FICC Focus

Looking Through Tariffs, With Principal’s Shah: Macro Matters

11 Apr 2025

Contributed by Lukas

Given inflation may be a feature of economy in the coming years, real estate and public infrastructure may be places for investors to consider, saysSe...

Metacapital’s Narula on Mortgage Market Shakiness: Credit Crunch

10 Apr 2025

Contributed by Lukas

The mortgage market may be on the brink of major transformation amid freshly implemented tariffs, proposed deregulation and the potential privatizatio...

Andersen’s Natalucci on Fallout in Financial Plumbing: EM Lens

09 Apr 2025

Contributed by Lukas

Global markets are struggling to digest the unprecedented economic and financial stability challenges posed by an all-out trade war. Dr.Fabio Natalucc...

High Yield 2Q Investor Survey, Views Amid Tariffs: Credit Crunch

09 Apr 2025

Contributed by Lukas

High yield had good first quarter gains with default rates low but cracks started developing in March even before Liberation day which led to a substa...

Orion's Lewnowski on Mining and Commodity Outlook: Credit Crunch

04 Apr 2025

Contributed by Lukas

Copper and uranium may be well-positioned as economies seek to balance energy needs against social demands. Oskar Lewnowski, Founder and Group CEO of...

Tariffs, Bonds, and Dollars With James Grant: Macro Matters

03 Apr 2025

Contributed by Lukas

The risk to bondholders is that the 2% inflation target becomes unbearable for the Fed, says Jim Grant, founder of Grant’s Interest Rate Observer....

US Tariffs and FX Effects - What You Need to Know: FX Moment

01 Apr 2025

Contributed by Lukas

It may be all about US tariffs in early 2Q, with the April 2 US tariff announcements and possible retaliation from trading partners risking to enterta...

Leste’s Gennari Is Leaning Into Real Estate Credit: FICC Special

31 Mar 2025

Contributed by Lukas

Real estate private credit is uniquely positioned amid the recent wave of loan maturities and reduction in bank capital. Ricardo Gennari, managing dir...

BlackRock’s Rosenberg on Systematic Multi-Strat: Credit Crunch

28 Mar 2025

Contributed by Lukas

Factor-driven, trend and pure alpha are among the sleeves within systematic investing that can fuel returns. Jeffrey Rosenberg, managing director and ...

Bloomberg Volatility Forum London 2025 Part II: All Options Considered

27 Mar 2025

Contributed by Lukas

There has been growth in the product offering in the crypto options market, which often has a right-tail skew and exhibits spot-up, vol-up dynamics. T...

Bloomberg Volatility Forum London 2025: All Options Considered

24 Mar 2025

Contributed by Lukas

A comfortable environment of US exceptionalism has been replaced by noise around tariff risks, the EU’s fiscal bazooka and US policy pivots, which h...

A ‘Generational Opportunity’ in Munis: Masters of the Muniverse

21 Mar 2025

Contributed by Lukas

With municipal bond exemptions potentially endangered and credit risks on the horizon, some may consider this to be a transformational time in the mun...

Chilton’s Horan on Fed, Economy and Bonds: Macro Matters

20 Mar 2025

Contributed by Lukas

Fed Chair Jerome Powell rehabilitated the word “transitory” and injected it into our understanding of where the economy and inflation are now...

New Mountain’s Holson on Defensive Direct Lending: Credit Crunch

15 Mar 2025

Contributed by Lukas

Direct lending remains a pillar of private credit, providing companies with new and flexible sources of financing in today’s high interest-rate envi...

Tariffs, Debt Brake, Fed and ECB Impact on Credit: Credit Crunch

12 Mar 2025

Contributed by Lukas

Government bonds sold off in the past weeks, due to tariff news from the US and the debt brake being eased soon in Germany and this has increased the ...

Anchorage’s McGrath Breaks Down LMEs: State of Distressed

05 Mar 2025

Contributed by Lukas

“Even if we hear rumblings that NDAs are out there with third parties and private lenders are looking at assets,... we’re still in a position wher...

