FICC Focus

In this State of Distressed Debt edition, Bloomberg News reporter Eliza Ronalds-Hannon joins BI distressed credit analyst Philip Brendel and Global Credit Strategy head Noel Hebert to discuss recent developments. Topics include why we expect a new distressed debt surge may be upon us, views from the recent Milken conference, GWG Holdings' difficult bankruptcy, Revlon's turnaround and Talen's liqui...

In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by Anna Wong, Bloomberg Economics Chief U.S. Economist. Wong and Jersey discuss the Federal Reserve's May 4th meeting which Chairman Jerome Powell squashed the possibility of a 75 basis point interest rate increase in June, which left the markets thinking the meeting was hawkish. Jersey notes he did...

FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities and currencies by Bloomberg Intelligence analysts. In our first FX Moment edition, host and BI Chief G10 FX Strategist Audrey Childe-Freeman and BI Chief Asia FX and Rates Strategist Stephen Chiu reflect on recent developments in the euro and the yuan. Our FX Strategists discuss the rece...

In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI Associate Interest Rate Strategist Angelo Manolatos. Jersey previews his views for the May 4th FOMC meeting and discusses his view for future 50bps interest rate increases and the possible affect on the Treasury yield curve. The team's written preview can be found Fed Terminal-Rate Calibratio...

In this Credit Chat edition, BI Senior Credit Analyst Robert Schiffman is joined by Bloomberg News' Olivia Raimonde, David Brooke and Rachel Butt to discuss what's driving this year's sharp drop in high yield debt issuance, the transition of investor demand toward leverage loans and private credit, and the rise in distressed credits.

In this month's EM Lens & Look-Through podcast, host and BI Chief EM Fixed Income Strategist Damian Sassower is joined by the Founder and CIO of Emso Asset Management, Mark Franklin, and the co-deputy CIO, Jens Nystedt. The guests share their outlook for emerging markets in the wake of Fed tapering, Chinese deleveraging and the war in Ukraine.

Hosts, Eric Kazatsky and Amanda Albright, discuss algorithmic trading and increase in electronic tool usage in the municipal industry, with guests Marty Mannion and Matt Schrager from TD Securities.

In this inaugural Global Fixed Income Return Forecast edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI EM Strategist Damian Sassower. The two discuss the BI FICC Strategy team’s return forecasts for the next year, which appear in their note Global Creditors Tempted to Lean In After $5 Trillion in Losses. The research includes various potential portfolio allocatio...

In this State of Distressed Debt edition, Bloomberg News reporter Eliza Ronalds-Hannon joins BI distressed credit analyst Philip Brendel and Global Credit Strategy head Noel Hebert to discuss recent developments in the distressed debt markets. Topics include where we are in the distressed debt credit cycle, Incora's new financing and debt exchange, Toys R Us litigation, AMC's foray into gold minin...

In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI Chief G10 FX Strategist Audrey Childe-Freeman and BI Asia FX and Rates Strategist Stephen Chiu. The trio discuss their report “Mega FX Trends: Regionalization vs. De-Dollarization,” in which they note the dollar is likely to remain the dominant reserve currency, but regional trade blocks may f...

In this Credit Chat edition, Robert Schiffman is joined by BI credit analysts Jeroen Julius, Jody Lurie, Spencer Cutter and Mike Holland to discuss the risks, and potential rewards, a broad swath of issuers across banking, energy, healthcare and leisure as inflation rises, war rages in Ukraine and pandemic headwinds/tailwinds persist.

In this month's EM Lens & Look-Through podcast, host and BI Chief EM Fixed Income Strategist Damian Sassower is joined by Blaise Antin, Managing Director & Head of Sovereign Research at TCW Group. Antin shares his outlook for emerging-markets following Vladimir Putin's war in Ukraine. From rising geopolitical risk to global monetary policy tightening, emerging-market debt performance should remain...

