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
Tariffs, Bonds, and Dollars With James Grant: Macro Matters
The risk to bondholders is that the 2% inflation target becomes unbearable for the Fed, says Jim Grant, founder of Grant’s Interest Rate Observer. Grant is…
- FICC Focus
US Tariffs and FX Effects - What You Need to Know: FX Moment
It may be all about US tariffs in early 2Q, with the April 2 US tariff announcements and possible retaliation from trading partners risking to entertain…
- FICC Focus
Leste’s Gennari Is Leaning Into Real Estate Credit: FICC Special
Real estate private credit is uniquely positioned amid the recent wave of loan maturities and reduction in bank capital. Ricardo Gennari, managing director and…
FICC FocusBlackRock’s Rosenberg on Systematic Multi-Strat: Credit Crunch
Factor-driven, trend and pure alpha are among the sleeves within systematic investing that can fuel returns. Jeffrey Rosenberg, managing director and senior…
- FICC Focus
Bloomberg Volatility Forum London 2025 Part II: All Options Considered
There has been growth in the product offering in the crypto options market, which often has a right-tail skew and exhibits spot-up, vol-up dynamics. This…
- FICC Focus
Bloomberg Volatility Forum London 2025: All Options Considered
A comfortable environment of US exceptionalism has been replaced by noise around tariff risks, the EU’s fiscal bazooka and US policy pivots, which has…
- FICC Focus
A ‘Generational Opportunity’ in Munis: Masters of the Muniverse
With municipal bond exemptions potentially endangered and credit risks on the horizon, some may consider this to be a transformational time in the muni market…
- FICC Focus
Chilton’s Horan on Fed, Economy and Bonds: Macro Matters
Fed Chair Jerome Powell rehabilitated the word “transitory” and injected it into our understanding of where the economy and inflation are now, says Tim Horan…
- FICC Focus
New Mountain’s Holson on Defensive Direct Lending: Credit Crunch
Direct lending remains a pillar of private credit, providing companies with new and flexible sources of financing in today’s high interest-rate environment…
- FICC Focus
Tariffs, Debt Brake, Fed and ECB Impact on Credit: Credit Crunch
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…
- FICC Focus
Anchorage’s McGrath Breaks Down LMEs: State of Distressed
“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…
- FICC Focus
Artisan’s Cirami Dusts Off the EM Cold War Playbook: EM Lens
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…
- FICC Focus
Dollar at Crossroads as Tariffs, Growth Path Evolve: FX Moment
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…
- FICC Focus
Delos’ Lefkovits on Private Credit, Default Trend: Credit Crunch
Hybrid capital solutions may aid small and medium enterprise companies confronting balance-sheet challenges amid persistently high borrowing costs. Ari…
- FICC Focus
CRE Sentiment and Risks with CREFC’s Pendergast: Macro Matters
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…
- FICC Focus
Gemcorp CEO Delivers Masterclass in EM Private Credit: EM Lens
Atanas Bostandjiev, founder & CEO of Gemcorp Capital Management, joins BI chief emerging markets fixed-income strategist Damian Sassower to discuss his firm’s…
- FICC Focus
VIX, Rates Vol, Gold With Susquehanna: All Options Considered
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…
- FICC Focus
Catastrophe Bonds & Extreme Events With Man AHL: Credit Crunch
Catastrophe bonds offer issuers additional capacity for underwriting risk, while providing investors with a stream of uncorrelated returns. Bloomberg…
- FICC Focus
Sustainability Makes SMAs Tick: Masters of the Muniverse
Despite economic data once again signaling inflation is on the rise, the future of rate cuts becoming uncertain and an evolving fiscal-policy landscape…
- FICC Focus
Dissecting Fixed Income With Wellington’s Khurana: Macro Matters
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…
- FICC Focus
Derrough on Restructuring’s 3D Chess: State of Distressed Debt
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…
- FICC Focus
High Yield 1Q Investor Survey, Europe vs. US Views: Credit Crunch
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…
- FICC Focus
Tariff Mercy Helps Sterling, but Cyclical Pain Stays: FX Moment
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…
- FICC Focus
Global Central Bank Review and Geopolitical Risks: Macro Matters
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…
- FICC Focus
Arini’s Lemssouguer on Dislocated European Credit: Credit Crunch
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…
- FICC Focus
Crypto, Multi-Asset Volatility With CBOE: All Options Considered
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…
- FICC Focus
Benefit Street’s Byrne on Multifamily CRE Appeal: Credit Crunch
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…
- FICC Focus
Muni Road Ahead Looks Bright: Masters of the Muniverse
With expectations for future tax cuts softening and muni yields levels remaining attractive, greater buying opportunities may be on the horizon in munis. In…
- FICC Focus
Debts, Deficits and Bonds With Schwab’s Jones: Macro Matters
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…
- FICC Focus
Leveraged Loan, CLO Outlook 2025, US vs. Europe: Credit Crunch
