Global markets are struggling to digest the unprecedented economic and financial stability challenges posed by an all-out trade war. Dr.Fabio Natalucci, CEO of the Andersen Institute for Finance & Economics, joins Bloomberg Intelligence’s Damian Sassower, chief emerging market fixed income strategist, to break down his growth and inflation outlook for developed and emerging markets across the globe. Natalucci and Sassower touch on issues ranging from central bank stimulus and de-dollarizatio...
Apr 09, 2025•22 min
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 substantial rout with spreads selling off at record speeds. Will 2Q be a huge loss or will there be a turnaround and why? Mahesh Bhimalingam, Bloomberg Intelligence's Global Head of Credit Strategy, discusses the results of the BI 2Q25 High Yield Investor Survey, along with the market outlook, with Per Wehrmann, Head of European high yield at DWS Investm...
Apr 09, 2025•37 min
Copper and uranium may be well-positioned as economies seek to balance energy needs against social demands. Oskar Lewnowski, Founder and Group CEO of Orion Resource Partners, joins Bloomberg Intelligence’s Noel Hebert and Rob Barnett on the latest episode of the Credit Crunch podcast to discuss supply-demand dynamics across the commodity landscape, themes (including energy and technology) incentivizing new investment and the structural positioning of various minerals. They also explore funding t...
Apr 04, 2025•52 min
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. Grant is joined by Bloomberg Intelligence’s chief US rates strategist Ira Jersey and senior US and Canada rates-strategy associate, Will Hoffman to discuss the outlook for US financial markets following a sweeping US tariff announcement. The trio discuss the rise of economic uncertainty and the extent to which recession risk may be priced in markets. ...
Apr 03, 2025•33 min
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 entertain increased risk aversion, which bodes well with our bullish view for defensive FX such as the yen. In this episode of FX Moment, Bloomberg Intelligence's chief G-10 FX strategist Audrey Childe-Freeman talks to Bloomberg Economics Chief Trade and Climate Economist, Maeva Cousin, about what tariffs are in place already, what may come next and what ...
Apr 01, 2025•20 min
Real estate private credit is uniquely positioned amid the recent wave of loan maturities and reduction in bank capital. Ricardo Gennari, managing director and head of US Real Estate Credit at Leste Group, joins Damian Sassower, Bloomberg Intelligence’s chief fixed-income strategist, to discuss his firm’s approach to loan origination, liquidity maintenance and portfolio management. Gennari and Sassower assess the potential for alpha generation in real estate private credit, from traditional offi...
Mar 31, 2025•20 min
Factor-driven, trend and pure alpha are among the sleeves within systematic investing that can fuel returns. Jeffrey Rosenberg, managing director and senior portfolio manager for BlackRock Systematic, has spent years identifying and mining such returns. He joins Bloomberg Intelligence’s Noel Hebert on Credit Crunch to discuss the evolution of systematic investing, defensive alpha, the opportunity in high-dispersion markets, the evolving microstructure of credit and BlackRock’s “glass box” approa...
Mar 28, 2025•1 hr 11 min
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. This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in London on March 18. The panel discussion on the crypto adoption curve was moderated by Anna Edwards, Boomberg News' Anchor, with Carol Alexander, Professor of Finance, University of Sussex and Exponential Science Foundation, Catherine Clay,...
Mar 27, 2025•42 min
A comfortable environment of US exceptionalism has been replaced by noise around tariff risks, the EU’s fiscal bazooka and US policy pivots, which has supported cross-asset volatility. This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in London on March 18. Bloomberg Intelligence’s chief global derivatives strategist Tanvir Sandhu gave an opening speech on macro and volatility across markets. A panel discussion on the options market was m...
Mar 24, 2025•1 hr
With municipal bond exemptions potentially endangered and credit risks on the horizon, some may consider this to be a transformational time in the muni market. This month we welcome Patrick Haskell, managing director and head of the Municipal Bond Group at BlackRock, to discuss why he thinks it’s a “generational opportunity to capture income” within the muni market. In this Masters of the Muniverse podcast, hosts and Bloomberg Intelligence analysts Eric Kazatsky and Karen Altamirano talk with Ha...
