FICC Focus
Episodes
Credit Crunch: NISA’s Eichhorn on Alpha and Liability Management
29 Dec 2025
Contributed by Lukas
“All alpha is excess return, not all excess return is alpha,” says NISA CEO and Head of Investment Strategies David Eichhorn when discussing the u...
FICC Focus Special: High Yield Outlook
22 Dec 2025
Contributed by Lukas
As part of Bloomberg Intelligence’s 2026 Fixed Income Markets Outlook: Opportunity Amid Policy Uncertainty event, this panel examines the outlook fo...
FICC Focus Special: Panel Discusses Investment Grade Outlook
19 Dec 2025
Contributed by Lukas
This special edition of the FICC Focus podcast features the recording of a Dec. 4 panel discussion exploring investment grade spreads, issuance and st...
State of Distressed Debt: Latham's Sobolewski on Debtor Playbook
16 Dec 2025
Contributed by Lukas
“Ad hoc groups are decades old at this point. Co-ops are new. Since when do we have to promise to be friends? I think [co-ops] are inherently lame.”...
Credit Crunch: KKR’s Pietrzak on Asset-Based Finance, AI Impact
15 Dec 2025
Contributed by Lukas
“There’s some articles out there that [suggest] once there’s losses, there could be a bunch of fire sales of assets ... not true,” says KKR Pa...
EM Lens: Event Risk Set to Rise Yet EM Should Still Outperform
12 Dec 2025
Contributed by Lukas
Event risk is poised to increase across the emerging-market fixed income landscape, as creditors must contend with elections in Brazil, Chile, Colombi...
FICC Special: Harbor’s Litton Talks US Commercial Real Estate
11 Dec 2025
Contributed by Lukas
US commercial real estate is set to keep stabilizing in 2026 as liquidity improves and capitalization rates decline. Harbor Group International Presid...
Credit Crunch: Around the World of Global Credit in 60 Minutes
10 Dec 2025
Contributed by Lukas
Global credit markets are tight, and strategic insights are essential looking into 2026. In this episode of the Credit Crunch podcast, Mahesh Bhimalin...
Global BIFX Team Shares Strongest FX Views into 2026: FX Moment
09 Dec 2025
Contributed by Lukas
The Fed and yield-driven bearish US dollar view remains our central working assumption into 2026, yet this could be a bumpy run depending on how US ec...
State of Distressed Debt: Jennifer Selendy on LME Battles, Antitrust
08 Dec 2025
Contributed by Lukas
“You’re in the realm of the antitrust principles and the vapors that come off the big antitrust cases. I was very skeptical of the idea of a singl...
Macro Matters: BI Rates 2026 US Treasury Market Outlook
04 Dec 2025
Contributed by Lukas
The Federal Reserve may cut its benchmark rate below 3% next year, bull steepening the yield curve beyond what’s priced into forwards, says Ira Jer...
Credit Crunch: Views from Above - How to Think Credit at Tights?
28 Nov 2025
Contributed by Lukas
Credit is tight and entering 2026 in uncertain times. Bloomberg’s London Credit Outlook event addressed this theme in depth and was recorded for thi...
Credit Crunch: Where AI Fits With Cognitive Credit’s Rob Slater
24 Nov 2025
Contributed by Lukas
“If there are things in your business that need to get done, but they’re pretty low risk, this is a great place to start because it has a very att...
Macro Matters: Global Asset Allocation With Stephen Dover
20 Nov 2025
Contributed by Lukas
Policy rates will likely be cut three times in 2026, with the 10-year yield between 4-4.5%, says Stephen Dover, chief market strategist at Franklin ...
Credit Crunch: Sound Point's Steve Ketchum on Credit's Revolution
17 Nov 2025
Contributed by Lukas
“Everyone we compete with, other CEOs of asset managers, credit asset managers that I talk to, are hyper-focused on making sure that there's not ano...
Credit Crunch: Credit Clubs, Sovereign Crises, AT1s vs. Hybrids
12 Nov 2025
Contributed by Lukas
Credit is tight, though it’s fared better in 2025 than rates and equities through many crises across the globe — France, tariffs, Fed concerns and...
