Spreads of mortgage-backed securities may remain wide, though net and gross supply could remain depressed given interest rate and housing market dynamics, Bloomberg Intelligence’s Chief MBS Strategist Erica Adelberg says. Adelberg joins Macro Matters podcast host and BI’s Chief US Interest Rate Strategist Ira Jersey to share her view on relative value within the mortgage markets, compare MBS to corporate bonds and discuss how recent bank regulations may affect mortgage demand. You can access mor...
Aug 10, 2023•19 min
The red-hot credit rally leaves debt markets vulnerable ahead of historically-worst months, Bloomberg Intelligence Global Credit Strategy head Noel Hebert, distressed credit analyst Philip Brendel and bankruptcy litigation analyst Negisa Balluku say on this month’s edition of the State of Distressed Debt podcast. Guest Ralph Brubaker, the James H.M. Sprayregen Professor of Law at the University of Illinois College of Law, joins Balluku for an in-depth feature interview on corporate tortfeasors’ ...
Aug 07, 2023•1 hr 9 min
The Bank of England stepped down the pace of tightening as it closes in on the peak but isn't quite yet done and remains highly data dependent. In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dan Hanson, Bloomberg Senior UK Economist.
Aug 04, 2023•14 min
The re-risking with the market being chased higher has crushed equity volatility while the skew in rates at the back of the curve is toward higher yields. In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Nancy Davis, Founder of Quadratic Capital Management. Discussion points include key themes from the rates and equity volatility markets. Find out more about Quadratic Capital Management here: http://www.ivole...
Jul 31, 2023•17 min
The Federal Reserve may remain on hold for the rest of the year as inflation should moderate, Chief US Economist for Bloomberg Economics Anna Wong says on this Macro Matter’s edition of the FICC Focus Podcast. Wong joins host Ira Jersey, Chief US Interest Rate Strategist for Bloomberg Intelligence, to discuss her view on the economy and future Fed policy. Jersey mentions some investors are concerned about a reacceleration of inflation, to which Wong handicaps the possibility, but notes even if i...
Jul 27, 2023•22 min
Asset-based finance has moved nearer center stage in the fast growing private credit market, competing with corporate direct lending for attention. Castlelake’s Co-CEO and Chief Investment Officer Evan Carruthers joins hosts Noel Hebert, Bloomberg Intelligence’s director of FICC research, and Sam Geier, senior credit strategy associate, on this Credit Crunch podcast episode to talk about the current landscape and opportunity amid uncertainty. Turbulence in aviation finance and innovation in cons...
Jul 25, 2023•57 min
Green shoots are forming in emerging market debt as growth slows, inflation eases and the geopolitical climate turns more market friendly. In this month’s EM Lens & Look-Through podcast, Ilke Pienaar, Head of Emerging Market Fixed Income Sovereign Research at PineBridge Investments, joins Chief EM Fixed Income Strategist Damian Sassower to deliver her mid-year outlook on EM credit. She discusses the firm's key convictions across EM, with Asia high yield exhibiting improved fundamentals and a...
Jul 21, 2023•20 min
BI global credit strategy head Noel Hebert, distressed credit analyst Philip Brendel and bankruptcy litigation analyst Negisa Balluku discuss how credit markets are "melting up" with equities, but that it may be fleeting. Noel and Phil also have an in-depth feature interview with John Pavelski, co-head of North America for the Carlyle Credit Opportunities Fund, on the possibilities created as the private credit market weathers a distressed cycle (10:30). Finally, Negisa, Noel and Phil discuss th...
Jul 19, 2023•1 hr 39 min
The landscape for municipal asset management has been changing over the past year, and there’s been lower beta options such as exchange traded funds and separately managed accounts. For those looking to expand or break into this space, scaling the business is the single largest pain point. Investortools’ Senior Vice President James Morris joins Bloomberg Intelligence’s Eric Kazatsky and Karen Altamirano on this episode of the Masters of the Muniverse podcast to discuss this challenge and highlig...
Jul 18, 2023•48 min
The Fed's nearing rate peak and evidence of a turning US economy should revive the bearish view of the US dollar in 2H. In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence's chief G10 FX strategist, examines the outlook for the US and global economies and the implications for currencies with Solita Marcelli, chief investment officer Americas, UBS Global Wealth Management. In particular, Solita and Audrey acknowledge that beyond a structurally dollar-negative case ...
