“So for us, it’s a $40 trillion market,” says John Cortese, head of portfolio management at Apollo, when talking about the mostly investment grade opportunity in private credit, including asset backed deals and corporates. Cortese joins Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast to talk about where the growth comes from, the evolution of a secondary market and why private credit works for high grade borrowers. They also get into the shifting landscape in cr...
Aug 18, 2025•58 min
Emerging market economies are benefiting from better-than-expected growth and inflation expectations, with local rates looking set to outperform amid a more dovish US Federal Reserve. Dirk Willer, managing director and global head of macroeconomic research at Citigroup, joins Damian Sassower, Bloomberg Intelligence’s chief emerging-market fixed-income strategist, to assess the fixed-income landscape, with implications for interest rate and currency markets across the globe. Willer and Sassower t...
Aug 15, 2025•26 min
JPMorgan’s Phoebe White, head of inflation strategy, says a September interest-rate cut by the Federal Reserve risks pushing inflation expectations higher. She joins Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey on this Macro Matters episode of the FICC Focus podcast to discuss how Treasury Inflation-Protected Securities and inflation derivatives work, how investors use them to hedge and JPMorgan’s outlook for breakevens and real yields. The BI US Interest Rate Strategy tea...
Aug 14, 2025•23 min
“I want a decent proportion of my returns to be from actively trading either through themes, individual instruments or...between EM and DM, between Europe and the US,“ says Andrew Jackson, head of Investments and leader of the Fixed Income Boutique for Vontobel. Jackson joined Bloomberg Intelligence’s Noel Hebert and Damian Sassower on this episode of the Credit Crunch podcast to talk beta vs. alpha exposures, current risk pricing across credit, the emerging-market landscape and the value in act...
Aug 11, 2025•49 min
On the latest episode of Bloomberg Intelligence’s State of Distressed podcast, Andrew Axelrod, founder & CEO of Axar Capital, shares how focused distressed debt buyers such as Axar Capital are often the best bid for middle-market troubled loans as they stand ready to commit capital and sweat equity to the turnaround. In his conversation with BI’s Chief US Credit Strategist Noel Hebert and Senior Credit Analyst Phil Brendel (5:55), Axelrod touches on Axar’s “loan-to-own” strategy, what he loo...
Aug 08, 2025•1 hr 36 min
History suggests that technology improves lives and standards of living, despite the fears that often accompany it, says Brian Levitt, global market strategist at Invesco. On this Macro Matters episode of the FICC Focus podcast series, Levitt is joined by host Ira Jersey, Bloomberg Intelligence’s head of US interest-rate strategy, and Will Hoffman, BI senior US and Canada rates-strategy associate, to discuss the state of the economy and long-term structural trends. The trio also dives into short...
Aug 07, 2025•23 min
The cyclically and structurally dollar bearish narrative that dominated 1H have just been revived by the weakness in the July Non Farm Payrolls figures and associated dovish Fed expectations adjustment (cyclically dollar negative) as well as by the controversial and highly unexpected firing of the Bureau of Labor Statistics Chief (structurally dollar negative). Bloomberg Intelligence's Chief G10 FX Strategist Audrey Childe-Freeman talks to Elias Haddad, Senior Market Strategist at Brown Brothers...
Aug 06, 2025•19 min
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 traditional banks and lenders. Josh Zegen, principal and co-founder of Madison Realty Capital, joins BI Chief Fixed Income Strategist, Damian Sassower to discuss his firm’s approach to loan origination, acquisition, servicing and valuation. Zegen and Sassower discuss the role of flexible capital in commercial real estate, with a focus on financing costs, r...
Aug 01, 2025•20 min
There’s a wall of money that is a transcendent supportive influence over global assets, says Russ Brownback, co-portfolio manager of the BlackRock Strategic Income Opportunities Fund on this episode of the FICC Focus Podcast. Chief US Interest Rate Strategist Ira Jersey hosts this Macro Matters edition delving into Brownback’s views on the dollar remaining the global reserve currency, finding yield among development market sovereigns, technical factors supporting global asset markets, and his vi...