Credit Crunch: Akin’s Ramanathan on Capital Solutions
10 Nov 2025
Contributed by Lukas
“The uptake among public companies actually is the biggest evolution in the field, because public companies are beginning to recognize the value of ...
State of Distressed Debt: Houlihan Lokey’s Tuck Hardie Is Back
07 Nov 2025
Contributed by Lukas
“It may or may not be good ... or binding precedent, but I think ConvergeOne will actually make the holdout risk worse because the minority lenders ...
All Options Considered: Bloomberg Volatility Forum NYC 2025, Part II
06 Nov 2025
Contributed by Lukas
Secular AI themes, product development in the volatility ecosystem and fault lines in the economy, as well as navigating volatility in digital assets,...
FX Moment: Fiscal Strain Leaves No Way Out of Sterling Bear Trap
05 Nov 2025
Contributed by Lukas
The UK fiscal predicament will likely keep sterling under pressure heading into the Nov. 26 budget. The view is starting to look crowded, and recent m...
All Options Considered: Bloomberg Volatility Forum NYC 2025
04 Nov 2025
Contributed by Lukas
This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in NYC on October 28th. It starts with the...
Credit Crunch: New Mountain’s Kaplan on Net-Lease Landscape
03 Nov 2025
Contributed by Lukas
“Manufacturing assets, the availability of them, have been chronically undersupplied for decades,” says Teddy Kaplan, CEO of Net Lease for New Mou...
FICC Focus: Newmark’s Hinton on US Commercial Real-Estate Outlook
31 Oct 2025
Contributed by Lukas
Investor sentiment is improving across commercial real estate as liquidity improves, cash flows stabilize and capitalization rates compress. Jimmy Hin...
Macro Matters: US and Canada Monetary Policy Recap and Outlook
30 Oct 2025
Contributed by Lukas
I don’t think that the next Fed chair does much to change my expectations for the terminal rate this cycle, says Stuart Paul, US & Canada Economist ...
Credit Crunch: Corbin Capital’s Cocke on Value in Fixed Income
29 Oct 2025
Contributed by Lukas
“Where your capital is going to create value, that’s the area we want to focus on the most. So today we see a lot of that in telecom broadly defin...
Macro Matters: Trade and Fed With Fed Watch Advisors’ Emons
23 Oct 2025
Contributed by Lukas
Renewed US-China trade tensions, the impact of tariffs on rare-earth minerals and the growing uncertainty facing markets are among the topics discusse...
State of Distressed Debt: Cadwalader’s Mintz on Recent LME Litigation
20 Oct 2025
Contributed by Lukas
“If I were a lender, I would sign a coop with everyone — or mostly everyone — the day after the loan closes, and then just let it sit there.” ...
Macro Matters: Gold and Gold Stocks With Merk Investments CIO
16 Oct 2025
Contributed by Lukas
Gold isn’t showing signs of true dollar debasement, if it were, there would be an even more severe market reaction, says Merk Investments co-found...
Credit Crunch: Investor Survey, France, Trade War and 4Q Outlook
14 Oct 2025
Contributed by Lukas
Credit and high yield had a good 2025, despite tariffs and rates volatility as spreads held ground. Will 4Q sustain this resilience and why? Mahesh Bh...
All Options Considered: Equity Derivatives With Susquehanna
10 Oct 2025
Contributed by Lukas
There are some interesting developments in equity volatility which have trading implications from the pronounced spread between VIX and SPX realized v...
Macro Matters: ABS Market Review With BI’s Rod Chadehumbe
09 Oct 2025
Contributed by Lukas
Asset-backed securities issuance remains slightly behind the same period in 2024, even with Tricolor-related angst continuing, notes Bloomberg Intel...
FX Moment: Mizuho's Rochester on the Yen
08 Oct 2025
Contributed by Lukas
The unexpected election of the LDP’s Sanae Takaichi and her known bias for expansionary fiscal policies is questioning the yen’s bull case and...
EM Lens: From Risk to Resilience With Andersen’s Natalucci
07 Oct 2025
Contributed by Lukas
Institutional appetite for high-beta asset classes continues to endure yet traditional safe havens are not behaving as they should. Fabio Natalucci, C...