Months long spikes in rate volatility has adversely impacted the municipal market in 2022. One of the positives to come of this sea change is that credit may start to be re-priced back into the municipal market. That could impact high yield moreso than investment grade credits. These are among the issues discussed by BI Senior U.S. Municipal Strategist Eric Kazatsky and guests John V. Miller from...

In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by Anna Wong, Bloomberg Economics Chief U.S. Economist, and Interest Rate Associate Strategist Angelo Manolatos. Wong and Jersey discuss their views on what's next for the Federal Reserve after it raised interest rates by 25 bps. Wong notes she was surprised by the hawkishness of the Fed's dot plot,...

In this State of Distressed Debt edition, BI distressed credit analyst Philip Brendel and Global Credit Strategy head Noel Hebert contemplate how long the lull in distressed may last as analogs in the past may offer an answer. The two also discuss how the Russia-Ukraine war may impact on distressed supply, Revlon, and Diamond Sports' recent exchange offer.

 In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by Damian Sassower, Bloomberg Intelligence EM Credit Strategist, and Interest Rate Associate Strategist Angelo Manolatos. Sassower and Jersey discuss the implications of recent political events, including the UN vote after the Russian invasion of Ukraine. Sassower analyzes the various political act...

In this month's EM Lens & Look-Through podcast, host and BI Chief EM Fixed Income Strategist Damian Sassower is joined by Dr. Fabio Natalucci, IMF Deputy Director of Monetary and Capital Markets, and Rohit Goel, IMF Financial Sector Expert. Natalucci discusses the risks to financial stability as restrictive monetary policy overlaps with record debt levels. Goel delves into the world of EM sustaina...

In this Credit Chat edition, Robert Schiffman is joined by credit analysts David Havens and Himanshu Bakshi and BI's senior commodity strategist, Mike McGlone, to discuss the rising impact of Bitcoin on corporate credit, including Coinbase and Block.

In this latest episode of Masters of the Muniverse, Eric Kazatsky and Amanda Albright discuss the changing landscape of muni buyers with our guest is Sylvia Yeh, Co-Head of Municipal Fixed Income at Goldman Sachs Asset Management. We also look at how the rocket like growth in separately managed accounts is changing the way buyers look at tax-frees.

In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by Lauren Goodwin, Investments Economist and Strategist at New York Life, and Interest Rate Associate Strategist Angelo Manolatos. Goodwin discusses her views on the inflation after the January CPI print surprised to the upside, and notes a risk that wages could continue to climb, making inflation m...

In this State of Distressed Debt edition, BI distressed credit analyst Philip Brendel and Global Credit Strategy head Noel Hebert discuss why volatility and declines in Treasuries and equity doesn't faze distressed debt supply. The two also review how Sinclair Broadcast Group stakeholders may perceive Diamond Sports Group's proposed transaction, which would bring in $600 million of new financing a...

In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI's head of Fixed Income Market Structure Research Sean Savage and Interest Rate Associate Strategist Angelo Manolatos. Jersey shares his takeaways from the Jan. 26 FOMC meeting and post meeting press-conference, as well as the market reaction. Savage discusses how the central bank continues emp...

In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI Chief G10 FX Strategist Audrey Childe-Freeman and Interest Rate Associate Rates Strategist Angelo Manolatos. Freeman begins discuss the reasons the dollar may have turned recently and why she's still somewhat bullish, but believes the euro could also surprise as she thinks economic growth may...

In this Credit Chat edition, Joel Levington, BI's Global Head of Credit Research and Stephen Flynn, BI Sr. Telecom, Cable & Media analyst join Robert Schiffman to share their views on the trajectory of high grade and high yield fundamentals, rising star potential, funding expectations and outlooks for Ferrari, Ford, Tesla, Netflix, T-Mobile and Dish.

In this month's EM Lens & Look-Through podcast, host and BI Chief EM Fixed Income Strategist Damian Sassower is joined by Dr. Win Thin, Senior Vice President & Global Head of Market Strategy for Brown Brothers Harriman. Thin shares his 2022 outlook for emerging markets, as the asset class faces challenges from Fed tapering, Chinese deleveraging to Russian foreign policy, and Brazilian election ris...