Mar 21, 2025•37 min
Fed Chair Jerome Powell rehabilitated the word “transitory” and injected it into our understanding of where the economy and inflation are now, says Tim Horan, in this Macro Matters edition of the FICC Focus podcast. Horan, the chief investment officer of fixed income at Chilton Trust, joins host and Bloomberg Intelligence chief US rates strategist Ira Jersey and senior US and Canada rates strategy associate Will Hoffman to discuss the economy and fixed-income markets. Horan said he is avoiding l...
Mar 20, 2025•31 min
Direct lending remains a pillar of private credit, providing companies with new and flexible sources of financing in today’s high interest-rate environment. Laura Holson, Chief Operating Officer of Credit and Managing Director at New Mountain Capital, joins Bloomberg Intelligence’s Noel Hebert and Sam Geier on Credit Crunch to discuss the firm’s focus on “defensive growth” direct lending, and expansion into other areas of the private credit markets, including BDCs and CLOs. The conversation touc...
Mar 15, 2025•49 min
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 probabilities of rate cuts by central banks, including the Fed. Credit rallied through this mayhem and the big question is, will this strength continue? In this episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Global Head of Credit Strategy at Bloomberg Intelligence, and Pierre Krief, Head of Credit at CDC (Caisse Des Depots ET Consig...
Mar 12, 2025•43 min
“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 where — why wouldn’t they come back to us — because we have more to give,” said Patrick McGrath, partner at Anchorage Capital. “If I’ve invested in a structure and I have a group, I can give them more time. That’s valuable. I can address interest rates. I can probably provide the money a little bit cheaper and I can give them certainty as opposed to them s...
Mar 05, 2025•1 hr 48 min
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 portfolios. Michael Cirami, Managing Director at Artisan Partners and a portfolio manager for EMsights Capital Group, joins Bloomberg Intelligence Chief Emerging Markets Credit Strategist Damian Sassower to discuss his company’s approach to investing across the emerging and frontier debt markets. Cirami and Sassower assess the potential for alpha gene...
Mar 04, 2025•32 min
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 confirmed, this could entertain a more bearish dollar outlook than envisaged at the start of the year. In this episode of FX Moment, Bloomberg Intelligence’s chief G-10 FX strategist Audrey Childe-Freeman and Valentin Petrescou, senior portfolio manager at Lombard Odier Investment Managers, discuss the US dollar outlook amid an ever-evolving tariff na...
Mar 01, 2025•25 min
Hybrid capital solutions may aid small and medium enterprise companies confronting balance-sheet challenges amid persistently high borrowing costs. Ari Lefkovits, managing partner at Delos Capital, joins Bloomberg Intelligence’s credit strategists Noel Hebert and Sam Geier on this episode of the Credit Crunch podcast to discuss trends in private credit markets, and Delos’ advisory and principal investment approach. The conversation digs into the adoption of co-op agreements between lenders, tran...
Feb 28, 2025•54 min
A spate of economic and political headlines has traders working harder than usual to assess US indicators for clues on interest rates and property markets. In this episode of the Bloomberg Intelligence Macro Matters Podcast, Lisa Pendergast, president and CEO of CREFC, joins host and BI chief US rates strategist Ira Jersey, senior REIT analyst Jeffrey Langbaum and senior US and Canada rates strategy associate Will Hoffman to discuss all things commercial real estate. They discuss changes in sent...
Feb 27, 2025•38 min
Atanas Bostandjiev, founder & CEO of Gemcorp Capital Management, joins BI chief emerging markets fixed-income strategist Damian Sassower to discuss his firm’s approach to engineering performance and mitigating risk in emerging and frontier markets. Securitization expertise is critical when extending private credit to local operators across emerging markets, with heavy focus on principal protection and repayment. Bostandjiev and Sassower examine loan structuring, deal flow, exit strategies an...
Feb 24, 2025•23 min
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, while elevated US economic policy uncertainty has helped support VIX. In this edition of the All Options Considered podcast, BI’s Chief Global Derivatives Strategist Tanvir Sandhuis joined byChris Murphy, Co-Head Derivative Strategy atSusquehanna, to discuss cross-asset volatility and flows.
