“I worry less about liquidity risk because we’re generally assuming there isn’t liquidity there. I worry more about recovery risk. If something goes wrong in a small-cap stack…a lot of the advisory, workout and bankruptcy costs are much more onerous in a smaller-cap stack,” Corbin Capital’s Chief Investment Officer Craig Bergstrom says on this month’s State of Distressed edition of the FICC Focus Podcast. In this episode, Bloomberg Intelligence global credit strategy head Noel Hebert and distres...
May 05, 2023•1 hr 35 min
ING’s Antoine Bouvet, head of European rates strategy and James Smith, developed market economist, join Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey on this episode of the Macro Matters editions of the FICC Focus podcast to discuss the economy and rate markets of the Eurozone and the UK. Bouvet and Smith give their outlook for inflation, central bank policy and government bond markets.
May 04, 2023•20 min
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, discusses her still-positive sterling outlook and revisits the UK's near-term cyclical dynamics and longer-term structural considerations with Dan Hanson, senior UK economist at Bloomberg Economics. The pair acknowledge the better-than-expected backdrop that's helped sterling year to date and discuss the risks to the UK's economic outlook, with implications for monetary policy and the po...
May 03, 2023•33 min
In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Matthew Tym, Head of Equity Derivatives Trading at Cantor Fitzgerald. Discussion includes the volatility reset in G10 FX and equity market.
Apr 28, 2023•18 min
Municipal performance through the first four months of 2023 is a semi-welcome respite from the tough 2022 that many asset managers faced. The tax-exempt market is still contending with the same challenges that somewhat define the sector such as supply and demand imbalances and municipal valuations that seem overly rich until they unwind in the other direction. Though sole exempt investors are strapped in and along for the ride, those who live in the crossover world can maneuver more adeptly arou...
Apr 27, 2023•47 min
European high yield had its first default but the proportion of stressed and distressed bonds is under control after a positive first quarter for returns. Will 2Q sustain the 1Q gains and when do we see a default wave, if any? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discussed the results of the 2Q23 High Yield Survey and comment on the market outlook and trends in a Q&A format with George Flynn, Head of Credit at Wisealpha Technologies. ...
Apr 26, 2023•33 min
Deteriorating US economic fundamentals are fueling late-cycle serendipity in emerging market currencies, yet any declarations alluding to a demise in the dollar smile will likely prove exaggerated. In this month’s EM Lens & Look-Through podcast, Jonny Goulden, managing director and head of EM sovereign strategy at JPMorgan joins Bloomberg Intelligence Chief EM Fixed Income Strategist Damian Sassower to share his views on EM foreign exchange resilience, the glide path for short-term interest ...
Apr 24, 2023•22 min
Bank debt may be an attractive asset class, NewEdge Wealth’s portfolio manager and head of fixed income Ben Emons tells Bloomberg Intelligence Chief US Interest Rate Strategist and host Ira Jersey on this Macro Matters edition of the FICC Focus podcast. Emons discusses his views on future central-bank policy action in the US, Europe and emerging markets. He also reviews how the yield curve could react, highlighting that EM was early in tightening monetary policy. Jersey asks Emons about the chal...
Apr 20, 2023•25 min
The banking crisis on both sides of the Atlantic has led to significant repricing and revaluation of certain instruments in credit markets. But the rally following government and regulatory actions has recovered some of the lost ground. In our seventh episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist and Noel Hebert, Chief US Credit Strategist at Bloomberg Intelligence, discuss the banking crisis aftermath, performance of banking bonds including AT1s...
Apr 12, 2023•40 min
“There’s a growing trend to get in front of these names a little earlier...FOMO is alive and well in the creditor community...no one wants to find out a deal has been done around them. Particularly if it is an aggressive up-tier exchange,” Fidelity Investments’ Nathan Van Duzer says on this month’s State of Distressed edition of the FICC Focus Podcast. In this episode, Bloomberg Intelligence global credit strategy head Noel Hebert and distressed credit analyst Philip Brendel discuss how SVB’s de...
