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
With expectations for future tax cuts softening and muni yields levels remaining attractive, greater buying opportunities may be on the horizon in munis. In this episode of Bloomberg Intelligence’s Masters of the Muniverse podcast, hosts Eric Kazatsky and Karen Altamirano are joined by Mark Paris, chief investment officer and head of Municipals at Invesco. They discuss why the outlook on muniland looks bright, and why muni issuers are well positioned to manage future policy shifts.
Jan 17, 2025•45 min
The two standout risks with the new US administration are tariffs and immigration policy, Kathy Jones, chief fixed-income strategist at Charles Schwab, says in the latest episode of Bloomberg Intelligence’s Macro Matters podcast. Jones is joined by host and BI chief US rates strategist Ira Jersey to discuss the outlook for Treasury markets and the economy. The pair discuss the recent drivers of yields across the curve, as well as inflation and potential fiscal risks to growth as the new administ...
Jan 16, 2025•24 min
CLOs are driving loan supply and in this Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence Chief European Credit Strategist and Desmond English, Head of European Leveraged Loans at Amundi, reflect on how both the US and European leveraged loan markets fared last year and the outlook for loans in 2025. They discuss BI's leveraged loan outlook publication covering loan pricing, returns, supply and relative value vs. high yield bonds as well as loan growth relative to the bond ...
Jan 15, 2025•48 min
High-beta asset classes will likely swing on US-centric narratives, but the country’s financial conditions remain supportive despite a less dovish Federal Reserve. Max Kettner, Chief Multi-Asset Strategist at HSBC, joins Bloomberg Intelligence Chief Emerging Markets Credit Strategist Damian Sassower to discuss his investment outlook for 2025, with US equities, high-yield debt and emerging-market credit standing out. Kettner and Sassower touch on trade policy under President-elect Donald Trump, t...
Jan 14, 2025•26 min
“There is one AAA bond that has taken a loss so far in CMBS. There will be plenty more.” Waterfall Asset Management’s Head of ABS Strategy Keerthi Raghavan didn’t mince words in laying out his view of the office real estate market, one of the few corners of the credit universe offering significant distressed opportunities. Raghavan, speaking with Bloomberg Intelligence’s Noel Hebert and Phil Brendel, examined the widely different segments of the commercial real estate market, his data-centric ap...
Jan 13, 2025•1 hr 50 min
Incoming pro-growth policy, while inflationary in nature, could result in a strong credit environment in the eyes of PineBridge Investments’ Global Head of Credit, Steven Oh. Oh joins Bloomberg Intelligence corporate credit strategists Noel Hebert and Sam Geier on this episode of Credit Crunch to walk through various macroeconomic pathways. The conversation touches on central-bank policy expectations and the geopolitical climate, before diving into portfolio composition, sector exposures and the...
Jan 10, 2025•1 hr 3 min
The path of least resistance continues to be cyclically driven dollar-bullish and euro-dollar-bearish views into early 2025, but that’s a narrative that’s priced in, extended and crowded. Host Audrey Childe-Freeman, Bloomberg Intelligence’s chief G-10 FX strategist, talks to Constantin Bolz, head of G10 FX for UBS’ Chief Investment Office, about what could trigger a turnaround in the euro-dollar fortunes in 2025, with several “known unknown” potential game changers when it comes to how much doll...
Jan 07, 2025•22 min
The short end of the curve may be better positioned than longer-dated bonds as the interest rates are likely to stay high for longer, with president-elect Donald Trump’s policies potentially amplifying the challenges of bringing inflation to the 2% target, says Henry Song, portfolio manager for Diamond Hill Capital Management. On the latest episode of Credit Crunch, Song and Bloomberg Intelligence’s Noel Hebert and Sam Geier discuss real positive yields, favorable carry for shorter-dated credit ...
Dec 27, 2024•1 hr 2 min
A resilient macroeconomic environment, along with rising M&A activity, have the direct-lending space primed for additional growth in the coming years. Curt Lueker, managing director and head of direct lending at Marathon Asset Management, joins Noel Hebert and Sam Geier of Bloomberg Intelligence on this episode of Credit Crunch to discuss how the firm is capitalizing on its expertise in the core middle-market sector. The conversation dives into the firm’s recent partnership with Webster Bank...
Dec 23, 2024•59 min
Markets are front-loading the effect of potential Trump policy changes in 2025, which will keep volatility elevated says Ben Emons, founder and outsourced chief investment officer of Fed Watch Advisors. Emons is joined by Bloomberg Intelligence’s Ira Jersey, chief US rate strategist, and Will Hoffman, senior US and Canada rates strategy associate, to discuss the outcome of the December FOMC meeting and the implications for markets in the year ahead. They discuss moves across domestic markets, in...
Dec 19, 2024•26 min
A new administration and the specter of inflation are among the levers for municipal bonds moving into next year. On this month’s Masters of the Muniverse, Eric Kazatsky and co-host Karen Altamirano are joined by three bank strategists with differing takes on the municipal landscape for 2025.Peter Degroot, head of municipal research and strategy at JPMorgan; Vikram Rai, who leads municipal-markets strategy at Wells Fargo; and Mikhail Foux, chief of municipal research at Barclays reflect on this ...
Dec 18, 2024•1 hr 2 min
Private credit has expanded toward $2 trillion for direct lending and related markets, with another $5 trillion in asset-based finance, making for ample lender opportunities in the view of Daniel Pietrzak, KKR partner and global head of private credit. Pietrzak rejoined Bloomberg Intelligence’s Noel Hebert on the latest episode of Credit Crunch to talk about the market’s growth, the current risk climate and how the incoming presidential administration may influence the market opportunity. They a...
Dec 13, 2024•1 hr 2 min
