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
“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
