FICC Focus

“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...

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...

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...

“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...

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...

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 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...

“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...

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...

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...

As conflict escalates across the Middle East, the dominant frameworks for reading Iran, its system, its strategy, and its staying power are widely misunderstood. BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Professor Anoush Ehteshami, International Relations in the School of Government and International Affairs, Durham University, to examine the geopolitical backdrop and its...

The Iran war challenges Bloomberg Intelligence’s early 2026 dollar bear view via two key channels. First, the large-scale risk-off move over the past few sessions has revived the dollar’s safe-haven appeal, reinforcing that in a broad-based flight-to-safety backdrop the greenback comes out stronger. Second, if the recent oil-price surge persists, it could lift global inflation and force markets to...

“You can still find some attractive value within the front end of the securitized curve,” says Income Research + Management’s Co-Chief Investment Officer Jim Gubitosi, when discussing the relative value within US spread assets. Gubitosi joins Bloomberg Intelligence’s Noel Hebert on the latest episode of Credit Crunch to talk about the scaling of assets and strategies at IR+M, an active approach to...

The cadence of announcements about housing affordability and deregulation may accelerate into the midterm elections in November, Bloomberg Intelligence chief MBS strategist Erica Adelberg says. On this Macro Matters episode of the FICC Focus podcast series, Adelberg joins host Ira Jersey, BI’s chief US rates strategist, to discuss key takeaways from the Structured Finance Association’s conference...

Global credit markets are tight, and strategic insights are essential for performance. 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), Reto Bachmann (structured credit), Heema...

Emerging market fixed income is off to another strong start in 2026, with scope for further upside as long as the dollar cooperates and cross-asset volatility remains low. Christian Lawrence, chief cross-asset strategist at Cooperative Rabobank, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to discuss investor positioning, currency hedging and event risk. They d...

News from the labor market and on the inflation front has been consistent with a fairly low-volatility environment, says Will Marshall, Goldman Sachs head of US Rates Strategy. On this Macro Matters episode of the FICC Focus podcast series, Marshall joins host Ira Jersey, BI’s chief US rates strategist, to discuss rate volatility’s move lower, expectations for the Federal Reserve’s monetary and ba...

"Helping... investors to really understand what they could get in these markets is helpful because I think it is where our economy is moving, and we all want to be able to benefit from that growth," says Wellington's Director of Private Credit Emily Bannister, when discussing the shift to privately owned companies. Bannister joins Bloomberg Intelligence’s Noel Hebert on the latest episode of Credi...

Credit and high yield had a good 2025 despite tariffs and rate volatility, as spreads held their ground. Will 1Q sustain this resilience, and why? Mahesh Bhimalingam, Bloomberg Intelligence global head of credit strategy, discusses the results of the BI 1Q26 Investor Survey and the market outlook with Ashwin Palta, global high yield PM at BNY Investments Newton. They discuss tight spreads, Fed act...

The G-10 FX narrative has mainly been dollar- and structurally driven year-to-date, while euro headlines have been sidelined. This could change into 2H as European fiscal stimulus starts to lift the region’s economic narrative and validates the ECB-driven relative yield advantage into 2H. In this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Constantin...

“It is the inconsistency of decisions which oftentimes bedevils a company’s ultimate success. You create that consistency. You can also push decisioning down from the C-suite into the next operating level. That creates dynamism and speed in decision-making. Speed in decision-making creates faster turns in the capital in the business,” says Andrew Milgram, managing partner and chief investment offi...

“Hybrid is the ultimate in creative solutions,” says Apollo’s co-head of equity and head of hybrid, Matt Nord, when discussing the firm’s fast-growing hybrid strategy and the types of solutions that may allow it to triple in scale over the coming years. Nord joins Bloomberg Intelligence’s Noel Hebert on the latest episode of Credit Crunch to talk about controlling for downside, the benefits of sca...

The Japanese bond market has experienced significant volatility and increased currency intervention risks this year. Ahead of the snap election in which the prime minister is seeking a renewed mandate, this edition of the All Options Considered podcast features BI's Chief Global Derivatives Strategist Tanvir Sandhu in conversation with Kristi Govella, Associate Professor of Japanese Politics and I...

Housing affordability challenges are a feature, not a bug, Bloomberg Intelligence chief MBS strategist Erica Adelberg says. On this episode of the Macro Matters podcast, Adelberg joins host Ira Jersey, BI’s chief US rates strategist, to discuss Fannie Mae and Freddie Mac buying $200 billion of mortgage-backed securities, recent proposals aimed at improving affordability for first-time home buyers...

“There’s no binary differentiation between capital solutions and restructuring anymore,” says Lazard’s co-head of Europe Restructuring and Liability Management, Sam Whittaker, when discussing the continuum of solutions available to debtors under stress. Whittaker and Lazard’s co-head of European Debt Advisory and Capital Solutions, Tom Howard, joined Bloomberg Intelligence’s Noel Hebert on the lat...