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
FX Moment: Bank of Nassau’s Thin Sees Dollar Leg Lower Into Fall
Fiscal policy returned to the forefront of G10FX drivers in early September — which isn’t particularly positive for the dollar — and part of the structural…
- FICC Focus
FICC Special: A Primer on Property Lending With Varde's Dunbar
Commercial real estate debt strategies continue to unlock value for institutional investors as providing credit solutions across the capital stack grows…
- FICC Focus
Macro Matters: Who Benefits From Defense Burden-Sharing?
Defense burden-sharing among US allies is a cornerstone of President Donald Trump’s international agenda, but has been overshadowed by tariff discussions. On…
- FICC Focus
Credit Crunch: Significant Risk Transfers Feeding Private Credit
Significant Risk Transfers or SRTs have been a crucial part of balance sheet management for banks and an attractive investment class within private credit for…
- FICC Focus
All Options Considered: Perception of UK's Outlook vs. Reality
The perception of the UK economic outlook on a macro level may be perceived to be negative through the lens of social media. In this edition of the All Options…
- FICC Focus
Credit Crunch: Palmer Square’s Bloomfield on Traditional, Static CLOs
“So it’s a tough situation when you’re managing a spread-based portfolio, like a CLO. And obviously we don’t have the luxury of tightening the spreads on the…
- FICC Focus
International Rates Alpha With Invesco’s Baijal: Macro Matters
The future of the dollar is dictated by the large overhang of unhedged dollar assets, says Hemant Baijal, head of macro alpha strategies at Invesco. Baijal…
- FICC Focus
Credit Crunch: Around the World of Global Credit in 60 Minutes
Global credit is very tight and strategic insights are very valuable at this juncture. In this latest episode of the Credit Crunch podcast, Mahesh Bhimalingam…
- FICC Focus
Masters of the Muniverse: Inside Muni Strategy With Jason Hannon
The record-breaking pace of muni issuance and investors’ risk-off tone toward duration have driven a sharp steepening of the municipal yield curve, leaving it…
FICC FocusCredit Crunch: Apollo’s Cortese on Credit Trading, IG Privates
“So for us, it’s a $40 trillion market,” says John Cortese, head of portfolio management at Apollo, when talking about the mostly investment grade opportunity…
- FICC Focus
EM Lens: Dusting Off Global Macro Playbook With Citi’s Willer
Emerging market economies are benefiting from better-than-expected growth and inflation expectations, with local rates looking set to outperform amid a more…
- FICC Focus
Macro Matters: Inflation Pricing With JPMorgan’s Phoebe White
JPMorgan’s Phoebe White, head of inflation strategy, says a September interest-rate cut by the Federal Reserve risks pushing inflation expectations higher. She…
- FICC Focus
Credit Crunch: Vontobel’s Jackson Talks Credit Relative Value
“I want a decent proportion of my returns to be from actively trading either through themes, individual instruments or...between EM and DM, between Europe and…
- FICC Focus
State of Distressed Debt: Axar’s Axelrod Keeping Loan-to-Own Alive
On the latest episode of Bloomberg Intelligence’s State of Distressed podcast, Andrew Axelrod, founder & CEO of Axar Capital, shares how focused distressed…
- FICC Focus
Macro Matters: Secular Macro Trends With Invesco’s Brian Levitt
History suggests that technology improves lives and standards of living, despite the fears that often accompany it, says Brian Levitt, global market strategist…
- FICC Focus
Dollar Bear Views Hold and Recent Rally Already Over: FX Moment
The cyclically and structurally dollar bearish narrative that dominated 1H have just been revived by the weakness in the July Non Farm Payrolls figures and…
- FICC Focus
Real Estate Private Credit With Madison’s Zegen: FICC Special
Real estate private credit has grown into a major source of debt financing for the US commercial real estate market, bridging the gap left by traditional banks…
- FICC Focus
BlackRock’s Brownback on Global Fixed Income: Macro Matters
There’s a wall of money that is a transcendent supportive influence over global assets, says Russ Brownback, co-portfolio manager of the BlackRock Strategic…
- FICC Focus
Mortgage Market Update With BI’s Erica Adelberg: Macro Matters
Mortgage-market investors will need to pay especially close attention to policy shifts and actions in coming weeks, says Erica Adelberg, chief mortgage…
- FICC Focus
ICG’s Saitowitz on Landscape, Outlook for CLOs: Credit Crunch
“From the beginning of 2024 till now, literally every six months you could set your alarm to it... the reprices were occurring,” says David Saitowitz, head of…