Apr 06, 2023•1 hr 44 min
Adding duration to fixed income portfolios will be attractive as the economy slows later this year, Amundi US’ head of fixed income Jonathan Duensing explains to Bloomberg Intelligence Chief US Interest Rate Strategist and host Ira Jersey on this Macro Matters edition of the FICC Focus Podcast. Duensing discusses how Amundi analyzes markets prior to investment decisions, noting his team’s bottom-up approach. He says mortgage-market extension has made evaluation of the sector easier. On the recen...
Apr 05, 2023•29 min
In our latest FX Moment Podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) chief G10 FX strategist, talks about the Swiss economy, the SNB outlook and the Swiss franc prospects with Valerie Lemaigre, head of Investment Office and chief economist at Banque Cantonale de Geneve. In particular, Valerie and Audrey touch on how the Swiss growth and inflation outlook may impact the SNB's near-term monetary policy decisions and the consequences for the Swiss franc outlook. In a broadly wea...
Apr 04, 2023•24 min
As the error bands around the outlook widen and cycle turns bring lots of noise, directional views have become much more challenging. In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Anna Raytcheva, CIO and Founder of Sonya Capital Management. Points covered include key themes from the volatility markets year-to-date, liquidity issues and FX volatility lagging the moves in the bond market.
Mar 30, 2023•14 min
The market pricing for 2023 Federal Reserve interest rate cuts is off base, Bloomberg Economics Chief US Economist Anna Wong says on this Macro Matter’s edition of the FICC Focus podcast. Wong joins host and Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey to discuss her view of the economic environment, the affect the banking turmoil may have going forward, and how the job market could develop. Wong suggests there might be a risk that after a pause, the Fed could be forced to...
Mar 29, 2023•22 min
Interest rate volatility remains a risk, but it’s still possible for the Fed to achieve a “softish” landing, with positive implications for the broader EM complex. In this episode of the Emerging Market Lens & Look-Through podcast, Kevin Daly, investment director at Abrdn Investments joins Bloomberg Intelligence’s Chief EM Fixed Income Strategist Damian Sassower to share his views on emerging and frontier markets as the outlook for global growth deteriorates.
Mar 27, 2023•18 min
The inflation vs. recession debate and how that will drive Fed pause vs. pivot dynamics is casting a shadow over credit markets. Key questions include whether the tightening of lending standards will drive up defaults or whether resilient fundamentals will prevent this. In our sixth episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist at Bloomberg Intelligence and Robert McAdie, Head of Global Cross Asset Strategy at BNP Paribas, discuss the banking cri...
Mar 24, 2023•37 min
There’s been a sharp drop in rates across the curve, but that’s come at the expense of two bank failures and the introduction of a new depositary back-stop facility from the federal government, according to Bloomberg Intelligence. In this Masters of the Muniverse podcast episode, Vanguard’s head of municipal investment Paul Malloy joins BI strategist Eric Kazatsky to discuss all things macro and micro in the world of munis.
Mar 15, 2023•37 min
The supply of mortgage-backed securities remains very tight as refinancings have dried up again, Bloomberg Intelligence Mortgage Strategist Erica Adelberg says on the FICC Focus Podcast. In this Macro Matters edition, Adelberg joins Chief US Interest Rate Strategist Ira Jersey to discuss recent housing and mortgage data, remarking on how exceptionally low application volume shows persistent stress on the market. Slow prepayments have caused light gross issuance, even with the Federal Reserve red...
Mar 09, 2023•22 min
We have potentially seen the first European high yield index default (bond rated D but not yet out of the index) in nearly two years, while the proportion of stressed and distressed bonds continues to fall given a long rally. Where is the risk in the high yield index and how big a default wave do we see this time? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discusses the default outlook and trends in a Q&A format with Zachary Swabe, Portfoli...
Mar 07, 2023•30 min
Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss how March may buck 2023's credit rally. Then, they have an in-depth feature interview with Victor Khosla, Chief Investment Officer & Founder of Strategic Value Partners on maintaining an investment culture while experiencing significant growth and his views on the current opportunity set (6:38). Finally, BI bankruptcy litigation analyst Negisa Balluku and Bloomberg News' Eliza Ronalds-Hannon join ...
