Shows / FICC Focus
FICC Focus
FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities, and currencies by Bloomberg Intelligence analysts.
Episodes
- FICC Focus
State of Distressed Debt: Ellias on Reorganizations’ Global Bazaar
“If there’s kind of a squeamishness about forum shopping in the US, there’s a little...it’s just overseas, there’s none at all,” observed Harvard Law Professor…
- FICC Focus
Macro Matters: JPMorgan’s Misra on Rates, Credit and Warsh Fed
JPMorgan Asset Management sees a resilient economy facing multiple supply shocks, with inflation still largely supply-led and the Federal Reserve likely to…
- FICC Focus
Credit Crunch: AI IPOs, Tech Supply and Credit Without Peace
Credit continues to rally despite the lack of a US-Iran peace deal, and it has served as a safe haven relative to rates. In this Credit Crunch podcast, host…
- FICC Focus
EM Lens: Extracting the Complexity Premium in Emerging Markets
Emerging markets are becoming a strategic focus for creditors looking to extract the complexity premium embedded in local markets. Atanas Bostandjiev, chairman…
- FICC Focus
Macro Matters: Lazard’s Van Nostrand on Supply-Shock Investing
Supply shocks, inflation risks and AI are reshaping the investment landscape, a theme that Lazard’s Chief Investment Officer Eric Van Nostrand discusses with…
- FICC Focus
FX Moment: Euro-Dollar 2H Outlook Has Become Binary
Recent euro-dollar price action has validated structural euro-dollar bulls, with the case for diversification strategies beyond the dollar still holding as we…
- FICC Focus
State of Distressed Debt: Ensis’ Shinder on Middle-Market Workouts
“There’s such an informational asymmetry between incumbent investors — the direct lenders who are in the deal and the sponsor — and new parties that it can be…
- FICC Focus
Macro Matters: Morgan Stanley’s Hornbach on Oil and Global Rates
Oil prices have become the key driver of global rates markets as conflict in the Middle East reshapes inflation expectations and policy outlooks. Matt…
- FICC Focus
EM Lens: Dispersion Creates Cleaner Entry Points in EM Debt
Dispersion is rising across emerging markets, reflecting differences in external balances, policy flexibility and economic proximity to the war in Iran. Pablo…
- FICC Focus
State of Distressed Debt: Judge Kaplan on Bankruptcy Mediation, Venue
“I’ve been shocked by the attention the issue as far as my mediating cases that are before me has gotten because in my view it’s just a label,” US Bankruptcy…
- FICC Focus
State of Distressed: Mudrick on the Post-LME Maturity Wall
“You have a refinancing problem; that’s the dynamic that we’re in today. With the covenant-lite nature of the loan market, most of these better-quality…
- FICC Focus
Macro Matters: DWS’ Catrambone on Long-End Selloff, Warsh Fed
Rising Treasury yields, war-driven inflation concerns and uncertainty over the Federal Reserve are reshaping the fixed-income outlook. George Catrambone, head…
- FICC Focus
Credit Crunch: TCW’s Miller on Rescue Capital and Direct Lending
“The key to longevity in lending is really avoiding principal loss, minimizing principal loss,” says Richard Miller, chief investment officer of TCW’s Private…
- FICC Focus
EM Lens: Developing a Defensive Response to the Mideast Crisis
Heightened geopolitical risk is driving asset price fluctuations, as inflation and interest rate uncertainty demands increased focus on risk management and…
- FICC Focus
State of Distressed: Trucano on Distressed Investing’s Evolution
“In the past, I think a lot of times [sponsors] just handed the keys over if they were hopelessly insolvent,” industry veteran David Trucano says. “Now [the…
- FICC Focus
Macro Matters: NISA Investments’ Douglass on Fed, Fiscal Outlook
Stephen Douglass, chief economist and a member of NISA Investment Advisors’ global investment committee, explains why he still sees the US economy as broadly…
- FICC Focus
Credit Crunch: UK Crisis, Private and Middle-Market Credit
The UK is at the forefront of market headlines amid a political crisis and record gilt yields. In this episode of the Credit Crunch podcast, host Mahesh…
- FICC Focus
FX Moment: Sterling, UK Politics; What Can Take Dollar-Yen Lower
In this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Jordan Rochester, head of FICC strategy for EMEA at Mizuho…
- FICC Focus
Macro Matters: BI’s Ira Jersey Talks Fed & US Rates Outlook
Bloomberg Intelligence’s chief US interest-rate strategist Ira Jersey lays out his latest views on the Federal Reserve and the US Treasury market in this solo…
- FICC Focus
Credit Crunch: Shorecliff’s Nachman on Market, Managing Growth