Artisan’s Cirami Dusts Off the EM Cold War Playbook: EM Lens

04 Mar 2025

Contributed by Lukas

It’s back to the future in emerging-market debt, and creditors should look to the Cold War when analyzing geopolitical risk in global fixed-income p...

Dollar at Crossroads as Tariffs, Growth Path Evolve: FX Moment

01 Mar 2025

Contributed by Lukas

The weakening path recently observed through US survey evidence has yet to be confirmed by a sustained turn in the core economic news flow, but if con...

Delos’ Lefkovits on Private Credit, Default Trend: Credit Crunch

28 Feb 2025

Contributed by Lukas

Hybrid capital solutions may aid small and medium enterprise companies confronting balance-sheet challenges amid persistently high borrowing costs. Ar...

CRE Sentiment and Risks with CREFC’s Pendergast: Macro Matters

27 Feb 2025

Contributed by Lukas

A spate of economic and political headlines has traders working harder than usual to assess US indicators for clues on interest rates and property mar...

Gemcorp CEO Delivers Masterclass in EM Private Credit: EM Lens

24 Feb 2025

Contributed by Lukas

Atanas Bostandjiev, founder & CEO of Gemcorp Capital Management, joins BI chief emerging markets fixed-income strategist Damian Sassower to discuss hi...

VIX, Rates Vol, Gold With Susquehanna: All Options Considered

21 Feb 2025

Contributed by Lukas

There has been a lot of information for the market to digest so far this year and rates volatility has drifted lower with the Fed on hold for now, whi...

Catastrophe Bonds & Extreme Events With Man AHL: Credit Crunch

18 Feb 2025

Contributed by Lukas

Catastrophe bonds offer issuers additional capacity for underwriting risk, while providing investors with a stream of uncorrelated returns. Bloomberg ...

Sustainability Makes SMAs Tick: Masters of the Muniverse

14 Feb 2025

Contributed by Lukas

Despite economic data once again signaling inflation is on the rise, the future of rate cuts becoming uncertain and an evolving fiscal-policy landscap...

Dissecting Fixed Income With Wellington’s Khurana: Macro Matters

13 Feb 2025

Contributed by Lukas

If the economy evolves a certain way, the Federal Reserve isn’t far from cutting rates more than the market thinks, says Wellington Management Portf...

Derrough on Restructuring’s 3D Chess: State of Distressed Debt

08 Feb 2025

Contributed by Lukas

In his 35 years on Wall Street, Moelis’ Global Co-Head of Capital Structure Advisory Bill Derrough hasn’t seen a rescue-financing environment as r...

High Yield 1Q Investor Survey, Europe vs. US Views: Credit Crunch

07 Feb 2025

Contributed by Lukas

High yield credit had a strong 2024 as yields rallied and spreads followed, while defaults didn’t blow up as feared. In Europe, the index default ra...

Tariff Mercy Helps Sterling, but Cyclical Pain Stays: FX Moment

05 Feb 2025

Contributed by Lukas

The pound may be getting a bounce from the optimism that the UK could dodge President Donald Trump’s tariffs as trade headlines roil global markets,...

Global Central Bank Review and Geopolitical Risks: Macro Matters

30 Jan 2025

Contributed by Lukas

Markets may be having to assess more than the normal number of cross currents in the economy right now, with a new US administration, stock volatility...

Arini’s Lemssouguer on Dislocated European Credit: Credit Crunch

27 Jan 2025

Contributed by Lukas

European credit markets have gone through a significant shift in market dynamics over the past five years, as low-interest-rate debt is coming due and...

Crypto, Multi-Asset Volatility With CBOE: All Options Considered

24 Jan 2025

Contributed by Lukas

It may be a good year for the volatility market as pro-business government policies and elevated equity exposure that drive market overshoots could se...

Benefit Street’s Byrne on Multifamily CRE Appeal: Credit Crunch

21 Jan 2025

Contributed by Lukas

As others head for the exit from the commercial real estate (CRE) sector, Benefit Street Partners President Richard Byrne views this as the perfect ti...

Muni Road Ahead Looks Bright: Masters of the Muniverse

17 Jan 2025

Contributed by Lukas

With expectations for future tax cuts softening and muni yields levels remaining attractive, greater buying opportunities may be on the horizon in mun...

