energy shock pushing UK inflation higher while economic growth remains subdued, investors are questioning whether markets have priced too much Bank of England tightening. Jack Meaning, UK chief economist at Barclays, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to discuss that and more on this Macro Matters edition of the FICC Focus podca...

Emerging market fund flows are accelerating as credit fundamentals continue to improve amid historically loose financial conditions, wide real yields and deteriorating US dollar demand. Genna Lozovsky, managing principal and chief investment officer of Sandglass Capital Management, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to share his outlook for special si...

With US growth holding up and inflation still running above target, investors are weighing whether the Federal Reserve needs to tighten policy further or can afford to stay on hold. Drew Matus, chief market strategist at MetLife Investment Management, joins Bloomberg Intelligence chief US interest-rate strategist Ira Jersey to discuss this and more on this Macro...

Global credit markets have stayed relatively calm through war and peace, despite swings in the rates markets, making strategic insights essential. In this episode of the Credit Crunch podcast, Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, hosts our global team to discuss key research, data and views from around the world. Tim Tan and Jason Lee in Asia, Reto Bachmann...

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...