Jul 13, 2023•21 min
European high yield has had just two defaults this year and the proportion of stressed and distressed bonds is under control after a positive 1H for returns. Will 3Q sustain the 1H gains and when do we see a default wave, if any? Listen to hear Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence discuss the results of the 3Q23 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. Th...
Jul 11, 2023•35 min
The Treasury yield curve may remain inverted for quite a while, but bull steepening could begin as the Federal Reserve finished its interest rate hikes, Bloomberg Intelligence’s Chief US Interest Rate Strategist says in this Macro Matter’s edition of the FICC Focus podcast. Jersey provides his short- and longer-term view of the rate markets, mentioning how the real federal funds rate may peak at about 2.5% if consensus inflation estimates and market pricing are realized. Jersey is also joined by...
Jul 07, 2023•15 min
After central banks gathered in Portugal at the ECB Forum earlier this week, a turn in European inflation and a strong 1Q GDP revision in the US caused a sell off in developed market sovereign debt. Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey is joined by his European counterpart Huw Worthington on this Macro Matters edition of the FICC Focus podcast. Huw gives his outlook for inflation and central bank policy actions in Europe and the UK, while Jersey highlights his shift in v...
Jun 29, 2023•22 min
Structured credit markets have evolved into a multi-trillion dollar asset class, one that we dive into in the latest episode of Credit Crunch, part of the FICC Focus podcast series. Waterfall Asset Management’s Managing Partner and Cofounder Jack Ross, one of the pioneers in asset-based securities, joins Bloomberg Intelligence’s Director of FICC Research Noel Hebert and Senior Credit Strategy Associate Sam Geier for an in-depth discussion about the transformation of the asset class over Ross’ st...
Jun 28, 2023•1 hr 1 min
The Bank of England remains highly data-dependent, re-accelerating to a 50-bp hike "at this particular meeting" given the upside inflation surprises. The wide difference between actual inflation data releases vs. consensus keeps volatility elevated at the front end of the yield curve. The flattening of the curve reflects the risk to growth and increased pricing of cuts. In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dan ...
Jun 23, 2023•12 min
An improving inflation outlook alongside weaker cross-asset volatility and more moderate global growth is contributing to the bullish narrative in EM local government debt. In this month’s EM Lens & Look-Through podcast, Phoenix Kalen, Head of Emerging Market Research at Societe Generale, joins Chief EM Fixed Income Strategist Damian Sassower to deliver her mid-year outlook on EM local currencies and debt. She discusses the firm's key EM trading themes, and highlights various structural, idi...
Jun 22, 2023•16 min
The Federal Reserve may not hike the additional 50 bps shown in the infamous “Dot Plot” at the June monetary policy meeting, Bloomberg Economics’ Chief US Economist Anna Wong remarks. She joins Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey on this Macro Matters edition of the FICC Focus podcast to recap the FOMC meeting and discuss her views for the future. Wong still expects a mild recession in 2H, thinks the Fed will maintain interest rates near the peak and that balance-sheet ...
Jun 16, 2023•19 min
The stage is set for municipals to look better vs. other fixed income in 2023-2024. Though fund flows remain a concern, the asset class’ ability to provide tax-exempt income exceeding inflation remains a key feature, especially if recessionary pressures increase. Parametric’s Nisha Patel joins Bloomberg Intelligence’s Eric Kazatsky and Karen Altamirano on this episode of the Masters of the Muniverse FICC Focus podcast to discuss the advantages of technology-driven systematic solutions and some o...
Jun 15, 2023•1 hr
Credit markets have a dour seasonal outlook and piecemeal restructurings are flailing. BI Global Credit Strategy head Noel Hebert, distressed credit analyst Philip Brendel, and bankruptcy litigation analyst Negisa Balluku discuss these issues and more on the June edition of the State of Distressed Debt Podcast. Guest Matthew Cantor, Head of Legal Strategies and Special Situations of Pretium Partners, shares his views on litigation finance, distressed banks and the distressed cycle (8:12). Also o...
Jun 12, 2023•1 hr 15 min
European credit markets have shifted since the banking crisis and the rally that followed, especially the shrinkage in junk. It's always interesting to hear views from across regions and this time we head to sunny France for some Gallic finesse in credit portfolio management. In the 11th episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist, and Benoit Soler, Senior Portfolio Manager and Head of Credit at Keren Finance, discuss the situation in European ...
