FICC Focus

Macro Matters: Jerome Schneider on Funding Market Risks

23 Apr 2026

Contributed by Lukas

Funding markets have remained remarkably calm even as investors continue to debate risks around Federal Reserve balance-sheet policy and the outlook f...

Credit Crunch: Around the World of Global Credit in 60 Minutes

22 Apr 2026

Contributed by Lukas

Global credit risk has been repriced wider and tighter by the Iran war and strategic insights are essential for outperformance. In this episode of the...

EM Lens: Identifying Alpha Opportunities in EM Fixed Income

21 Apr 2026

Contributed by Lukas

Creditors are returning to emerging market fixed income as supply-demand technicals are supportive, rating momentum is positive and real-yield differe...

Credit Crunch: Saturna’s Drum on Sukuk Growth, Geopolitical Risk

20 Apr 2026

Contributed by Lukas

“The market reaction has been very measured. Spreads have clearly moved in response to changes in fiscal outlooks and ratings,” says Patrick Drum,...

Credit Crunch: Investor Survey 2Q - Iran, Rates, Dollar vs. Euro

14 Apr 2026

Contributed by Lukas

Credit and high yield had first quarter losses due to the Iran war impact, especially on rates. Will 2Q revert those losses, and why? Mahesh Bhimaling...

State of Distressed Debt: Weber, Aguirre on Attaining Owner DNA

11 Apr 2026

Contributed by Lukas

“Troubled businesses don’t turn around on a dime. They took years to get messed up. They got worse through the restructuring when they were capita...

Macro Matters: Fed Past & Future with BNY's Reinhart

09 Apr 2026

Contributed by Lukas

The Federal Reserve still has an easing bias and may lower rates another 50 bps this year, says Vincent Reinhart, chief economist for BNY Investments...

FX Moment: Iran War Shift First Step Out of Sterling Bear Cycle

08 Apr 2026

Contributed by Lukas

The US-Iran ceasefire and associated relief in risk aversion and pullback in oil prices may be a first step out of the sterling-dollar bear cycle of t...

EM Lens: Seeking Solace Ahead of the IMF’s Spring Meetings

07 Apr 2026

Contributed by Lukas

Sovereign balance sheets should come under renewed pressure as the war-induced oil shock forces EM governments to take extraordinary measures aimed at...

Macro Matters: The Auto ABS Landscape With BI’s Chadehumbe

02 Apr 2026

Contributed by Lukas

Wider spreads and credit enhancement causing upgrades in auto asset-backed securities reduces the sector’s risk against similarly rated and maturity...

All Options Considered: Iran War, Hormuz and Market Tails

01 Apr 2026

Contributed by Lukas

This edition of All Options Considered podcast discusses the probability distribution around the outcomes of the Iran war and markets. BI's Chief Glob...

Credit Crunch: GSAM’s McClain on High Yield Risks, Resilience

30 Mar 2026

Contributed by Lukas

“Technicals for high yield post-Covid have been very strong, with pretty limited net new supply, minimal downgrades, strong demand given elevated ba...

Credit Crunch: Monroe’s Uddin on Software, Middle-Market Lending

27 Mar 2026

Contributed by Lukas

“The thesis of AI is very big. It’s probably one of the largest events in at least my lifetime,” says Monroe President Zia Uddin, discussing the...

Macro Matters: Fed Communications With Bloomberg’s Mike McKee

26 Mar 2026

Contributed by Lukas

The atmosphere around the Federal Reserve has evolved as Chair Jerome Powell has grown more comfortable in press conferences, even amid legal and po...

Credit Crunch: Proskauer’s Boyko on Outcomes in Private Credit

23 Mar 2026

Contributed by Lukas

“What’s different in private credit versus large broadly syndicated loans is in private credit they’re very focused on the ability to incur addi...

State of Distressed Debt: Davis Polk’s Resnick on Emerging LME Trends

20 Mar 2026

Contributed by Lukas

“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 ...

