In this State of Distressed Debt edition, Bloomberg News reporter Eliza Ronalds-Hannon joins BI distressed credit analyst Philip Brendel and Global Credit Strategy head Noel Hebert to discuss recent developments. Topics include why we expect a new distressed debt surge may be upon us, views from the recent Milken conference, GWG Holdings' difficult bankruptcy, Revlon's turnaround and Talen's liquidity struggles.
In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by Anna Wong, Bloomberg Economics Chief U.S. Economist. Wong and Jersey discuss the Federal Reserve's May 4th meeting which Chairman Jerome Powell squashed the possibility of a 75 basis point interest rate increase in June, which left the markets thinking the meeting was hawkish. Jersey notes he did not hear it that way, while Wong notes she expects two more 50 basis point increases, followed by a...
FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities and currencies by Bloomberg Intelligence analysts. In our first FX Moment edition, host and BI Chief G10 FX Strategist Audrey Childe-Freeman and BI Chief Asia FX and Rates Strategist Stephen Chiu reflect on recent developments in the euro and the yuan. Our FX Strategists discuss the recent euro price action, with a focus on the lack of revival after the re-election of pro-European Fren...
In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI Associate Interest Rate Strategist Angelo Manolatos. Jersey previews his views for the May 4th FOMC meeting and discusses his view for future 50bps interest rate increases and the possible affect on the Treasury yield curve. The team's written preview can be found Fed Terminal-Ra te Calibration Makes Pace of 2H Moves Uncertain . He also mentions the Treasury Department's refunding announceme...
In this Credit Chat edition, BI Senior Credit Analyst Robert Schiffman is joined by Bloomberg News' Olivia Raimonde, David Brooke and Rachel Butt to discuss what's driving this year's sharp drop in high yield debt issuance, the transition of investor demand toward leverage loans and private credit, and the rise in distressed credits.
In this month's EM Lens & Look-Through podcast, host and BI Chief EM Fixed Income Strategist Damian Sassower is joined by the Founder and CIO of Emso Asset Management, Mark Franklin, and the co-deputy CIO, Jens Nystedt. The guests share their outlook for emerging markets in the wake of Fed tapering, Chinese deleveraging and the war in Ukraine.
Hosts, Eric Kazatsky and Amanda Albright, discuss algorithmic trading and increase in electronic tool usage in the municipal industry, with guests Marty Mannion and Matt Schrager from TD Securities.
In this inaugural Global Fixed Income Return Forecast edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI EM Strategist Damian Sassower. The two discuss the BI FICC Strategy team’s return forecasts for the next year, which appear in their note Global Creditors Tempted to Lean In After $5 Trillion in Losses. The research includes various potential portfolio allocations based on maximizing returns, sharpe ratios and other factors. Jersey and Sassower also discuss on...
In this State of Distressed Debt edition, Bloomberg News reporter Eliza Ronalds-Hannon joins BI distressed credit analyst Philip Brendel and Global Credit Strategy head Noel Hebert to discuss recent developments in the distressed debt markets. Topics include where we are in the distressed debt credit cycle, Incora's new financing and debt exchange, Toys R Us litigation, AMC's foray into gold mining and Exela Technologies' array of capital structure maneuvers.
In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI Chief G10 FX Strategist Audrey Childe-Freeman and BI Asia FX and Rates Strategist Stephen Chiu. The trio discuss their report “Mega FX Trends: Regionalization vs. De-Dollarization,” in which they note the dollar is likely to remain the dominant reserve currency, but regional trade blocks may form. Childe-Freeman highlights the challenges for the euro to overtake to dollar, such as lack of fi...
In this Credit Chat edition, Robert Schiffman is joined by BI credit analysts Jeroen Julius, Jody Lurie, Spencer Cutter and Mike Holland to discuss the risks, and potential rewards, a broad swath of issuers across banking, energy, healthcare and leisure as inflation rises, war rages in Ukraine and pandemic headwinds/tailwinds persist.
In this month's EM Lens & Look-Through podcast, host and BI Chief EM Fixed Income Strategist Damian Sassower is joined by Blaise Antin, Managing Director & Head of Sovereign Research at TCW Group. Antin shares his outlook for emerging-markets following Vladimir Putin's war in Ukraine. From rising geopolitical risk to global monetary policy tightening, emerging-market debt performance should remain volatile.
Months long spikes in rate volatility has adversely impacted the municipal market in 2022. One of the positives to come of this sea change is that credit may start to be re-priced back into the municipal market. That could impact high yield moreso than investment grade credits. These are among the issues discussed by BI Senior U.S. Municipal Strategist Eric Kazatsky and guests John V. Miller from Nuveen and Bloomberg's Amanda Albright.
In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by Anna Wong, Bloomberg Economics Chief U.S. Economist, and Interest Rate Associate Strategist Angelo Manolatos. Wong and Jersey discuss their views on what's next for the Federal Reserve after it raised interest rates by 25 bps. Wong notes she was surprised by the hawkishness of the Fed's dot plot, while Jersey was surprised by Chairman Jerome Powell's mention that details of asset runoff would a...
In this State of Distressed Debt edition, BI distressed credit analyst Philip Brendel and Global Credit Strategy head Noel Hebert contemplate how long the lull in distressed may last as analogs in the past may offer an answer. The two also discuss how the Russia-Ukraine war may impact on distressed supply, Revlon, and Diamond Sports' recent exchange offer.