Mar 03, 2023•1 hr 41 min
FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, reflects on how the G10 FX narrative has evolved over the past couple of months and how this has shaped dollar sentiment back to all bullish from all bearish. Identifying how the narrative evolves from here is the next key challenge when it comes to assessing the US dollar's likely near-term fortune, and data watching may become highly relevant again in the next few weeks in that respect. Bloomberg In...
Mar 01, 2023•10 min
Interest rates could remain higher than the previous few cycles, with an upward sloping yield curve by the end of 2024, Gregory Staples, DWS Investment Management’s head of fixed income in North America, says on this episode of Bloomberg Intelligence’s FICC Focus Podcast. In this Macro Matters edition, Chief US Interest Rate Strategist Ira Jersey is joined by Staples, who talks about his role at DWS and the variety of strategies he helps to manage. Among other topics, Staples discusses the diffe...
Feb 28, 2023•27 min
Fundamentally, Chinese equities stand out from global peers as the nation’s profit recession appears to be ending just as the rest of the world decelerates. In this month’s Emerging Market Lens & Look-Through edition of the FICC Focus podcast, Bloomberg Intelligence’s Chief EM Fixed Income Strategist Damian Sassower is joined by Dan Suzuki, Deputy Chief Investment Officer at Richard Bernstein Advisors, who shares his views on investor positioning and market valuations in a world of slower gr...
Feb 28, 2023•19 min
The scenario of an extreme market impact from zero days to expiration options may be overstated and Commodity Trading Advisors' positive beta to equity may be a near-term headwind for SPX. In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dean Curnutt, the CEO of Macro Risk Advisors. Points covered include key themes from the volatility markets year-to-date, 0DTE options, CTAs and VIX optionality.
Feb 24, 2023•23 min
Investment grade had a sustained good run in the past four months with spreads compressing all the way combined with bumper supply in the new year. How long will it sustain and are we due a correction if spreads are indeed rich? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discusses the investment grade market with Heema Patel, Credit Strategy Associate at Bloomberg Intelligence. We discuss the place of high grade relative to rates as well as hig...
Feb 22, 2023•14 min
In this month's Masters of the Muniverse, Eric Kazatsky and co-host Karen Altamirano are joined by Adam Stern, the co-head of research at Breckinridge Capital Advisors. Breckinridge is a $42 billion asset manager and has long been considered one of the industry's firsts in muni ESG. Stern gives his take on the current state of Muniland, and if ESG investors are losing confidence in the designation and standards. muni ESG
Feb 15, 2023•53 min
The European high yield default rate remains at zero, and the proportion of stressed and distressed bonds continues to fall given a long rally. How long will it sustain and when do we see a default wave, if any? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discussed the results of the 1Q23 High Yield Survey and comment on the market outlook and trends in a Q&A format with George Flynn, Head of Credit at Wisealpha Technologies. We discussed ou...
Feb 08, 2023•29 min
In our latest FX Moment Podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) Chief G10 FX Strategist, talks currency prospects with Mark Andersen, Global Head of Asset Allocation at UBS Wealth Management. In particular, Mark and Audrey discuss the US dollar outlook following the remarkably strong US January employment report and to what extent this data is a game changer, or not, for the currency prospects for the rest of the year.
Feb 06, 2023•20 min
Short maturity government bond yields in Europe and the US may move somewhat high in the near term, according to Bloomberg Intelligence. In this Macro Matters edition of the Bloomberg Intelligence FICC Focus podcast, Chief US Interest Rate Strategist Ira Jersey is joined by his European counterpart Huw Worthington to discuss the February meetings of the US, UK and European central banks and the corresponding rate markets. Jersey notes his view that the market still doesn’t think the Federal Rese...
Feb 03, 2023•21 min
"It takes a long time to slow things down, especially when you’ve just pumped $2.5 trillion of monetary stimulus into the economy," Paul Goldschmid, partner & co-portfolio manager at King Street Capital, says about why this credit cycle may take longer to play out vs. those seen in the past 20-30 years. In this State of Distressed Debt edition, Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss how credit is hard to keep down in January as well as...
Feb 03, 2023•1 hr 28 min