Macro Matters: Central Banks With BE’s Wong, BI’s Worthington

19 Mar 2026

Contributed by Lukas

The soaring short-term yields in the UK may be somewhat overdone, says Bloomberg Intelligence European Rates Strategist Huw Worthington on this Ma...

EM Lens: Shifting to Second Derivatives in EM Sovereign Debt

18 Mar 2026

Contributed by Lukas

Emerging market central banks have adopted a hawkish bias following the war-induced oil shock, yet fiscal concerns could weigh on domestic currencies ...

Credit Crunch: AGL’s Comer on CLOs, Active Management and Growth

16 Mar 2026

Contributed by Lukas

“We traditionally have turned over about 60% of the portfolio per year,” says AGL Credit Management’s Chief Operating Officer Wynne Comer, discu...

EM Lens: War-Induced Oil Shocks Aren’t Kind to EM Economies

13 Mar 2026

Contributed by Lukas

Emerging market governments are implementing extraordinary measures to mitigate the impact of rising energy prices, as the war-induced oil shock stirs...

Macro Matters: Yield-Curve Scenarios with BNY’s Granet

12 Mar 2026

Contributed by Lukas

The yield curve may continue its steepening trend, with recent flattening just a cyclical retracement, Jason Granet, CIO of BNY says on this Macro ...

Credit Crunch: Iran War, Software Rout and Credit a Safe Haven

11 Mar 2026

Contributed by Lukas

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 ...

State of Distressed Debt: Moelis’ Murray on Private Credit Workouts

07 Mar 2026

Contributed by Lukas

“The goal is to set the company up for longer-term success,” explained Rachel Murray, managing director at Moelis & Co. “If we’re solving quar...

Masters of the Muniverse: MMA Founder Doe on Prediction Markets

06 Mar 2026

Contributed by Lukas

Prediction markets may revolutionize the municipal bond industry by improving credit transparency, trading efficiencies, hedging strategies and portfo...

Macro Matters: DC Policy Update With BI’s Nathan Dean

05 Mar 2026

Contributed by Lukas

It’s surprising that the Basel III Endgame proposal may raise bank capital requirements 3-7% given that President Donald Trump’s mantra is deregul...

All Options Considered: Middle East Conflict, What Markets Are Missing

04 Mar 2026

Contributed by Lukas

As conflict escalates across the Middle East, the dominant frameworks for reading Iran, its system, its strategy, and its staying power are widely mis...

FX Moment: Iran War and Assessing the Shifting Dollar Narrative

04 Mar 2026

Contributed by Lukas

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 pas...

Credit Crunch: IR+M’s Gubitosi on Corporates, Securitized Value

02 Mar 2026

Contributed by Lukas

“You can still find some attractive value within the front end of the securitized curve,” says Income Research + Management’s Co-Chief Investmen...

Macro Matters: SFVegas Recap with BI’s MBS Strategist Adelberg

26 Feb 2026

Contributed by Lukas

The cadence of announcements about housing affordability and deregulation may accelerate into the midterm elections in November, Bloomberg Intelligenc...

Credit Crunch: Around the World of Global Credit in 60 Minutes

25 Feb 2026

Contributed by Lukas

Global credit markets are tight, and strategic insights are essential for performance. In this episode of the Credit Crunch podcast, Mahesh Bhimalinga...

EM Lens: Cyclical Sweet Spot for EM Persists, Dollar a Key Risk

24 Feb 2026

Contributed by Lukas

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 vo...

Macro Matters: US Rates Outlook With Goldman’s Marshall

19 Feb 2026

Contributed by Lukas

News from the labor market and on the inflation front has been consistent with a fairly low-volatility environment, says Will Marshall, Goldman Sachs ...

Credit Crunch: Wellington's Bannister Talks Private Credit 2.0

17 Feb 2026

Contributed by Lukas

"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 a...

Credit Crunch: Investor Survey 1Q - Fed, Earnings, Tech Supply

11 Feb 2026

Contributed by Lukas

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? Ma...

FX Moment: Assessing Narratives That Take the Euro Past $1.20

10 Feb 2026

Contributed by Lukas

The G-10 FX narrative has mainly been dollar- and structurally driven year-to-date, while euro headlines have been sidelined. This could change ...

