Investors have poured $13 billion into high-yield municipal bond funds in recent weeks, a move that underscores the need for credit analysis and active investing, says Alex Petrone, managing director and head of fixed income at Rockefeller Asset Management. In this episode of Bloomberg Intelligence’s Masters of the Muniverse podcast, hosts Eric Kazatsky and Karen Altamirano talk with Petrone about using technology to assist in credit research in the highly fragmented muni market, how quickly fix...
Oct 29, 2024•43 min
Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit plans. Bloomberg Intelligence strategy team uncover active opportunities and glean insights from active managers and those who cover the industry. Listen to Inside Active by Bloomberg Intelligence.
Oct 27, 2024•2 min
By engaging across multiple sectors of the structured product markets, 400 Capital Management has the flexibility to independently deal with the unique cycles and phases of the various asset classes. Founder and Managing Partner Chris Hentemann joins Noel Hebert and Sam Geier of Bloomberg Intelligence on this episode of Credit Crunch to talk through the process of navigating through those cycles. The conversation touches upon asset class allocations, the risk-transfer market, joint venture benef...
Oct 25, 2024•58 min
Real Estate remains highly localized, a feature which contributes to its noncorrelated and rate-sensitive nature, says Barings Head of US & European Real Estate John Ockerbloom. He joins Damian Sassower, Bloomberg Intelligence’s fixed income strategist, to discuss opportunities and risks facing real estate markets across the globe in this episode of BI’s FICC Focus podcast. Ockerbloom identifies opportunities in data centers, self-storage, health care and multiuse real estate. They also talk...
Oct 23, 2024•17 min
With plenty of private equity dry powder and a growing supply-demand imbalance, direct lending is well positioned to grow, according to Antares Capital Director of Asset Management, Vivek Mathew. Vivek joins Bloomberg Intelligence’s Noel Hebert and Sam Geier on another special edition of Credit Crunch, recorded at the Greenwich Economic Forum. They discuss the benefits of being under the wing of the Canada Pension Plan Investment Board, the refinancing cycle, Antares’ co-investment approach, sec...
Oct 21, 2024•41 min
The record growth in municipal bond ETFs, and more specifically actively managed muni ETFs, has led to more innovative alternative strategies. In this episode of Bloomberg Intelligence’s Masters of the Muniverse podcast, hosts Eric Kazatsky and Karen Altamirano are joined by Harley Bassman, managing partner at Simplify Asset Management. They discuss Simplify’s ETF strategies and how option selling can improve a portfolio’s risk-adjusted returns.
Oct 18, 2024•49 min
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 Economist at Abrdn. McCann joins host and senior US and Canada rates strategy associate Will Hoffman to unpack rapidly shifting economic narratives. The pair discuss changes in the the medium-term economic outlook, as well as recent developments regarding the state of labor markets and inflation. They also dive into the implications of strikes and hurr...
Oct 17, 2024•27 min
Polen Capital, with deep roots in the world of growth equity investing, has expanded into the opportunistic high yield bond market, leveraging its acquisition of DDJ Capital in 2021. Polen CEO, Stan Moss, and Head of Credit, Dave Breazzano, join Noel Hebert and Sam Geier on this special edition of Credit Crunch, live from the Greenwich Economic Forum. The conversation dives into the firm’s focus on growth, the benefits of a flexible high yield investment approach, leadership through uncertain ti...
Oct 16, 2024•34 min
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 default rate stands at 2.7% and the US at 1.2% but the share of stressed and distressed bonds has come down. Will 4Q sustain those gains, and why? Listen to Mahesh Bhimalingam, Bloomberg Intelligence's Chief European Credit Strategist, discuss the results of the 4Q High Yield Survey, along with market outlook, with Peter Khan, Global High Yield Port...
Oct 15, 2024•43 min
Globalization has slowed, yet access to local markets is improving, and the EM asset class remains underrepresented in most global portfolios. In this episode of the EM Lens podcast, Rich Nuzum, executive director and global chief investment strategist at Mercer, joins Damian Sassower, Bloomberg Intelligence chief emerging market fixed-income strategist, to discuss the Mercer’s affinity for emerging market assets and their role within large institutional portfolios. Globalization has slowed, yet...