“We always want to be big enough in any given strategy that we’re relevant to the market, relevant to our counterparties,” says Grant Nachman, Shorecliff Asset…
- FICC Focus
All Options Considered: AI FOMO, Yen, Making Sense of Volatility
In this edition of All Options Considered, BI’s Chief Global Derivatives Strategist Tanvir Sandhu discusses cross-asset volatility, including how markets were…
- FICC Focus
Macro Matters: BlackRock’s Brownback on Global FI Opportunities
A changing Federal Reserve, tight credit spreads and renewed opportunities in securitized markets are reshaping the fixed-income outlook. Russ Brownback…
- FICC Focus
EM Lens: Investors Aren’t Packing Their EM Bags Just Yet
Despite the war-induced increase in macroeconomic uncertainty, investors are returning to emerging market fixed income as the universe of investible alpha…
- FICC Focus
Masters of the Muniverse: New York City and the Market’s Future
New York’s shifting political environment has significant implications for the city’s finances and municipal bond portfolios. In this episode of the Masters of…
- FICC Focus
Macro Matters: Jerome Schneider on Funding Market Risks
Funding markets have remained remarkably calm even as investors continue to debate risks around Federal Reserve balance-sheet policy and the outlook for repo…
- FICC Focus
Credit Crunch: Around the World of Global Credit in 60 Minutes
Global credit risk has been repriced wider and tighter by the Iran war and strategic insights are essential for outperformance. In this episode of the Credit…
- FICC Focus
EM Lens: Identifying Alpha Opportunities in EM Fixed Income
Creditors are returning to emerging market fixed income as supply-demand technicals are supportive, rating momentum is positive and real-yield differentials…
- FICC Focus
Credit Crunch: Saturna’s Drum on Sukuk Growth, Geopolitical Risk
“The market reaction has been very measured. Spreads have clearly moved in response to changes in fiscal outlooks and ratings,” says Patrick Drum, Saturna…
- FICC Focus
Credit Crunch: Investor Survey 2Q - Iran, Rates, Dollar vs. Euro
Credit and high yield had first quarter losses due to the Iran war impact, especially on rates. Will 2Q revert those losses, and why? Mahesh Bhimalingam…
- FICC Focus
State of Distressed Debt: Weber, Aguirre on Attaining Owner DNA
“Troubled businesses don’t turn around on a dime. They took years to get messed up. They got worse through the restructuring when they were capital-starved,”…
- FICC Focus
Macro Matters: Fed Past & Future with BNY's Reinhart
The Federal Reserve still has an easing bias and may lower rates another 50 bps this year, says Vincent Reinhart, chief economist for BNY Investments, on this…
- FICC Focus
FX Moment: Iran War Shift First Step Out of Sterling Bear Cycle
The US-Iran ceasefire and associated relief in risk aversion and pullback in oil prices may be a first step out of the sterling-dollar bear cycle of the past…
- FICC Focus
EM Lens: Seeking Solace Ahead of the IMF’s Spring Meetings
Sovereign balance sheets should come under renewed pressure as the war-induced oil shock forces EM governments to take extraordinary measures aimed at actively…
- FICC Focus
Macro Matters: The Auto ABS Landscape With BI’s Chadehumbe
Wider spreads and credit enhancement causing upgrades in auto asset-backed securities reduces the sector’s risk against similarly rated and maturity corporate…
- FICC Focus
All Options Considered: Iran War, Hormuz and Market Tails
Cross-asset markets are under stress given the bi-modal risks of de-escalation vs. prolonged conflict. This edition of All Options Considered podcast discusses…
- FICC Focus
Credit Crunch: GSAM’s McClain on High Yield Risks, Resilience
“Technicals for high yield post-Covid have been very strong, with pretty limited net new supply, minimal downgrades, strong demand given elevated base rates…
- FICC Focus
Credit Crunch: Monroe’s Uddin on Software, Middle-Market Lending
“The thesis of AI is very big. It’s probably one of the largest events in at least my lifetime,” says Monroe President Zia Uddin, discussing the creditor…
- FICC Focus
Macro Matters: Fed Communications With Bloomberg’s Mike McKee
The atmosphere around the Federal Reserve has evolved as Chair Jerome Powell has grown more comfortable in press conferences, even amid legal and political…
- FICC Focus
Credit Crunch: Proskauer’s Boyko on Outcomes in Private Credit
“What’s different in private credit versus large broadly syndicated loans is in private credit they’re very focused on the ability to incur additional debt…
- FICC Focus
State of Distressed Debt: Davis Polk’s Resnick on Emerging LME Trends
“The theme that we’re seeing a lot of is, do we do the same old LME that we would have done six months ago or a year ago, or should we do more of a…