- FICC Focus
Ninety One’s Kent on Blurring Lines Between EM and DM: EM Lens
Traditional safe havens are misbehaving as the once-distinct boundaries between emerging and developed markets begins to blur. Peter Kent, co-head of Emerging…
- FICC Focus
Stablecoin Regulation Update With Nathan Dean: Macro Matters
The GENIUS Act is just the beginning of the regulatory process for stablecoins, notes Nathan Dean, senior policy analyst for Bloomberg Intelligence on this…
- FICC Focus
Oaktree’s Rosenfelt on LME Tensions: State of Distressed Debt
Disqualified lender lists may be counterproductive because when you get to the negotiating room “it’s often the distressed funds that are the more…
- FICC Focus
BI’s Huw Worthington, Ira Jersey Talk G3+ Rates: Macro Matters
US Treasury yields are the lowest among the G3+, once hedged back to US dollars. Ira Jersey, Bloomberg Intelligence’s US interest rate strategist, and Huw…
- FICC Focus
Investor Survey, Trade War and Dollar, 2H Outlook: Credit Crunch
Credit and high yield had a good 1H, shaking off tariffs and a spread rout with a strong recovery. Will 2H be as strong, and why? Thomas Samson, high yield…
- FICC Focus
Rates Volatility With Quadratic’s Davis: All Options Considered
Rates volatility has compressed with the Fed on hold and mean reversion of yields, but exhibited a bumpy path in 1H. In this edition of the All Options…
- FICC Focus
Euro-Dollar 2H Bullish View May Get Cyclical Support: FX Moment
The nearly 15% euro-dollar rally in 1H was fueled largely by dollar weakness and a potentially bullish cyclical case for the euro — especially expectations for…
- FICC Focus
Stablecoins’ Appetite for T-Bills, ESLR Reform: Macro Matters
There will almost certainly be some stress later this year in funding markets, but it might fall short of the level required for the Federal Reserve to step…
- FICC Focus
Barings’ Bryan High on Adjusting to Volatility: Credit Crunch
“If you were a client that was focused on North America, you’re probably picking your head up a little bit and saying, ‘What else do you have away from North…
- FICC Focus
Fed Thoughts With BI Rates Strategist Ira Jersey: Macro Matters
The Federal Reserve may cut faster and to a lower interest rate then the market is pricing, Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey…
- FICC Focus
Liquidity and Central Bank Reserves with Matt King: All Options Considered
As cross-asset volatility resets following peak tariff fear, the geopolitical risk premium in the oil options market has moved higher. In this edition of the…
- FICC Focus
Charlesbank’s Hau on Playing to Your Strengths: Credit Crunch
“We are sourcing, identifying misunderstood, high-quality middle-market companies where we have a real edge...,” said Sandor Hau, Managing Director &…
- FICC Focus
CGI’s Jamison on Emerging-Market Opportunities, Risks: EM Lens
Sentiment is improving across the emerging-market investment landscape, but it takes local expertise to manage risk and crystallize returns. Thea Jamison…
- FICC Focus
SVP's Geenberg on Distressed Turnarounds: State of Distressed Debt
"If you've got [a company] that just doesn't have a logical strategic long-term owner or the industry's consolidated in a way that nobody can regulatorily do…
- FICC Focus
The Price of Football With Kieran Maguire: Macro Matters
This week we’re talking economics and finances of the world’s game with professor, author and podcaster Kieran Maguire of University of Liverpool. (We…
- FICC Focus
Sail Tariff, Default Seas with Alternative Credit: Credit Crunch
Credit globally recovered to nearly where it was as trade tensions eased, with various trade deals or tariff pauses while rate cuts are priced for central…
FICC FocusMonroe’s Koenig on Navigating Risk Amid Growth: Credit Crunch
“I’m an entrepreneur, I’m a capitalist. I love growth, I love to back entrepreneurs,” said Ted Koenig, founder, chairman and CEO of Monroe Capital, on how he…
- FICC Focus
US Debt Dynamics, Hard Data May Shape 2H Dollar Bears: FX Moment
The structural dollar bearish case is holding into 2H, though fiscal considerations are what dollar bears may lean on going forward after being driven mainly…
- FICC Focus
Sue Hill on T-Bill Scarcity and Central Clearing: Macro Matters
“I’m just waiting for the T-bill tsunami to come, and it can’t come soon enough,” says Sue Hill, senior portfolio manager and head of the Government Liquidity…
- FICC Focus
Canyon’s Potts Leans Into CRE Complexity Premium: FICC Special
Commercial real estate lending remains highly sensitive to US interest rates, yet it also offers a much wider complexity premium than competing fixed income…