State of Distressed Debt: Andrew Milgram on Middle-Market Opportunity

09 Feb 2026

Contributed by Lukas

“It is the inconsistency of decisions which oftentimes bedevils a company’s ultimate success. You create that consistency. You can also push decis...

Credit Crunch: Apollo’s Matt Nord on Hybrid Growth, Opportunity

07 Feb 2026

Contributed by Lukas

“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...

All Options Considered: Japan's Election and Market Implications

06 Feb 2026

Contributed by Lukas

The Japanese bond market has experienced significant volatility and increased currency intervention risks this year. Ahead of the snap election in whi...

Macro Matters: MBS Update With BI’s Erica Adelberg

05 Feb 2026

Contributed by Lukas

Housing affordability challenges are a feature, not a bug, Bloomberg Intelligence chief MBS strategist Erica Adelberg says. On this episode of the M...

Credit Crunch: Lazard’s Whittaker, Howard on EU Stress, Advisory

02 Feb 2026

Contributed by Lukas

“There’s no binary differentiation between capital solutions and restructuring anymore,” says Lazard’s co-head of Europe Restructuring and Lia...

Credit Crunch: Beach Point’s Hunsaker on Structured Landscape

30 Jan 2026

Contributed by Lukas

“We’ll risk-manage the portfolios such that, when beta is an uncompelling opportunity set, we have more risk-management overlays in place. And luc...

Macro Matters: Morgan Stanley’s Hornbach on Dollar, Yield Curve

29 Jan 2026

Contributed by Lukas

A currency is like the equity of a country, so the dollar’s recent decline is akin to a drop in the stock of the US, says Morgan Stanley Global Head...

Macro Matters: Europe-US Divestment Concerns Look Overstated

22 Jan 2026

Contributed by Lukas

Americans seem to be overreacting to concerns that European investors might divest from US assets, Bloomberg Intelligence chief European interest rate...

State of Distressed Debt: 2026 Outlook, STG, First Brands, Hertz

20 Jan 2026

Contributed by Lukas

Bloomberg Intelligence’s State of Distressed Debt hosts Noel Hebert, Phil Brendel and Negisa Balluku explore what 2026 may have in store for th...

Credit Crunch: Leveraged Loan, Private Credit, CLO Outlook 2026

19 Jan 2026

Contributed by Lukas

Private credit is becoming an alternative to loan financing and CLOs are driving most loan supply. In this Credit Crunch podcast, host Mahesh Bhimali...

All Options Considered: Equity Derivatives Dynamics With UBS

16 Jan 2026

Contributed by Lukas

SPX correlation is historically low, while the average single-stock volatility is elevated amid AI momentum. In this edition of the All Options Consid...

Macro Matters: Ample Reserves and Fed Stigma With Darrell Duffie

15 Jan 2026

Contributed by Lukas

The quantity of reserves is now determined by the amount necessary to run the payment system, says Darrell Duffie, a professor at Stanford University...

Credit Crunch: Axar’s Axelrod on Zombie Owners and Credit Cycle

14 Jan 2026

Contributed by Lukas

“Time can be a good thing. Time can be a very bad thing…I think the whole market moves a bit slower now when there are problems in terms of how th...

FX Moment: Brown Brothers Harriman's Haddad on G10 FX in 2026

09 Jan 2026

Contributed by Lukas

The 2026 dollar bear view is at the mercy of confirmed Fed dovishness, with the different stages of respective G10 monetary policy cycles likely to sh...

Macro Matters: 2026 US Economic Drivers With CFB’s Shulyatyeva

08 Jan 2026

Contributed by Lukas

The Conference Board isn’t expecting a recession, but Yelena Shulyatyeva, the research group’s senior US economist, anticipates a meaningful slow...

EM Lens: Between a Rally and a Hard Place in EM Local Rates

07 Jan 2026

Contributed by Lukas

EM local government bond valuations look less appealing as we enter 2026, with cross-asset volatility poised to rise from historically low levels. Ph...

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...