Macro Matters: All Things Rates with BofA Strategist Swiber
02 Oct 2025
Contributed by Lukas
The Federal Reserve moving away from the federal funds rate as the policy target would be welcome, said Meghan Swiber, senior US rates strategist at ...
Credit Crunch: Rithm’s Nierenberg on M&A, Recasting Perceptions
29 Sep 2025
Contributed by Lukas
“Being able to underwrite a consumer, being able to offer that product to that consumer and then being able to touch that consumer is very, very imp...
Macro Matters: Mortgage-Market Update With BI’s Erica Adelberg
25 Sep 2025
Contributed by Lukas
Mortgage-backed securities may benefit from renewed bank demand as Fed easing improves net interest margins, according to Bloomberg Intelligence mortg...
All Options Considered: Volatility of NFT Art - View from Christie's
19 Sep 2025
Contributed by Lukas
Digital art has been around for decades but blockchain technology provides provenance. In this edition of the All Options Considered podcast, BI chief...
Macro Matters: Global Central-Bank Meetings Review — Rates Recap
18 Sep 2025
Contributed by Lukas
The official line is that QT has added 15-25 bps on 10-year gilts, but it’s probably adding quite a bit more than that, says Huw Worthington, chief...
Credit Crunch: Adams Street’s Diehl on Trends in Private Capital
15 Sep 2025
Contributed by Lukas
“I think it’s very difficult to predict a world where you might go back to zero interest rates. And so that all portends that there’s likely to ...
State of Distressed: Joele Frank’s Freitag on Distressed Liaisons
13 Sep 2025
Contributed by Lukas
“I spend most of my time trying to downplay the stuff that you find fascinating, right?,” Joele Frank Partner Michael Freitag says. “The inter-c...
EM Lens: Risk Appetite Is Improving, Capital Flows to Follow
12 Sep 2025
Contributed by Lukas
Foreign demand for emerging-market local debt is improving, as overseas investors pursue yield differentials amid diminishing currency volatility. Ber...
Macro Matters: Federated Hermes Gallo on Fixed Income Outlook
11 Sep 2025
Contributed by Lukas
“The Federal Reserve was created to have a degree of what I like to call operational independence”, says Federated Hermes Deputy Chief Investm...
Credit Crunch: France, Tariffs, Fed, UK: Credit Always Resilient
10 Sep 2025
Contributed by Lukas
Credit fared better than rates and equities through multiple crises this year across the globe — France, tariffs, Fed concerns and even the UK worri...
Masters of the Muniverse: Munis Await Institutional Backstop
09 Sep 2025
Contributed by Lukas
Institutional demand has been slow to return to the muni market in 2025, leaving performance at the long end under pressure. Yet signs are emerging th...
Macro Matters: Yield-Curve Steepening With Mizuho’s Konstam
04 Sep 2025
Contributed by Lukas
The real yield curve may steepen from both ends much further then it has, Mizuho Securities Head of Macro Strategy Dominic Konstam says on this Ma...
FX Moment: Bank of Nassau’s Thin Sees Dollar Leg Lower Into Fall
03 Sep 2025
Contributed by Lukas
Fiscal policy returned to the forefront of G10FX drivers in early September — which isn’t particularly positive for the dollar — and part of the...
FICC Special: A Primer on Property Lending With Varde's Dunbar
01 Sep 2025
Contributed by Lukas
Commercial real estate debt strategies continue to unlock value for institutional investors as providing credit solutions across the capital stack gro...
Macro Matters: Who Benefits From Defense Burden-Sharing?
28 Aug 2025
Contributed by Lukas
Defense burden-sharing among US allies is a cornerstone of President Donald Trump’s international agenda, but has been overshadowed by tariff discus...
Credit Crunch: Significant Risk Transfers Feeding Private Credit
27 Aug 2025
Contributed by Lukas
Significant Risk Transfers or SRTs have been a crucial part of balance sheet management for banks and an attractive investment class within private cr...
All Options Considered: Perception of UK's Outlook vs. Reality
26 Aug 2025
Contributed by Lukas
The perception of the UK economic outlook on a macro level may be perceived to be negative through the lens of social media. In this edition of the Al...