Oct 14, 2024•14 min
Despite the recent spike in volatility, investor sentiment is broadly positive, yet tail risks are emanating as we push into year-end. Dr. Nouriel Roubini, Chairman & CEO of Roubini Macro Associates, joins BI Chief Emerging Market Fixed Income StrategistDamian Sassower, to discuss policy stimulus, growth potential and inflationary price pressures across the globe. Roubini and Sassower touch on issues ranging from diminished US exceptionalism and extreme China pessimism to elevated Mideast te...
Oct 11, 2024•18 min
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 opening speech by BI’s chief global derivatives strategist Tanvir Sandhu on macro and volatility across markets, followed by the discussion from the first panel on the options market by Pierre De Saab, partner at Dominice, Nancy Davis, founder of Quadratic Capital Management, and Deniz Cicek, Portfolio Manager at Axonic Capital. The panel is hosted...
Oct 10, 2024•1 hr 1 min
Private credit markets have seen tremendous growth over the past decade, establishing themselves as viable sources of funding for companies across the rating spectrum. That growth may not slow down anytime soon, according to Amanda Lynam, head of Macro Credit Research at BlackRock. Lynam joins Noel Hebert and Sam Geier of Bloomberg Intelligence on this episode of Credit Crunch to walk through trends in the corporate-credit space. The discussion hits on how corporate credit spreads could tighten,...
Oct 07, 2024•58 min
“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 words regarding the effectiveness of the popular restructuring strategy. Liability management exercises leave executives with a “sword of Damocles” over their heads, failing to really fix anything and with an aftermath that remains a management distraction, Weber told Bloomberg Intelligence’s Phil Brendel, in October’s feature interview for the State of ...
Oct 04, 2024•1 hr 24 min
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, and I think that is what got the attention of the Federal Reserve, says Danielle DiMartino Booth, CEO and chief strategist for QI Research. In this edition of the Macro Matters podcast, Booth joins host and Bloomberg Intelligence chief North American rates strategist Ira Jersey to discuss changes to the microstructure of the US Treasury market, as wel...
Oct 03, 2024•26 min
China's recent monetary and fiscal stimulus announcements may bring near-term cyclical relief and add to the bullish case for yuan-proxy currencies like the Australian dollar and may help to contain euro downside amid underwhelming domestic news flow. Yet a longer-term, structural boost is debatable. Host Audrey Childe-Freeman, Bloomberg Intelligence's chief G-10 FX Strategist, talks to Dr Win Thin, Brown Brothers Harriman's global head of market strategy, about how the recent measures from Chin...
Oct 01, 2024•18 min
The corporate credit landscape could face uncertain times ahead, with upcoming elections, policy shifts and global conflicts. Andrew Beckman, Head of Global Credit at FS Investments, joins Credit Crunch’s Noel Hebert and Sam Geier to discuss the firm’s approach to investing across public and private markets. The conversation delves into current risk-reward levels, the credit-quality sweet spot, leveraging the broader FS infrastructure, creditor-on-creditor violence and more. Credit Crunch is par...
Sep 27, 2024•52 min
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dan Hanson, Chief UK Economist at Bloomberg Economics. They discuss the BOE, economic outlook and market volatility.
Sep 25, 2024•18 min
Andrew Jackson, head of fixed income at Vontobel Asset Management, joins BI chief emerging market fixed income strategist Damian Sassower, to discuss portfolio positioning and market expectations after the US Federal Reserve’s larger-than-expected interest rate cut. Despite the rise in volatility, investor sentiment toward emerging-market debt remains positive, yet tail risk remains elevated as 4Q approaches. Jackson and Sassower touch on issues ranging from new issuance and secondary-market liq...
Sep 24, 2024•21 min
SVP operates as “one big virtual global office” built on three functional “pillars” — sourcing, dealmaking and its operating partners — according to HJ Woltery, the firm’s co-head of the European investment team. Bloomberg Intelligence’s Noel Hebert and Phil Brendel had an in-depth feature interview with Woltery on European distressed debt. They delved into SVP’s investment approach and how the restructuring landscape varies from the US and among European countries (7:15). Prior to that, Hebert ...
