As the error bands around the outlook widen and cycle turns bring lots of noise, directional views have become much more challenging. In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Anna Raytcheva, CIO and Founder of Sonya Capital Management. Points covered include key themes from the volatility markets year-to-date, liquidity issues and FX volatility lagging the moves in the bond market.
Mar 30, 2023•14 min
The market pricing for 2023 Federal Reserve interest rate cuts is off base, Bloomberg Economics Chief US Economist Anna Wong says on this Macro Matter’s edition of the FICC Focus podcast. Wong joins host and Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey to discuss her view of the economic environment, the affect the banking turmoil may have going forward, and how the job market could develop. Wong suggests there might be a risk that after a pause, the Fed could be forced to...
Mar 29, 2023•22 min
Interest rate volatility remains a risk, but it’s still possible for the Fed to achieve a “softish” landing, with positive implications for the broader EM complex. In this episode of the Emerging Market Lens & Look-Through podcast, Kevin Daly, investment director at Abrdn Investments joins Bloomberg Intelligence’s Chief EM Fixed Income Strategist Damian Sassower to share his views on emerging and frontier markets as the outlook for global growth deteriorates.
Mar 27, 2023•18 min
The inflation vs. recession debate and how that will drive Fed pause vs. pivot dynamics is casting a shadow over credit markets. Key questions include whether the tightening of lending standards will drive up defaults or whether resilient fundamentals will prevent this. In our sixth episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist at Bloomberg Intelligence and Robert McAdie, Head of Global Cross Asset Strategy at BNP Paribas, discuss the banking cri...
Mar 24, 2023•37 min
There’s been a sharp drop in rates across the curve, but that’s come at the expense of two bank failures and the introduction of a new depositary back-stop facility from the federal government, according to Bloomberg Intelligence. In this Masters of the Muniverse podcast episode, Vanguard’s head of municipal investment Paul Malloy joins BI strategist Eric Kazatsky to discuss all things macro and micro in the world of munis.
Mar 15, 2023•37 min
The supply of mortgage-backed securities remains very tight as refinancings have dried up again, Bloomberg Intelligence Mortgage Strategist Erica Adelberg says on the FICC Focus Podcast. In this Macro Matters edition, Adelberg joins Chief US Interest Rate Strategist Ira Jersey to discuss recent housing and mortgage data, remarking on how exceptionally low application volume shows persistent stress on the market. Slow prepayments have caused light gross issuance, even with the Federal Reserve red...
Mar 09, 2023•22 min
We have potentially seen the first European high yield index default (bond rated D but not yet out of the index) in nearly two years, while the proportion of stressed and distressed bonds continues to fall given a long rally. Where is the risk in the high yield index and how big a default wave do we see this time? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discusses the default outlook and trends in a Q&A format with Zachary Swabe, Portfoli...
Mar 07, 2023•30 min
Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss how March may buck 2023's credit rally. Then, they have an in-depth feature interview with Victor Khosla, Chief Investment Officer & Founder of Strategic Value Partners on maintaining an investment culture while experiencing significant growth and his views on the current opportunity set (6:38). Finally, BI bankruptcy litigation analyst Negisa Balluku and Bloomberg News' Eliza Ronalds-Hannon join ...
Mar 03, 2023•1 hr 41 min
FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, reflects on how the G10 FX narrative has evolved over the past couple of months and how this has shaped dollar sentiment back to all bullish from all bearish. Identifying how the narrative evolves from here is the next key challenge when it comes to assessing the US dollar's likely near-term fortune, and data watching may become highly relevant again in the next few weeks in that respect. Bloomberg In...
Mar 01, 2023•10 min
Interest rates could remain higher than the previous few cycles, with an upward sloping yield curve by the end of 2024, Gregory Staples, DWS Investment Management’s head of fixed income in North America, says on this episode of Bloomberg Intelligence’s FICC Focus Podcast. In this Macro Matters edition, Chief US Interest Rate Strategist Ira Jersey is joined by Staples, who talks about his role at DWS and the variety of strategies he helps to manage. Among other topics, Staples discusses the diffe...