In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by Damian Sassower, Bloomberg Intelligence EM Credit Strategist, and Interest Rate Associate Strategist Angelo Manolatos. Sassower and Jersey discuss the implications of recent political events, including the UN vote after the Russian invasion of Ukraine. Sassower analyzes the various political actions from China, India, and even Cuba. He also discusses possible market drivers in the near term for...
In this month's EM Lens & Look-Through podcast, host and BI Chief EM Fixed Income Strategist Damian Sassower is joined by Dr. Fabio Natalucci, IMF Deputy Director of Monetary and Capital Markets, and Rohit Goel, IMF Financial Sector Expert. Natalucci discusses the risks to financial stability as restrictive monetary policy overlaps with record debt levels. Goel delves into the world of EM sustainable finance as flows into ESG-related investments have surged in recent quarters.
In this Credit Chat edition, Robert Schiffman is joined by credit analysts David Havens and Himanshu Bakshi and BI's senior commodity strategist, Mike McGlone, to discuss the rising impact of Bitcoin on corporate credit, including Coinbase and Block.
In this latest episode of Masters of the Muniverse, Eric Kazatsky and Amanda Albright discuss the changing landscape of muni buyers with our guest is Sylvia Yeh, Co-Head of Municipal Fixed Income at Goldman Sachs Asset Management. We also look at how the rocket like growth in separately managed accounts is changing the way buyers look at tax-frees.
In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by Lauren Goodwin, Investments Economist and Strategist at New York Life, and Interest Rate Associate Strategist Angelo Manolatos. Goodwin discusses her views on the inflation after the January CPI print surprised to the upside, and notes a risk that wages could continue to climb, making inflation more persistent. She explains which sectors she thinks will outperform and suggests the market may be...
In this State of Distressed Debt edition, BI distressed credit analyst Philip Brendel and Global Credit Strategy head Noel Hebert discuss why volatility and declines in Treasuries and equity doesn't faze distressed debt supply. The two also review how Sinclair Broadcast Group stakeholders may perceive Diamond Sports Group's proposed transaction, which would bring in $600 million of new financing and shuffle Diamond's debt stack a bit.
In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI's head of Fixed Income Market Structure Research Sean Savage and Interest Rate Associate Strategist Angelo Manolatos. Jersey shares his takeaways from the Jan. 26 FOMC meeting and post meeting press-conference, as well as the market reaction. Savage discusses how the central bank continues emphasizing its policy rate target as its main tool, and also the composition of the FOMC's balance she...
In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI Chief G10 FX Strategist Audrey Childe-Freeman and Interest Rate Associate Rates Strategist Angelo Manolatos. Freeman begins discuss the reasons the dollar may have turned recently and why she's still somewhat bullish, but believes the euro could also surprise as she thinks economic growth may beat expectations. She then talks about central bank outlook may affect her view on FX, plus how cur...
In this Credit Chat edition, Joel Levington, BI's Global Head of Credit Research and Stephen Flynn, BI Sr. Telecom, Cable & Media analyst join Robert Schiffman to share their views on the trajectory of high grade and high yield fundamentals, rising star potential, funding expectations and outlooks for Ferrari, Ford, Tesla, Netflix, T-Mobile and Dish.
In this month's EM Lens & Look-Through podcast, host and BI Chief EM Fixed Income Strategist Damian Sassower is joined by Dr. Win Thin, Senior Vice President & Global Head of Market Strategy for Brown Brothers Harriman. Thin shares his 2022 outlook for emerging markets, as the asset class faces challenges from Fed tapering, Chinese deleveraging to Russian foreign policy, and Brazilian election risk.
In this Masters of the Muniverse edition, host BI Senior US Municipal Strategist, Eric Kazatsky is joined by Amanda Albright, Bloomberg News, Ksenia Koban, Payden and Rygel, Monica Reid, Kestrel Verifiers and Chris Hartshorn, ICE. All are here to discuss the municipal market and how investors and issuers are embracing sustainable investing.
FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities and currencies by Bloomberg Intelligence analysts. In this Macro Matters edition, host and BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI Chief European Interest Rate Strategist Huw Worthington and Interest Rate Associate Rates Strategist Angelo Manolatos. Jersey discusses the end state of the Federal Reserve's balance sheet and how he believes it will begin to reduc...
In this State of Distressed Debt edition, BI distressed credit analyst Philip Brendel and Global Credit Strategy head Noel Hebert discuss why higher rate fears and omicron may not derail the credit rally through 1Q. The two also review Intelsat's confirmation, a recent Hertz legal decision, Nordic Aviation Capital's Chapter 11 filing, and some highs and lows of bankruptcy auction experiences.
In this EM Lens & Look-Through edition, host and BI Chief Emerging Markets Credit Strategist Damian Sassower is joined by Christian Lawrence, Managing Director and Senior Cross-Asset Strategist at Rabobank. Lawrence shares his 2022 outlook for currency and debt valuations across EM. And the two assess the pace of central bank policy tightening on bond yields, credit spreads and local currencies across the globe.
In this Macro Matters edition, host BI Chief U.S. Interest Rate Strategist Ira Jersey is joined by BI Chief US Economist Anna Wong and Interest Rate Associate Rates Strategist Angelo Manolatos. Jersey begins the show discussing the Federal Reserve's December meeting with Wong, with a focus on the press conference. Wong notes her view that the Federal Reserve may hike as early as March, with both she and Jersey agreeing an initial hike by June 2022 is very likely. Jersey notes that faster taper a...