Sep 20, 2024•1 hr 35 min
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 Powell’s comments on monthly non-farm payroll gains, says Anna Wong, chief US economist for Bloomberg Economics. Wong is joined by Macro Matters podcast host and Bloomberg Intelligence’s chief US rates strategist Ira Jersey to discuss key details and takeaways from the Federal Reserve’s 50-bp rate cut and accompanying policy announcement. The pair unpa...
Sep 19, 2024•23 min
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 David Dwyer, director of global research at Bloomberg Intelligence. In this episode of the Macro Matters podcast, Dwyer joins host and BI chief North American rate strategist Ira Jersey to discuss the future of financial research within the context of rapid technological advancements. With BI celebrating its 15-year anniversary, the pair discuss t...
Sep 16, 2024•21 min
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 counterparts. However, the real winners can be found in the lower-rated muni credit rungs, with the Bloomberg Muni High Yield index leading the way. In the latest Masters of the Muniverse episode of Bloomberg Intelligence’s FICC Focus podcast, Eric Kazatsky and Karen Altamirano are joined by John Loffredo, vice chairman of MacKay Shields, to discuss th...
Sep 13, 2024•41 min
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 long cutting cycle, are credit spreads too tight and priced for perfection? Is the rally in yields justified on expected rate cuts until 1H25? In this episode of our Credit Crunch podcast, host Mahesh Bhimalingam, chief European credit strategist at Bloomberg Intelligence and Jamie Irvine, investment director at abdrn, discuss the state of credit a...
Sep 12, 2024•1 hr 3 min
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 parameters. Yet geopolitics and China's efforts to push for internationalization of the yuan are keeping FX regionalization and de-dollarization topical. Audrey Childe-Freeman, Bloomberg Intelligence's chief G-10 FX strategist, and BI chief Asia FX and rates strategist Stephen Chiu discuss how the looming US presidential election might affect de-dolla...
Sep 03, 2024•17 min
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 technicals and unreflective of fundamentals, as well as the support for rates volatility from uncertainty around the pace and extent that policy rates decline rather than the direction of travel, which is clear cut.
Aug 30, 2024•8 min
Emerging Market corporate and quasi-sovereign debt is outperforming the broader EM sovereign-credit complex, as the asset class returns to favor following years of below-average bond issuance. In this month’s EM Lens & Look-Through podcast, Emerging Market Portfolio Manager at Schroders Autumn Graham joins Bloomberg Intelligence’s Damian Sassower, chief EM credit strategist, to discuss the risk-return tradeoff in EM corporate credit. Graham and Sassower touch on issuer fundamentals, market d...
Aug 29, 2024•28 min
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, Chief European Credit Strategist and Heema Patel, Senior Credit Strategy Associate at Bloomberg Intelligence, delve into proprietary research and data on BI STRTE to make macro credit very precise. Explore their novel spread-prediction model with market and macroeconomic drivers, insights on index metrics -- default rates, rating quality/drift and ...
Aug 27, 2024•45 min
The Canadian economy is rife with potholes that could potentially be hit by a policy mistake, says Stuart Paul, US and Canadian economist for Bloomberg Economics. Paul joins Macro Matters podcast host and Bloomberg Intelligence’s Chief North American rate strategist Ira Jersey and senior associate rates strategist Will Hoffman to discuss the state of the country’s economy and rate markets. They talk about the key drivers, outlooks and possible risks across the short and medium term, as well as k...
Aug 22, 2024•25 min
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 Muniverse podcast, hosts and Bloomberg Intelligence analysts Eric Kazatsky and Karen Altamirano talk to Jennifer Johnston, director of research, municipal bonds, at Franklin Templeton Fixed Income. She discusses how technology enhances credit research and why tax policy, slowing tax collections, falling revenues and pressured hospital margins are a...
Aug 20, 2024•52 min