Feb 28, 2023•27 min
Fundamentally, Chinese equities stand out from global peers as the nation’s profit recession appears to be ending just as the rest of the world decelerates. In this month’s Emerging Market Lens & Look-Through edition of the FICC Focus podcast, Bloomberg Intelligence’s Chief EM Fixed Income Strategist Damian Sassower is joined by Dan Suzuki, Deputy Chief Investment Officer at Richard Bernstein Advisors, who shares his views on investor positioning and market valuations in a world of slower gr...
Feb 28, 2023•19 min
The scenario of an extreme market impact from zero days to expiration options may be overstated and Commodity Trading Advisors' positive beta to equity may be a near-term headwind for SPX. In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dean Curnutt, the CEO of Macro Risk Advisors. Points covered include key themes from the volatility markets year-to-date, 0DTE options, CTAs and VIX optionality.
Feb 24, 2023•23 min
Investment grade had a sustained good run in the past four months with spreads compressing all the way combined with bumper supply in the new year. How long will it sustain and are we due a correction if spreads are indeed rich? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discusses the investment grade market with Heema Patel, Credit Strategy Associate at Bloomberg Intelligence. We discuss the place of high grade relative to rates as well as hig...
Feb 22, 2023•14 min
In this month's Masters of the Muniverse, Eric Kazatsky and co-host Karen Altamirano are joined by Adam Stern, the co-head of research at Breckinridge Capital Advisors. Breckinridge is a $42 billion asset manager and has long been considered one of the industry's firsts in muni ESG. Stern gives his take on the current state of Muniland, and if ESG investors are losing confidence in the designation and standards. muni ESG
Feb 15, 2023•53 min
The European high yield default rate remains at zero, and the proportion of stressed and distressed bonds continues to fall given a long rally. How long will it sustain 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 1Q23 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. We discussed ou...
Feb 08, 2023•29 min
In our latest FX Moment Podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) Chief G10 FX Strategist, talks currency prospects with Mark Andersen, Global Head of Asset Allocation at UBS Wealth Management. In particular, Mark and Audrey discuss the US dollar outlook following the remarkably strong US January employment report and to what extent this data is a game changer, or not, for the currency prospects for the rest of the year.
Feb 06, 2023•20 min
Short maturity government bond yields in Europe and the US may move somewhat high in the near term, according to Bloomberg Intelligence. In this Macro Matters edition of the Bloomberg Intelligence FICC Focus podcast, Chief US Interest Rate Strategist Ira Jersey is joined by his European counterpart Huw Worthington to discuss the February meetings of the US, UK and European central banks and the corresponding rate markets. Jersey notes his view that the market still doesn’t think the Federal Rese...
Feb 03, 2023•21 min
"It takes a long time to slow things down, especially when you’ve just pumped $2.5 trillion of monetary stimulus into the economy," Paul Goldschmid, partner & co-portfolio manager at King Street Capital, says about why this credit cycle may take longer to play out vs. those seen in the past 20-30 years. In this State of Distressed Debt edition, Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss how credit is hard to keep down in January as well as...
Feb 03, 2023•1 hr 28 min
In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu discusses the key themes from the volatility markets year-to-date, reflects on the low volatility regime and the outlook ahead.
Jan 27, 2023•9 min
In this month's EM Lens & Look-Through podcast, BI Chief EM Fixed Income Strategist Damian Sassower is joined by Sergey Goncharov, Emerging Market Portfolio Manager at Vontobel. Goncharov shares his outlook for EM credit, as primary markets are open for business and corporate default rates remain low amid rising risk of recession. Central bank policy rates are well above pre-pandemic levels, and we see potential to receive in EM local debt markets as monetary tightening subsides.