Jun 09, 2023•42 min
Ever-changing drivers and low FX conviction views have been consistent with a $1.06-$1.10 euro-dollar in recent months, but a break of $1.10 toward $1.15 and higher remains feasible later this year. In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, reflects on the euro-dollar's outlook as we contemplate 2H and after a very challenging 1H for bullish views. Childe-Freeman believes the positive narrative holds into 2H, with the European C...
Jun 07, 2023•15 min
Corporate fixed income looks attractive compared with equities, Abrdn’s Jonathan Mondillo, head of North American fixed income says. Mondillo joins Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey on this Macro Matters edition of the FICC Focus podcast to discuss how private debt markets can offer opportunities and less volatility than some public credit areas. He also reviews Abrdn’s preferred sectors given its outlook for a recession beginning in early 2024, and the effects politi...
Jun 01, 2023•19 min
The banking crisis on both sides of the Atlantic led to significant repricing and revaluation in credit markets globally. But the rally following government and regulatory actions has recovered much of the lost ground. In the 10th episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist, and Noel Hebert, Chief US Credit Strategist at Bloomberg Intelligence, discuss the aftermath of banking crisis and the rally, performance of banking bonds including AT1s an...
May 25, 2023•40 min
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, and Stephen Chiu, Chief Asia FX and rates strategist, reflect on China's recovery story and on how some recent underwhelming monthly indicators reports may affect prospects into 2H as well as the currency market. Our analysts see the recent China economic news flow as a readjustment to more realistic growth expectations as opposed to evidence of a bleak outlook, with the recovery story i...
May 24, 2023•17 min
Questions have arisen around the growth of zero-days to expiry options, which now make up more than 40% of the overall volume of SPX options traded, and how this boom may be impacting the stock market. This edition of the All Options Considered podcast focuses on zero days to expiry options, or 0DTEs, and addresses the diversity of the investor base and what type of strategies are being traded. BI’s Global Derivatives Strategist Tanvir Sandhu is joined by Arianne Adams, Senior Vice President, He...
May 23, 2023•22 min
Geopolitical risk is accelerating across Eastern Europe, the Middle East and Africa, yet the region continues to outperform as end-of-cycle dynamics take hold. In this month’s EM Lens & Look-Through podcast, Bloomberg Intelligence’s EMEA FX & Interest Rate Strategist Sergei Voloboev joins Chief EM Fixed Income Strategist Damian Sassower to discuss his outlook on local currency and debt markets in Poland, Hungary and the Czech Republic. Voloboev also shares his views on Turkey’s general e...
May 22, 2023•25 min
Lisa Hornby, Schroder Investment Management’s Head of Multi-Sector Fixed Income, says mortgages and shorter-term Treasury securities are more attractive than corporates given the firm’s outlook for the economy. Hornby joins Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey on this episode of the Macro Matters edition of the FICC Focus podcast. Hornby discusses why she thinks corporate credit may be challenged in some cases, yet says that broadly the risks are name-specific, rather th...
May 18, 2023•25 min
Despite positive year-to-date performance, navigating the heightened volatility in the rates market and declining new issue sales have been just some of the challenges investors have had to contend with this year. Though some have chosen to hide out in high-yield cash equivalents such as money-market products, opportunities exist if cloudy valuations can be navigated. Belle Haven Investments’ CEO and CIO Matt Dalton and Director of Research Dora Lee join Bloomberg Intelligence strategist Eric Ka...
May 12, 2023•40 min
The market interpreting comments following the Bank of England’s 25-bp rate increase at the May policy meeting doesn’t square with the view of Bloomberg Intelligence European Interest Rate Strategist Huw Worthington. On this Macro Matter’s edition of the FICC Focus podcast, Worthington suggests that the UK’s rate-hiking cycle may be nearing an end, while the European Central Bank could raise somewhat further. He notes that quantitative tightening via asset runoff by the ECB is just beginning at ...
May 11, 2023•25 min
Market downswings and rallies and concern about the next crisis have been major preoccupations over the past two years. A significant credit-market innovation helping to address this was introduced in this period and it's coming to the forefront now -- credit index futures. In the ninth episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist and Davide Masi, Fixed Income ETD Product Design at Eurex, discuss the need for credit index futures, the features o...
May 10, 2023•27 min