Jul 31, 2025•22 min
Mortgage-market investors will need to pay especially close attention to policy shifts and actions in coming weeks, says Erica Adelberg, chief mortgage strategist for Bloomberg Intelligence. On this Macro Matter’s episode of the FICC Focus podcast series, Adelberg is joined by host Ira Jersey, BI’s head of US interest-rate strategy, to discuss the mortgage-backed securities market. Adelberg explores how the MBS landscape is evolving amid recent policy shifts, including GSE-privatization discussi...
Jul 24, 2025•29 min
“From the beginning of 2024 till now, literally every six months you could set your alarm to it... the reprices were occurring,” says David Saitowitz, head of US Liquid Credit for ICG. Saitowitz joined Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast to review the current landscape for CLOs, including the steady wave of repricings and refinancings, the quick recovery from April volatility and why he’s cautious about the intermediate-term outlook. The two discuss ...
Jul 21, 2025•57 min
Traditional safe havens are misbehaving as the once-distinct boundaries between emerging and developed markets begins to blur. Peter Kent, co-head of Emerging Market Fixed Income at Ninety One, joins Bloomberg Intelligence chief EM fixed-income strategist Damian Sassower to break down the risks and opportunities facing asset allocators across the globe. Kent and Sassower touch on global trade, supply shocks, capital flows, fiscal balances, investor positioning and currency volatility as the perc...
Jul 18, 2025•24 min
The GENIUS Act is just the beginning of the regulatory process for stablecoins, notes Nathan Dean, senior policy analyst for Bloomberg Intelligence on this Macro Matters episode. Dean joins hosts Ira Jersey and Will Hoffman of BI’s interest-rate strategy team to discuss why the act was created, how demand for Treasury Bills and repurchase agreements may shift over time, as well as briefly touching on the proposed change to the bank supplementary leverage ratio. The Macro Matters podcast is part ...
Jul 17, 2025•27 min
Disqualified lender lists may be counterproductive because when you get to the negotiating room “it’s often the distressed funds that are the more ‘constructive’ from the perspective of the sponsor” says Ross Rosenfelt, a managing director in Oaktree’s Opportunities group. In this episode of the State of Distressed Debt podcast, Rosenfelt sits down with Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel to explain why sponsors may be getting steered in the wrong direction when they ...
Jul 14, 2025•1 hr 34 min
US Treasury yields are the lowest among the G3+, once hedged back to US dollars. Ira Jersey, Bloomberg Intelligence’s US interest rate strategist, and Huw Worthington, his European rate strategy counterpart, take up the topic in this episode of the Macro Matters podcast. The analysts discuss central bank policy action and government bond markets in general. They also discuss why long-end yields have been more sensitive to fears of rising deficits than shorter-maturity bonds. Terminal users can v...
Jul 10, 2025•23 min
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 yield portfolio manager at Muzinich & Co., joins Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, on this episode of the Credit Crunch podcast, to discuss the results of BI’s 3Q High Yield Investor Survey, along with the market outlook. They also talk about dollar flows into euro-denominated assets, the trade war’s e...
Jul 09, 2025•39 min
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 Options Considered podcast, BI’s chief global derivatives strategist Tanvir Sandhu is joined by Nancy Davis, founder of Quadratic Capital Management. They discuss the dynamics of rates volatility and reliability of strategies to diversify portfolios.
Jul 03, 2025•13 min
The nearly 15% euro-dollar rally in 1H was fueled largely by dollar weakness and a potentially bullish cyclical case for the euro — especially expectations for a supportive fiscal and monetary policy mix — which may continue to support the outlook into 2H. Bloomberg Intelligence’s Chief G10 FX Strategist Audrey Childe-Freeman talks to Constantin Bolz, head of G10 FX for UBS’ Chief Investment Office, about how evolving euro-area and US fiscal and monetary policy may help euro-dollar strength into...
Jul 02, 2025•28 min
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 to step in, Will Hoffman, Bloomberg Intelligence senior associate for US and Canadian rates strategy, says on this Macro Matters edition of the FICC Focus podcast series. Hoffman is joined by co-host Ira Jersey, chief US rates strategist, to discuss the recently announced potential changes to Basel capital rules, such as the enhanced supplementary l...
Jun 26, 2025•20 min
“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 away from North America that could be interesting?,’” according to Bryan High, head of Barings’ Global Private Finance Group. High joined Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast to talk about the benefits of a global platform amid uncertainty, when secondaries make sense, where the growth is in private credit and m...