Feb 21, 2025•18 min
Catastrophe bonds offer issuers additional capacity for underwriting risk, while providing investors with a stream of uncorrelated returns. Bloomberg Intelligence analysts Noel Hebert and Sam Geier are joined by Tarek Abou Zeid and Andre Rzym, partners and portfolio managers at Man AHL to discuss the growth and adoption of cat bonds. The discussion gets into real-world examples, from Hurricanes Andrew and Milton, to the 2006 FIFA World Cup. They also talk about primary vs. secondary markets, pay...
Feb 18, 2025•1 hr 1 min
Despite economic data once again signaling inflation is on the rise, the future of rate cuts becoming uncertain and an evolving fiscal-policy landscape, there’s much to be optimistic about within the muni market. On this month’s Masters of the Muniverse podcast, hosts and Bloomberg Intelligence analysts Eric Kazatsky and Karen Altamirano talk to Tim Coffin, Director of Sustainability at Breckinridge Capital Advisors. We discuss the rise in separately managed accounts and how the demand for susta...
Feb 14, 2025•46 min
If the economy evolves a certain way, the Federal Reserve isn’t far from cutting rates more than the market thinks, says Wellington Management Portfolio Manager Brij Khurana. Khurana joins host and Bloomberg Intelligence Chief US Interest-Rate Strategist Ira Jersey and senior Canada and US rate strategy associate Will Hoffman to discuss the current dynamics and trends across fixed-income markets. The trio examines the shifts in the US inflation outlook and subsequent market pricing for Fed polic...
Feb 13, 2025•33 min
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 robust as today, “where we [can] run so many parallel processes at the same time.” As one of the key bankers behind Hertz’s successful bankruptcy auction and American Airlines’ game-changing Chapter 11 exit merger, Bill shares with Bloomberg Intelligence’s Noel Hebert and Phil Brendel some “war stories” and his insights on trends in liability-management...
Feb 08, 2025•1 hr 53 min
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 rate stands at a low 2.5% and the US at 1.1%, while the share of stressed and distressed bonds drastically came down. Will 1Q sustain those gains, and why? Mahesh Bhimalingam, Bloomberg Intelligence’s chief European credit strategist, discusses the results of the team’s 1Q25 High Yield Survey, along with the market outlook, with Marco Salcoacci, senior...
Feb 07, 2025•34 min
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, but not all is rosy for the British currency on the domestic cyclical front. In this episode of FX Moment, Bloomberg Intelligence’s chief G-10 FX strategist Audrey Childe-Freeman and Jordan Rochester, head of FICC strategy for EMEA at Mizuho Bank, discuss the pound’s position vs. peers on the tariff narrative front, UK’s near-term economic prospects...
Feb 05, 2025•21 min
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 and a host of geopolitical developments. On this episode of the Bloomberg Intelligence Macro Matters podcast, host and BI chief US rates strategist Ira Jersey is joined by Frank Rose, president of Chevalier Strategic Advisors, to discuss the primary geopolitical risks the US faces in coming years. They also review key appointees from the Trump adm...
Jan 30, 2025•41 min
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 traditional sources of financing retreat. Bloomberg Intelligence analysts Noel Hebert and Sam Geier are joined by Arini Capital Management CIO and Founder Hamza Lemssouguer on this episode of Credit Crunch to discuss how Arini is capitalizing on structural inefficiencies in high yield credit markets. The conversation gets into the founding of the ...
Jan 27, 2025•58 min
It may be a good year for the volatility market as pro-business government policies and elevated equity exposure that drive market overshoots could see high reactivity on the downside. In this edition of the All Options Considered podcast, BI’s Chief Global Derivatives Strategist Tanvir Sandhu gives an update on market volatility and is joined by Catherine Clay, Global Head of Derivatives at Cboe. They discuss cross-asset volatility, flows and crypto options market.
Jan 24, 2025•16 min
As others head for the exit from the commercial real estate (CRE) sector, Benefit Street Partners President Richard Byrne views this as the perfect time to fill the funding void that could arise. Byrne joins hosts Noel Hebert and Sam Geier of Bloomberg Intelligence on Credit Crunch to discuss the budding opportunity in CRE as a result of higher interest rates. The discussion gets into CRE debt vs equity, an impending CRE maturity wall, the multifamily sweet spot, relative value within direct len...
Jan 21, 2025•1 hr 1 min