Credit Crunch: Palmer Square’s Bloomfield on Traditional, Static CLOs
25 Aug 2025
Contributed by Lukas
“So it’s a tough situation when you’re managing a spread-based portfolio, like a CLO. And obviously we don’t have the luxury of tightening the...
International Rates Alpha With Invesco’s Baijal: Macro Matters
21 Aug 2025
Contributed by Lukas
The future of the dollar is dictated by the large overhang of unhedged dollar assets, says Hemant Baijal, head of macro alpha strategies at Invesco. ...
Credit Crunch: Around the World of Global Credit in 60 Minutes
20 Aug 2025
Contributed by Lukas
Global credit is very tight and strategic insights are very valuable at this juncture. In this latest episode of the Credit Crunch podcast, Mahesh Bhi...
Masters of the Muniverse: Inside Muni Strategy With Jason Hannon
19 Aug 2025
Contributed by Lukas
The record-breaking pace of muni issuance and investors’ risk-off tone toward duration have driven a sharp steepening of the municipal yield curve, ...
Credit Crunch: Apollo’s Cortese on Credit Trading, IG Privates
18 Aug 2025
Contributed by Lukas
“So for us, it’s a $40 trillion market,” says John Cortese, head of portfolio management at Apollo, when talking about the mostly investment gra...
EM Lens: Dusting Off Global Macro Playbook With Citi’s Willer
15 Aug 2025
Contributed by Lukas
Emerging market economies are benefiting from better-than-expected growth and inflation expectations, with local rates looking set to outperform amid ...
Macro Matters: Inflation Pricing With JPMorgan’s Phoebe White
14 Aug 2025
Contributed by Lukas
JPMorgan’s Phoebe White, head of inflation strategy, says a September interest-rate cut by the Federal Reserve risks pushing inflation expectations...
Credit Crunch: Vontobel’s Jackson Talks Credit Relative Value
11 Aug 2025
Contributed by Lukas
“I want a decent proportion of my returns to be from actively trading either through themes, individual instruments or...between EM and DM, between ...
State of Distressed Debt: Axar’s Axelrod Keeping Loan-to-Own Alive
08 Aug 2025
Contributed by Lukas
On the latest episode of Bloomberg Intelligence’s State of Distressed podcast, Andrew Axelrod, founder & CEO of Axar Capital, shares how focused dis...
Macro Matters: Secular Macro Trends With Invesco’s Brian Levitt
07 Aug 2025
Contributed by Lukas
History suggests that technology improves lives and standards of living, despite the fears that often accompany it, says Brian Levitt, global market s...
Dollar Bear Views Hold and Recent Rally Already Over: FX Moment
06 Aug 2025
Contributed by Lukas
The cyclically and structurally dollar bearish narrative that dominated 1H have just been revived by the weakness in the July Non Farm Payrolls figure...
Real Estate Private Credit With Madison’s Zegen: FICC Special
01 Aug 2025
Contributed by Lukas
Real estate private credit has grown into a major source of debt financing for the US commercial real estate market, bridging the gap left by traditio...
BlackRock’s Brownback on Global Fixed Income: Macro Matters
31 Jul 2025
Contributed by Lukas
There’s a wall of money that is a transcendent supportive influence over global assets, says Russ Brownback, co-portfolio manager of the BlackRoc...
Mortgage Market Update With BI’s Erica Adelberg: Macro Matters
24 Jul 2025
Contributed by Lukas
Mortgage-market investors will need to pay especially close attention to policy shifts and actions in coming weeks, says Erica Adelberg, chief mortga...
ICG’s Saitowitz on Landscape, Outlook for CLOs: Credit Crunch
21 Jul 2025
Contributed by Lukas
“From the beginning of 2024 till now, literally every six months you could set your alarm to it... the reprices were occurring,” says David Saitow...
Ninety One’s Kent on Blurring Lines Between EM and DM: EM Lens
18 Jul 2025
Contributed by Lukas
Traditional safe havens are misbehaving as the once-distinct boundaries between emerging and developed markets begins to blur. Peter Kent, co-head of ...
