FICC Focus

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...

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...