Debts, Deficits and Bonds With Schwab’s Jones: Macro Matters

16 Jan 2025

Contributed by Lukas

The two standout risks with the new US administration are tariffs and immigration policy, Kathy Jones, chief fixed-income strategist at Charles Schwa...

Leveraged Loan, CLO Outlook 2025, US vs. Europe: Credit Crunch

15 Jan 2025

Contributed by Lukas

CLOs are driving loan supply and in this Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence Chief European Credit Strategist and D...

HSBC’s Kettner Is Leaning Into High-Beta Asset Classes: EM Lens

14 Jan 2025

Contributed by Lukas

High-beta asset classes will likely swing on US-centric narratives, but the country’s financial conditions remain supportive despite a less dovish F...

Waterfall’s Raghavan on CRE’s Outlook: State of Distressed Debt

13 Jan 2025

Contributed by Lukas

“There is one AAA bond that has taken a loss so far in CMBS. There will be plenty more.” Waterfall Asset Management’s Head of ABS Strategy Keer...

PineBridge’s Oh on Favorable Credit Environment: Credit Crunch

10 Jan 2025

Contributed by Lukas

Incoming pro-growth policy, while inflationary in nature, could result in a strong credit environment in the eyes of PineBridge Investments’ Global ...

No One-Way Dollar View in 2025; Timing Turn Is Tricky: FX Moment

07 Jan 2025

Contributed by Lukas

The path of least resistance continues to be cyclically driven dollar-bullish and euro-dollar-bearish views into early 2025, but that’s a narrative ...

Diamond Hill’s Song on Credit Outlook, Landscape: Credit Crunch

27 Dec 2024

Contributed by Lukas

The short end of the curve may be better positioned than longer-dated bonds as the interest rates are likely to stay high for longer, with president-e...

Middle-Market Lending With Marathon’s Lueker: Credit Crunch

23 Dec 2024

Contributed by Lukas

A resilient macroeconomic environment, along with rising M&A activity, have the direct-lending space primed for additional growth in the coming years....

Market Outlook Post December FOMC With Ben Emons: Macro Matters

19 Dec 2024

Contributed by Lukas

Markets are front-loading the effect of potential Trump policy changes in 2025, which will keep volatility elevated says Ben Emons, founder and outso...

How Big Banks See 2025’s Muni Outlook: Masters of the Muniverse

18 Dec 2024

Contributed by Lukas

A new administration and the specter of inflation are among the levers for municipal bonds moving into next year. On this month’s Masters of the Mun...

KKR’s Pietrzak on Private Credit Scale, Value: Credit Crunch

13 Dec 2024

Contributed by Lukas

Private credit has expanded toward $2 trillion for direct lending and related markets, with another $5 trillion in asset-based finance, making for amp...

2025 High Grade and High Yield Outlook, US vs. EU: Credit Crunch

11 Dec 2024

Contributed by Lukas

With credit markets enjoying a strong 2024 and with many uncertainties, charting the course for 2025 is a challenge. Will US trade policies slow Fed c...

Do EM Country Fundamentals Really Even Matter Anymore?: EM Lens

10 Dec 2024

Contributed by Lukas

Emerging-market central banks have historically followed the Federal Reserve, yet 2025 will be a year of divergence as monetary and fiscal policy resp...

The Year Ahead in Rates, Credit and Currencies

09 Dec 2024

Contributed by Lukas

Ol' Saint FICC is here to stuff your stockings with 2025 market outlooks from all your favorite podcast hosts. Rates, credit, municipals, EM, MBS, cur...

Bain’s Rufino on Special Sits Strategy: State of Distressed Debt

06 Dec 2024

Contributed by Lukas

“A marriage…chemistry… [and] shared vision” is how Bain Capital partner Angelo Rufino described investments centered around a new asset cl...

ABS 2025 Market Dynamics With BI’s Rod Chadehumbe: Macro Matters

05 Dec 2024

Contributed by Lukas

The significant tightening in corporate bonds recently has left asset-backed securities looking cheaper, says Rod Chadehumbe, Bloomberg Intelligence’...