Stablecoin Regulation Update With Nathan Dean: Macro Matters
17 Jul 2025
Contributed by Lukas
The GENIUS Act is just the beginning of the regulatory process for stablecoins, notes Nathan Dean, senior policy analyst for Bloomberg Intelligence on...
Oaktree’s Rosenfelt on LME Tensions: State of Distressed Debt
14 Jul 2025
Contributed by Lukas
Disqualified lender lists may be counterproductive because when you get to the negotiating room “it’s often the distressed funds that are the more...
BI’s Huw Worthington, Ira Jersey Talk G3+ Rates: Macro Matters
10 Jul 2025
Contributed by Lukas
US Treasury yields are the lowest among the G3+, once hedged back to US dollars. Ira Jersey, Bloomberg Intelligence’s US interest rate strategist, ...
Investor Survey, Trade War and Dollar, 2H Outlook: Credit Crunch
09 Jul 2025
Contributed by Lukas
Credit and high yield had a good 1H, shaking off tariffs and a spread rout with a strong recovery. Will 2H be as strong, and why? Thomas Samson, high...
Rates Volatility With Quadratic’s Davis: All Options Considered
03 Jul 2025
Contributed by Lukas
Rates volatility has compressed with the Fed on hold and mean reversion of yields, but exhibited a bumpy path in 1H. In this edition of the All Opti...
Euro-Dollar 2H Bullish View May Get Cyclical Support: FX Moment
02 Jul 2025
Contributed by Lukas
The nearly 15% euro-dollar rally in 1H was fueled largely by dollar weakness and a potentially bullish cyclical case for the euro — especially expec...
Stablecoins’ Appetite for T-Bills, ESLR Reform: Macro Matters
26 Jun 2025
Contributed by Lukas
There will almost certainly be some stress later this year in funding markets, but it might fall short of the level required for the Federal Reserve t...
Barings’ Bryan High on Adjusting to Volatility: Credit Crunch
23 Jun 2025
Contributed by Lukas
“If you were a client that was focused on North America, you’re probably picking your head up a little bit and saying, ‘What else do you have aw...
Fed Thoughts With BI Rates Strategist Ira Jersey: Macro Matters
20 Jun 2025
Contributed by Lukas
The Federal Reserve may cut faster and to a lower interest rate then the market is pricing, Bloomberg Intelligence Chief US Interest Rate Strategist ...
Liquidity and Central Bank Reserves with Matt King: All Options Considered
18 Jun 2025
Contributed by Lukas
As cross-asset volatility resets following peak tariff fear, the geopolitical risk premium in the oil options market has moved higher. In this edition...
Charlesbank’s Hau on Playing to Your Strengths: Credit Crunch
16 Jun 2025
Contributed by Lukas
“We are sourcing, identifying misunderstood, high-quality middle-market companies where we have a real edge...,” said Sandor Hau, Managing Direct...
CGI’s Jamison on Emerging-Market Opportunities, Risks: EM Lens
13 Jun 2025
Contributed by Lukas
Sentiment is improving across the emerging-market investment landscape, but it takes local expertise to manage risk and crystallize returns. Thea Jam...
SVP's Geenberg on Distressed Turnarounds: State of Distressed Debt
13 Jun 2025
Contributed by Lukas
"If you've got [a company] that just doesn't have a logical strategic long-term owner or the industry's consolidated in a way that nobody can regulato...
The Price of Football With Kieran Maguire: Macro Matters
12 Jun 2025
Contributed by Lukas
This week we’re talking economics and finances of the world’s game with professor, author and podcaster Kieran Maguire of University of Liverpool....
Sail Tariff, Default Seas with Alternative Credit: Credit Crunch
10 Jun 2025
Contributed by Lukas
Credit globally recovered to nearly where it was as trade tensions eased, with various trade deals or tariff pauses while rate cuts are priced for cen...
Monroe’s Koenig on Navigating Risk Amid Growth: Credit Crunch
07 Jun 2025
Contributed by Lukas
“I’m an entrepreneur, I’m a capitalist. I love growth, I love to back entrepreneurs,” said Ted Koenig, founder, chairman and CEO of Monroe Cap...