FICC FocusCanyon’s Kivitz on Cycles, Risk and Uncertainty: Credit Crunch
Market uncertainty can create its own opportunity, and when it comes to investing, “rules are meant to be broken in terms of finding attractive situations.”…
- FICC Focus
Bond Tax Exemption Lives On, for Now: Masters of the Muniverse
Municipal bonds scored a win in President Donald Trump’s “big, beautiful bill” passed by the House earlier this week. They didn’t lose tax-exempt status…
- FICC Focus
Fiscal Policy vs. the Bond Market - Who Breaks?: Macro Matters
“I think ultimately the bond market is the disciplinarian for fiscal policymakers” says Mike Medeiros, macro strategist at Wellington Management. Medeiros…
- FICC Focus
Gibson Dunn’s Greenberg Unpacks Co-Ops: State of Distressed Debt
“The cat-and-mouse game will continue,” says Scott Greenberg, the global chair of Gibson Dunn’s Business Restructuring and Reorganization Practice Group…
- FICC Focus
Trade War Easing, Wide Spreads Aid Credit Outlook: Credit Crunch
Credit recovered from the tariff rout with trade war easing with many deals across US, China and UK while the new government takes shape in Germany and rate…
- FICC Focus
Carronade’s Gropper on Investing: State of Distressed Debt
Carronade Capital Management Managing Partner and Chief Investment Officer Dan Gropper expects the US to be in for a “rough ride.” “If I were today sitting on…
- FICC Focus
Andy Constan on Fed Policy and Bond Market Myths: Macro Matters
Andy Constan, chief investment officer of Damped Spring Advisors, said a combination of potential expenditure cuts, which he estimates at around $300 billion…
- FICC Focus
Navigating Crypto Volatility: All Options Considered
Bitcoin’s volatility (currently 40%) is declining as adoption increases and the options market expands. In this edition of All Options Considered, Bloomberg…
- FICC Focus
Reasons to Believe in Better Canadian Dollar Fortunes: FX Moment
There's a case to argue that peak tariff headlines negativity is behind for Canada and that can be associated with improved fortunes for the currency. In this…
- FICC Focus
AI Is Coming in Hot to Muniland: Masters of the Muniverse
Though we’ve covered the coming (and in some ways already here) technology revolution for the municipal space in many prior episodes, our latest focuses more…
FICC FocusCrayhill’s Mendez Speaks on Defensive ABL Appeal: Credit Crunch
Tariff-induced uncertainty has rapidly altered the cost of capital for companies across all sectors, with potential for wider spreads to persist. Carlos…
- FICC Focus
Managing Through Volatility With Sonal Desai: Macro Matters
The dollar and equity markets remain expensive even after the recent declines, says Sonal Desai, chief investment officer for Franklin Templeton Fixed Income…
- FICC Focus
Davis Polk’s Tsiouris on Next LME Act: State of Distressed Debt
“I don’t think that we’ve seen the full potential of these deals. What we’re going to see … in the coming years [is] sponsors and companies actually needing to…
- FICC Focus
Tariffs and Volatility Flash Update: All Options Considered
Wide intraday-trading ranges across markets highlight risks on the downside and sensitivity to any positive news on the upside. In this edition of the All…
- FICC Focus
SCP’s Perkins on Middle-Market Workouts: State of Distressed Debt
Building relationships is fundamental to turning around middle-market companies, according to SierraConstellation Partners (SCP) Founder and CEO Lawrence…
- FICC Focus
Looking Through Tariffs, With Principal’s Shah: Macro Matters
Given inflation may be a feature of economy in the coming years, real estate and public infrastructure may be places for investors to consider, saysSeema Shah…
FICC FocusMetacapital’s Narula on Mortgage Market Shakiness: Credit Crunch
The mortgage market may be on the brink of major transformation amid freshly implemented tariffs, proposed deregulation and the potential privatization of…
- FICC Focus
Andersen’s Natalucci on Fallout in Financial Plumbing: EM Lens
Global markets are struggling to digest the unprecedented economic and financial stability challenges posed by an all-out trade war. Dr.Fabio Natalucci, CEO of…
- FICC Focus
High Yield 2Q Investor Survey, Views Amid Tariffs: Credit Crunch
High yield had good first quarter gains with default rates low but cracks started developing in March even before Liberation day which led to a substantial…
- FICC Focus
Orion's Lewnowski on Mining and Commodity Outlook: Credit Crunch
Copper and uranium may be well-positioned as economies seek to balance energy needs against social demands. Oskar Lewnowski, Founder and Group CEO of Orion…