Shifting EM Backdrop Will Breed Both Winners and Losers: EM Lens

04 Dec 2024

Contributed by Lukas

Emerging-market assets are likely to swing on US-centric narratives, yet domestic growth and inflation dynamics may be of less concern than in previou...

No Existential Euro Risk, But It's Not a Rosy Picture: FX Moment

03 Dec 2024

Contributed by Lukas

Deteriorating French political headlines are exacerbating the underwhelming French and euro-zone economic narrative, confirming what has become a comp...

Volatility Bite-Size: All Options Considered

29 Nov 2024

Contributed by Lukas

In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu gives an update on how the US bond marke...

NAV Lending Prospects With Crestline’s Philipp: Credit Crunch

26 Nov 2024

Contributed by Lukas

A slower exit environment for limited partners on the back of elevated rates and inflation has helped drive tremendous growth for the world of NAV len...

Crews & Associates’ Mulholland on Treasury Market: Macro Matters

25 Nov 2024

Contributed by Lukas

The biggest change to the Treasury market has been algorithmic trading, and the proliferation of high-frequency trading firms (HFTs) and principal tra...

Navigating CLO Equity With Eagle Point’s Majewski: Credit Crunch

22 Nov 2024

Contributed by Lukas

A collateralized loan obligation’s (CLO) reinvestment period is among the keys to the success for the asset class in the view of Eagle Point’s Fou...

The Intersection of AI and Muniland: Masters of the Muniverse

20 Nov 2024

Contributed by Lukas

Artificial intelligence is reshaping the world of municipal bonds, with predictive analytics, data-driven decision-making and automated portfolio mana...

Beach Point’s Sauer on LMEs, Coops: State of Distressed Debt

14 Nov 2024

Contributed by Lukas

Lenders must be “hyper-vigilant” at the whiff of a liability management exercise (LME), as cooperation agreements forged in response by the larges...

US vs. EU Credit Gaps On Election and Rate Cuts: Credit Crunch

12 Nov 2024

Contributed by Lukas

With the US election having a clear result and credit markets enjoying a strong run this year, charting the course forward is a challenge. Will a Trum...

Deficits, Regulations, and Taxes with Nathan Dean: Macro Matters

11 Nov 2024

Contributed by Lukas

As expected, the Federal Reserve cut 25 bps in this election week, not a surprise, but Jerome Powell wasn’t as hawkish as might have been expect...

Enjoy Dollar Bull US Narrative, With No Complacency: FX Moment

09 Nov 2024

Contributed by Lukas

The cyclically-driven bullish dollar narrative got another boost last week, with President-elect Donald Trump's expected pro-growth stance implying a ...

Unpacking Growth and Inflation Projections With the IMF: EM Lens

01 Nov 2024

Contributed by Lukas

Geopolitical risk remains elevated, yet financial stability doesn’t appear to be a cause for concern as market practitioners turn their attention to...

UBS’ Sabatino on Fed Liquidity and SEC Regulation: Macro Matters

31 Oct 2024

Contributed by Lukas

Cash is not on the sidelines. An investment in a money market fund is an actual investment, says Robert Sabatino, head of Global Liquidity Portfolio ...

Using Technology to Go Odd-Lot Hunting: Masters of the Muniverse

29 Oct 2024

Contributed by Lukas

Investors have poured $13 billion into high-yield municipal bond funds in recent weeks, a move that underscores the need for credit analysis and activ...

Listen Now: Inside Active by Bloomberg Intelligence

27 Oct 2024

Contributed by Lukas

Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define...

400 Capital’s Hentemann on Securitization Market: Credit Crunch

25 Oct 2024

Contributed by Lukas

By engaging across multiple sectors of the structured product markets, 400 Capital Management has the flexibility to independently deal with the uniqu...

Barings’ Ockerbloom Sees Opportunity in Real Estate: EM Lens

23 Oct 2024

Contributed by Lukas

Real Estate remains highly localized, a feature which contributes to its noncorrelated and rate-sensitive nature, says Barings Head of US & European R...

Antares’ Mathew on Direct Lending’s Advantages: Credit Crunch

21 Oct 2024

Contributed by Lukas

With plenty of private equity dry powder and a growing supply-demand imbalance, direct lending is well positioned to grow, according to Antares Capita...