US Debt Dynamics, Hard Data May Shape 2H Dollar Bears: FX Moment
06 Jun 2025
Contributed by Lukas
The structural dollar bearish case is holding into 2H, though fiscal considerations are what dollar bears may lean on going forward after being driv...
Sue Hill on T-Bill Scarcity and Central Clearing: Macro Matters
05 Jun 2025
Contributed by Lukas
“I’m just waiting for the T-bill tsunami to come, and it can’t come soon enough,” says Sue Hill, senior portfolio manager and head of the Gov...
Canyon’s Potts Leans Into CRE Complexity Premium: FICC Special
04 Jun 2025
Contributed by Lukas
Commercial real estate lending remains highly sensitive to US interest rates, yet it also offers a much wider complexity premium than competing fixed ...
Canyon’s Kivitz on Cycles, Risk and Uncertainty: Credit Crunch
29 May 2025
Contributed by Lukas
Market uncertainty can create its own opportunity, and when it comes to investing, “rules are meant to be broken in terms of finding attractive situ...
Bond Tax Exemption Lives On, for Now: Masters of the Muniverse
24 May 2025
Contributed by Lukas
Municipal bonds scored a win in President Donald Trump’s “big, beautiful bill” passed by the House earlier this week. They didn’t lose tax-exe...
Fiscal Policy vs. the Bond Market - Who Breaks?: Macro Matters
22 May 2025
Contributed by Lukas
“I think ultimately the bond market is the disciplinarian for fiscal policymakers” says Mike Medeiros, macro strategist at Wellington Management....
Gibson Dunn’s Greenberg Unpacks Co-Ops: State of Distressed Debt
16 May 2025
Contributed by Lukas
“The cat-and-mouse game will continue,” says Scott Greenberg, the global chair of Gibson Dunn’s Business Restructuring and Reorganization Practi...
Trade War Easing, Wide Spreads Aid Credit Outlook: Credit Crunch
14 May 2025
Contributed by Lukas
Credit recovered from the tariff rout with trade war easing with many deals across US, China and UK while the new government takes shape in Germany an...
Carronade’s Gropper on Investing: State of Distressed Debt
13 May 2025
Contributed by Lukas
Carronade Capital Management Managing Partner and Chief Investment Officer Dan Gropper expects the US to be in for a “rough ride.” “If I were to...
Andy Constan on Fed Policy and Bond Market Myths: Macro Matters
09 May 2025
Contributed by Lukas
Andy Constan, chief investment officer of Damped Spring Advisors, said a combination of potential expenditure cuts, which he estimates at around $300 ...
Navigating Crypto Volatility: All Options Considered
06 May 2025
Contributed by Lukas
Bitcoin’s volatility (currently 40%) is declining as adoption increases and the options market expands. In this edition of All Options Considered, ...
Reasons to Believe in Better Canadian Dollar Fortunes: FX Moment
01 May 2025
Contributed by Lukas
There's a case to argue that peak tariff headlines negativity is behind for Canada and that can be associated with improved fortunes for the currency....
AI Is Coming in Hot to Muniland: Masters of the Muniverse
28 Apr 2025
Contributed by Lukas
Though we’ve covered the coming (and in some ways already here) technology revolution for the municipal space in many prior episodes, our latest foc...
Crayhill’s Mendez Speaks on Defensive ABL Appeal: Credit Crunch
24 Apr 2025
Contributed by Lukas
Tariff-induced uncertainty has rapidly altered the cost of capital for companies across all sectors, with potential for wider spreads to persist. Carl...
Managing Through Volatility With Sonal Desai: Macro Matters
17 Apr 2025
Contributed by Lukas
The dollar and equity markets remain expensive even after the recent declines, says Sonal Desai, chief investment officer for Franklin Templeton Fi...
Davis Polk’s Tsiouris on Next LME Act: State of Distressed Debt
16 Apr 2025
Contributed by Lukas
“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 ...
Tariffs and Volatility Flash Update: All Options Considered
14 Apr 2025
Contributed by Lukas
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...
SCP’s Perkins on Middle-Market Workouts: State of Distressed Debt
12 Apr 2025
Contributed by Lukas
Building relationships is fundamental to turning around middle-market companies, according to SierraConstellation Partners (SCP) Founder and CEO Lawre...