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Macro Matters: Central Banks With BE’s Wong, BI’s Worthington
The soaring short-term yields in the UK may be somewhat overdone, says Bloomberg Intelligence European Rates Strategist Huw Worthington on this Macro Matters…
- FICC Focus
EM Lens: Shifting to Second Derivatives in EM Sovereign Debt
Emerging market central banks have adopted a hawkish bias following the war-induced oil shock, yet fiscal concerns could weigh on domestic currencies as local…
- FICC Focus
Credit Crunch: AGL’s Comer on CLOs, Active Management and Growth
“We traditionally have turned over about 60% of the portfolio per year,” says AGL Credit Management’s Chief Operating Officer Wynne Comer, discussing the…
- FICC Focus
EM Lens: War-Induced Oil Shocks Aren’t Kind to EM Economies
Emerging market governments are implementing extraordinary measures to mitigate the impact of rising energy prices, as the war-induced oil shock stirs…
- FICC Focus
Macro Matters: Yield-Curve Scenarios with BNY’s Granet
The yield curve may continue its steepening trend, with recent flattening just a cyclical retracement, Jason Granet, CIO of BNY says on this Macro Matter’s…
- FICC Focus
Credit Crunch: Iran War, Software Rout and Credit a Safe Haven
Credit suffered a software loan wobble and private credit contagion before the war in Iran, but it’s been a safe haven vs. rates and equities since hostilities…
- FICC Focus
State of Distressed Debt: Moelis’ Murray on Private Credit Workouts
“The goal is to set the company up for longer-term success,” explained Rachel Murray, managing director at Moelis & Co. “If we’re solving quarter-to-quarter…
- FICC Focus
Masters of the Muniverse: MMA Founder Doe on Prediction Markets
Prediction markets may revolutionize the municipal bond industry by improving credit transparency, trading efficiencies, hedging strategies and portfolio…
- FICC Focus
Macro Matters: DC Policy Update With BI’s Nathan Dean
It’s surprising that the Basel III Endgame proposal may raise bank capital requirements 3-7% given that President Donald Trump’s mantra is deregulation, says…
- FICC Focus
All Options Considered: Middle East Conflict, What Markets Are Missing
As conflict escalates across the Middle East, the dominant frameworks for reading Iran, its system, its strategy, and its staying power are widely…
- FICC Focus
FX Moment: Iran War and Assessing the Shifting Dollar Narrative
The Iran war challenges Bloomberg Intelligence’s early 2026 dollar bear view via two key channels. First, the large-scale risk-off move over the past few…
- FICC Focus
Credit Crunch: IR+M’s Gubitosi on Corporates, Securitized Value
“You can still find some attractive value within the front end of the securitized curve,” says Income Research + Management’s Co-Chief Investment Officer Jim…
- FICC Focus
Macro Matters: SFVegas Recap with BI’s MBS Strategist Adelberg
The cadence of announcements about housing affordability and deregulation may accelerate into the midterm elections in November, Bloomberg Intelligence chief…
- FICC Focus
Credit Crunch: Around the World of Global Credit in 60 Minutes
Global credit markets are tight, and strategic insights are essential for performance. In this episode of the Credit Crunch podcast, Mahesh Bhimalingam…
- FICC Focus
EM Lens: Cyclical Sweet Spot for EM Persists, Dollar a Key Risk
Emerging market fixed income is off to another strong start in 2026, with scope for further upside as long as the dollar cooperates and cross-asset volatility…
- FICC Focus
Macro Matters: US Rates Outlook With Goldman’s Marshall
News from the labor market and on the inflation front has been consistent with a fairly low-volatility environment, says Will Marshall, Goldman Sachs head of…
- FICC Focus
Credit Crunch: Wellington's Bannister Talks Private Credit 2.0
"Helping... investors to really understand what they could get in these markets is helpful because I think it is where our economy is moving, and we all want…
- FICC Focus
Credit Crunch: Investor Survey 1Q - Fed, Earnings, Tech Supply
Credit and high yield had a good 2025 despite tariffs and rate volatility, as spreads held their ground. Will 1Q sustain this resilience, and why? Mahesh…
- FICC Focus
FX Moment: Assessing Narratives That Take the Euro Past $1.20
The G-10 FX narrative has mainly been dollar- and structurally driven year-to-date, while euro headlines have been sidelined. This could change into 2H as…
- FICC Focus
State of Distressed Debt: Andrew Milgram on Middle-Market Opportunity
“It is the inconsistency of decisions which oftentimes bedevils a company’s ultimate success. You create that consistency. You can also push decisioning down…