Active Muni ETFs Are a Brave New World: Masters of the Muniverse

18 Oct 2024

Contributed by Lukas

The record growth in municipal bond ETFs, and more specifically actively managed muni ETFs, has led to more innovative alternative strategies. In this...

Abrdn’s McCann on Fed Narratives and Fiscal Risks: Macro Matters

17 Oct 2024

Contributed by Lukas

It does look like the Fed is nailing this soft landing, so we’re feeling quite positive around where we’re going, says James McCann, Deputy Chief...

Polen Capital on Its Multiasset Solutions Outlook: Credit Crunch

16 Oct 2024

Contributed by Lukas

Polen Capital, with deep roots in the world of growth equity investing, has expanded into the opportunistic high yield bond market, leveraging its acq...

High Yield 4Q Investor Survey, Europe vs. US View: Credit Crunch

15 Oct 2024

Contributed by Lukas

High yield credit had a strong year (to date), as yields rallied and spreads followed, while defaults didn't blow up as feared. In Europe, the index d...

Mercer’s Nuzum: Lean Into Emerging and Frontier Markets: EM Lens

14 Oct 2024

Contributed by Lukas

Globalization has slowed, yet access to local markets is improving, and the EM asset class remains underrepresented in most global portfolios. In this...

Nouriel Roubini on Policy Stimulus, Stagflation & Geopolitical Risk: FICC Focus Special

11 Oct 2024

Contributed by Lukas

Despite the recent spike in volatility, investor sentiment is broadly positive, yet tail risks are emanating as we push into year-end. Dr. Nouriel Ro...

Bloomberg Volatility Forum NYC 2024: All Options Considered

10 Oct 2024

Contributed by Lukas

This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2024 held in NYC on October 1st. It starts with the ...

BlackRock’s Lynam Constructive on Credit Outlook: Credit Crunch

07 Oct 2024

Contributed by Lukas

Private credit markets have seen tremendous growth over the past decade, establishing themselves as viable sources of funding for companies across the...

JFW’s Jon Weber on Post-Reorg Boards: State of Distressed Debt

04 Oct 2024

Contributed by Lukas

“LMEs buy time for the sponsor, but I’m increasingly seeing that that’s all it really does.” Jon Weber, founder of JFW & Co., doesn’t mince...

State of US Systemic Risks with DiMartino Booth: Macro Matters

03 Oct 2024

Contributed by Lukas

In the beige book, you see all 12 districts reporting declining spending in some way shape or form, and that’s unheard of: There is no such thing, a...

China Stimulus No FX Game Changer After Cyclical Lift: FX Moment

01 Oct 2024

Contributed by Lukas

China's recent monetary and fiscal stimulus announcements may bring near-term cyclical relief and add to the bullish case for yuan-proxy currencies li...

FS Investments’ Beckman on Opportunistic Credit: Credit Crunch

27 Sep 2024

Contributed by Lukas

The corporate credit landscape could face uncertain times ahead, with upcoming elections, policy shifts and global conflicts. Andrew Beckman, Head of ...

Rate Volatility and Central Banks: All Options Considered

25 Sep 2024

Contributed by Lukas

In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dan Hanson, Chief UK Econom...

Vontobel’s Jackson on Outlook for Global Fixed Income: EM Lens

24 Sep 2024

Contributed by Lukas

Andrew Jackson, head of fixed income at Vontobel Asset Management, joins BI chief emerging market fixed income strategist Damian Sassower, to discuss ...

SVP’s Woltery on Opportunity in Europe: State of Distressed Debt

20 Sep 2024

Contributed by Lukas

SVP operates as “one big virtual global office” built on three functional “pillars” — sourcing, dealmaking and its operating partners — ac...

Unemployment at 5% May Escalate Fed’s Rate Cuts: Macro Matters

19 Sep 2024

Contributed by Lukas

The new supercore CPI to watch is the Bureau of Labor Statistic’s Quarterly Census of Employment and Wages, given US Federal Reserve Chair Jerome Po...