Jan 25, 2023•21 min
On this month's Masters of the Muniverse, Eric Kazatsky and co-host Karen Altamirano are joined by Stanford University Professor and "Prophet of Remote Work," Nick Bloom. We discuss how remote work has a history much deeper than the pandemic and what the future may look like for the workplace, cities and public transit.
Jan 23, 2023•40 min
Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss distressed debt’s awful 2022 performance and what’s next. Then, Philip and BI bankruptcy litigation analyst Negisa Balluku have an in-depth feature interview with Robert J. Stark, Chair of Brown Rudnick’s Bankruptcy & Corporate Restructuring group on corporate restructuring strategies and dynamics from all angles (8:00). Finally, Eliza Ronalds-Hannon join them for a roundtable discussion on names ...
Jan 20, 2023•2 hr 23 min
CLOs are driving loan supply and in our second Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist at Bloomberg Intelligence, and Paul Mehta, Head of Leveraged Loans at Aberdeen, reflected on how the leveraged loan market fared last year and the outlook for loans in 2023. We discussed our leveraged loan outlook publication covering loan pricing, returns, supply and relative value vs. high yield bonds as well as loan growth vs. the bond market in detail. We also addre...
Jan 19, 2023•30 min
Developed market central banks continue to fight inflation, but are at different points in tightening monetary policy. The Federal Reserve and Bank of England may be nearing the end of hiking regimes, while the European Central Bank may be somewhat slower to end tightening, according to Bloomberg Intelligence Interest Rate Strategists. In this Macro Matters edition of the FICC Focus Podcast, Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey is joined by Huw Worthington, BI's Eu...
Jan 18, 2023•28 min
In our inaugural Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence Chief European Credit Strategist and Heema Patel, Credit Strategy Associate, reflected on the scope and impact on credit markets of Quantitative Tightening by the ECB and BOE in 2023. Our positive outlook for credit returns in Europe is in place but the central banks have a key role in deciding if such a view will materialise or not. This podcast aims to give an idea of the size and monthly pace of such quant...
Jan 09, 2023•14 min
Quantitative modeling is an ever growing component of financial analysis, with most investors using some form of it within their investment processes. In this Macro Matters edition of the FICC Focus Podcast, Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey is joined by Vera Tian and Alex Montiel, Bloomberg Data Scientists working with the BI FICC research team. Tian discusses how she developed the BI Rates model for two-year inflation swaps and the work she’s doing on equity-d...
Jan 05, 2023•28 min
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, Chief Asia FX and rates strategist Stephen Chiu and EMEA EM FX and Rates Strategist Sergei Voloboev reflect on the outlook for global currencies as we start 2023 and more specifically, on the extent to which the late 4Q 2022 dollar sell-off affects their 2023 currency outlooks, if at all. They also contemplate some relevant FX views and themes outside the dollar box for this year. Our an...
Jan 04, 2023•26 min
In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu discusses the key themes from the volatility markets in 2022 and the outlook ahead.
Dec 20, 2022•9 min
On this month's Masters of the Muniverse Eric Kazatsky and co-host Karen Altamirano are joined by three local men who have differing takes on the municipal landscape for 2023 and in some cases hope that their calls for the year ahead are not dashed by unforeseen forces, once again. In no particular order they are joined by Peter Degroot Head of Municipal Research and Strategy at JP Morgan, Vikram Rai Head of Municipal Strategy at Citi and Mikhail Foux Head of Municipal Research at Barclays....
Dec 16, 2022•50 min
The market will eventually believe that the Federal Reserve's "Put" is further out of the money meaning the central bank may keep the federal funds rate at the peak for longer than the market is pricing, says BI Chief US Rate Strategist Ira Jersey. In this Macro Matter's edition of the FICC Focus podcast, Jersey is joined by Erica Adelberg, BI Mortgage Strategist. Jersey first discusses the December Federal Reserve meeting, his market outlook, and his view that the market will eventually believe...
Dec 15, 2022•24 min