Jun 23, 2025•1 hr 3 min
The Federal Reserve may cut faster and to a lower interest rate then the market is pricing, Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey says on this Macro Matters edition of the FICC Focus podcast series. Jersey flies solo on this episode, discussing his takeaways from the June FOMC meeting, his view on the timing and pace of rate cuts and what it would mean for the Treasury yield curve.
Jun 20, 2025•7 min
As cross-asset volatility resets following peak tariff fear, the geopolitical risk premium in the oil options market has moved higher. In this edition of the All Options Considered podcast, Bloomberg Intelligence’s Chief Global Derivatives Strategist Tanvir Sandhu is joined by Matt King, founder of Satori Insights, to discuss the impact of changes in central-bank reserves, liquidity and flows on markets.
Jun 18, 2025•13 min
“We are sourcing, identifying misunderstood, high-quality middle-market companies where we have a real edge...,” said Sandor Hau, Managing Director & President, Credit, at Charlesbank, who oversees the company’s opportunistic credit investment team. Hau joined Bloomberg Intelligence’s Noel Hebert on the latest episode of the Credit Crunch podcast to discuss cutting teeth on the ground in the Asian financial crisis, missing out on the dot.com boom, a private equity approach to credit investin...
Jun 16, 2025•53 min
Sentiment is improving across the emerging-market investment landscape, but it takes local expertise to manage risk and crystallize returns. Thea Jamison, Founder and Managing Director of Change Global Investment, joins Bloomberg Intelligence Chief Emerging Markets Credit Strategist Damian Sassower to break down the opportunities and risks facing emerging-market equity practitioners across the globe. Jamison and Sassower touch on performance dispersion, market catalysts and idiosyncratic opportu...
Jun 13, 2025•18 min
"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 regulatorily do it, you're buying into a problem...And so we try to be very thoughtful about that coming in. And sometimes that means you can't do a deal. Sometimes that means you have to do it even cheaper to account for a discount on the backend too."David Geenberg, Head of Strategic Value Partners' North American Investment Team, explained to BI's Noel ...
Jun 13, 2025•1 hr 43 min
This week we’re talking economics and finances of the world’s game with professor, author and podcaster Kieran Maguire of University of Liverpool. (We apologize in advance for those who thought this show was about gridiron football, but with the Club World Cup beginning June 14, we thought it would be interesting to discuss football/soccer finance and some economic implications of the 2026 World Cup in North America.) Maguire joins Macro Matters podcast host Ira Jersey, Bloomberg Intelligence’s ...
Jun 12, 2025•36 min
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 central banks, especially the ECB and BOE but not the Fed. The big question is how to play credit after this recovery. In this episode of our Credit Crunch podcast, Mahesh Bhimalingam, Global Head of Credit Strategy at Bloomberg Intelligence, and Craig Scordellis, CIO of Credit at CQS UK, discuss how alternative credit and leveraged finance offer oppo...
Jun 10, 2025•42 min
“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 Capital, on how he sees the firm’s expansion to over $20 billion in assets under management from its founding in 2004. Koenig joins Bloomberg Intelligence’s Noel Hebert and Sam Geier on this episode of Credit Crunch podcast to discuss the company’s founding, attracting capital, identifying partners for growth and the market landscape. The three talk about div...
Jun 07, 2025•1 hr 1 min
The structural dollar bearish case is holding into 2H, though fiscal considerations are what dollar bears may lean on going forward after being driven mainly by tariff uncertainty and the impact on the de-dollarization narrative. Bloomberg Intelligence’s Chief G10FX Strategist Audrey Childe-Freeman talks to Stuart Paul, US and Canada economist at Bloomberg Economics, about the US debt dynamics and how the fiscal outlook could shape and drive the dollar view into 2H. Stuart and Audrey also touch ...
Jun 06, 2025•19 min
“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 Government Liquidity Group at Federated Hermes. Hill joins Macro Matters hosts Ira Jersey, Bloomberg Intelligence chief US rates strategist, and Will Hoffman, BI’s senior associate US-Canada rates strategist, to discuss the state of the money-market complex amid debt-ceiling-induced supply scarcity. The trio examine the limits and nuances of alternative liquid...
Jun 05, 2025•26 min