The Future of Financial Research, With BI’s Dwyer: Macro Matters

16 Sep 2024

Contributed by Lukas

With artificial intelligence tools, we think we can cover more, in more depth and with the same number of people, and we can be faster to market, says...

Solutions in a Changing Muni Landscape: Masters of the Muniverse

13 Sep 2024

Contributed by Lukas

The performance of the broad muni index has been positive this year, while also notably falling short of the stronger showing by its fixed-income coun...

Are Spreads Pricing Fed, ECB Cuts for Perfection?: Credit Crunch

12 Sep 2024

Contributed by Lukas

Credit markets have had a strong year, a few blips notwithstanding. After the ECB cut rates twice, the BOE once and with the Fed about to embark on a ...

US Politics Could Soon Revive De-Dollarization Talk: FX Moment

03 Sep 2024

Contributed by Lukas

 The dollar's status as the ultimate global reserve currency is intact and the currency is still leading on the International Monetary System's key p...

VIX at 65, MOVE Above 100: All Options Considered

30 Aug 2024

Contributed by Lukas

In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu covers the VIX at 65 being due to market...

Schroders’ Graham Seeks Alpha in EM Corporate Credit: EM Lens

29 Aug 2024

Contributed by Lukas

Emerging Market corporate and quasi-sovereign debt is outperforming the broader EM sovereign-credit complex, as the asset class returns to favor follo...

Rethinking Macro Credit Patterns via BI STRTE: Credit Crunch

27 Aug 2024

Contributed by Lukas

Macro credit trends tend to be based on more of a feel than precise numbers. In this latest episode of the Credit Crunch podcast, Mahesh Bhimalingam, ...

How Canada’s Economy, Rates Have Diverged From US: Macro Matters

22 Aug 2024

Contributed by Lukas

The Canadian economy is rife with potholes that could potentially be hit by a policy mistake, says Stuart Paul, US and Canadian economist for Bloombe...

Johnston on Credit-Research Data Tools: Masters of the Muniverse

20 Aug 2024

Contributed by Lukas

As we edge closer to a US Federal Reserve rate decision and a presidential election, municipal credit will get more attention. In this Masters of the ...

SLR Cofounders on Specialty Financing Advantages: Credit Crunch

13 Aug 2024

Contributed by Lukas

SLR Capital Partners has built expertise in corporate lending, asset-based financing, life-science credits and other segments over nearly two decades....

Sprayregen on Restructuring Landscape: State of Distressed Debt

08 Aug 2024

Contributed by Lukas

Don’t expect “gentlemanly” behavior from corporate boards under financial stress, says Hilco Global’s Vice Chairman James H. M. Sprayregen, as...

BIoomberg Intelligence on the Great Dollar-Yen Unwind: FX Moment

06 Aug 2024

Contributed by Lukas

The great dollar-yen unwind is under way, with the combined shift to much more dovish Fed-easing prospects and more hawkish BOJ expectations the perfe...

Future of Fed Policy Changes and Fiscal Scenarios: Macro Matters

02 Aug 2024

Contributed by Lukas

The unemployment rate will surprise the Fed, rising to 4.5% at the end of this year, says Anna Wong, chief US economist for Bloomberg Economics. Wong ...

Election Puts Muniland in Its Sights: Masters of the Muniverse

31 Jul 2024

Contributed by Lukas

With US presidential election campaigns in full swing, we thought it prudent to revisit what this year could mean for the municipal bond market in ter...

Systematic Credit Growth Seen by Insight’s Benson: Credit Crunch

29 Jul 2024

Contributed by Lukas

Increased electronification and the growing prevalence of portfolio trading are creating opportunities for systematic credit, which seeks to harness t...

Bonds Are Not Vegetables Says HSBC’s Steven Major: Macro Matters

27 Jul 2024

Contributed by Lukas

Steven Major, HSBC’s global head of fixed-income research, joins Bloomberg Intelligence’s chief US rates strategist Ira Jersey and BI senior rates...

Fed Easing Cycles and Unsustainable Fiscal Policy: Macro Matters

25 Jul 2024

Contributed by Lukas

The economy is firing on all cylinders and continues to show positive momentum, says Lara Rhame, chief US economist at FS Investments. Rhame joins Ma...