CLOs are driving loan supply and in this Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence Chief European Credit Strategist and Desmond…
- FICC Focus
HSBC’s Kettner Is Leaning Into High-Beta Asset Classes: EM Lens
High-beta asset classes will likely swing on US-centric narratives, but the country’s financial conditions remain supportive despite a less dovish Federal…
- FICC Focus
Waterfall’s Raghavan on CRE’s Outlook: State of Distressed Debt
“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…
- FICC Focus
PineBridge’s Oh on Favorable Credit Environment: Credit Crunch
Incoming pro-growth policy, while inflationary in nature, could result in a strong credit environment in the eyes of PineBridge Investments’ Global Head of…
- FICC Focus
No One-Way Dollar View in 2025; Timing Turn Is Tricky: FX Moment
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…
- FICC Focus
Diamond Hill’s Song on Credit Outlook, Landscape: Credit Crunch
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…
- FICC Focus
Middle-Market Lending With Marathon’s Lueker: Credit Crunch
A resilient macroeconomic environment, along with rising M&A activity, have the direct-lending space primed for additional growth in the coming years. Curt…
- FICC Focus
Market Outlook Post December FOMC With Ben Emons: Macro Matters
Markets are front-loading the effect of potential Trump policy changes in 2025, which will keep volatility elevated says Ben Emons, founder and outsourced…
- FICC Focus
How Big Banks See 2025’s Muni Outlook: Masters of the Muniverse
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…
- FICC Focus
KKR’s Pietrzak on Private Credit Scale, Value: Credit Crunch
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…
- FICC Focus
2025 High Grade and High Yield Outlook, US vs. EU: Credit Crunch
With credit markets enjoying a strong 2024 and with many uncertainties, charting the course for 2025 is a challenge. Will US trade policies slow Fed cuts and…
- FICC Focus
Do EM Country Fundamentals Really Even Matter Anymore?: EM Lens
Emerging-market central banks have historically followed the Federal Reserve, yet 2025 will be a year of divergence as monetary and fiscal policy responses…
- FICC Focus
The Year Ahead in Rates, Credit and Currencies
Ol' Saint FICC is here to stuff your stockings with 2025 market outlooks from all your favorite podcast hosts. Rates, credit, municipals, EM, MBS, currencies…
- FICC Focus
Bain’s Rufino on Special Sits Strategy: State of Distressed Debt
“A marriage…chemistry… [and] shared vision” is how Bain Capital partner Angelo Rufino described investments centered around a new asset class of hybrid capital…
- FICC Focus
ABS 2025 Market Dynamics With BI’s Rod Chadehumbe: Macro Matters
The significant tightening in corporate bonds recently has left asset-backed securities looking cheaper, says Rod Chadehumbe, Bloomberg Intelligence’s…
- FICC Focus
Shifting EM Backdrop Will Breed Both Winners and Losers: EM Lens
Emerging-market assets are likely to swing on US-centric narratives, yet domestic growth and inflation dynamics may be of less concern than in previous cycles…
- FICC Focus
No Existential Euro Risk, But It's Not a Rosy Picture: FX Moment
Deteriorating French political headlines are exacerbating the underwhelming French and euro-zone economic narrative, confirming what has become a compellingly…
- FICC Focus
Volatility Bite-Size: All Options Considered
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu gives an update on how the US bond market…
- FICC Focus
NAV Lending Prospects With Crestline’s Philipp: Credit Crunch
A slower exit environment for limited partners on the back of elevated rates and inflation has helped drive tremendous growth for the world of NAV lending over…
- FICC Focus
Crews & Associates’ Mulholland on Treasury Market: Macro Matters
The biggest change to the Treasury market has been algorithmic trading, and the proliferation of high-frequency trading firms (HFTs) and principal trading…
- FICC Focus
Navigating CLO Equity With Eagle Point’s Majewski: Credit Crunch
A collateralized loan obligation’s (CLO) reinvestment period is among the keys to the success for the asset class in the view of Eagle Point’s Founder and…
- FICC Focus
The Intersection of AI and Muniland: Masters of the Muniverse
Artificial intelligence is reshaping the world of municipal bonds, with predictive analytics, data-driven decision-making and automated portfolio management…
- FICC Focus
Beach Point’s Sauer on LMEs, Coops: State of Distressed Debt
Lenders must be “hyper-vigilant” at the whiff of a liability management exercise (LME), as cooperation agreements forged in response by the largest lenders…
- FICC Focus
US vs. EU Credit Gaps On Election and Rate Cuts: Credit Crunch
With the US election having a clear result and credit markets enjoying a strong run this year, charting the course forward is a challenge. Will a Trump regime…
- FICC Focus
Deficits, Regulations, and Taxes with Nathan Dean: Macro Matters
As expected, the Federal Reserve cut 25 bps in this election week, not a surprise, but Jerome Powell wasn’t as hawkish as might have been expected. Bloomberg…
- FICC Focus
Enjoy Dollar Bull US Narrative, With No Complacency: FX Moment
The cyclically-driven bullish dollar narrative got another boost last week, with President-elect Donald Trump's expected pro-growth stance implying a policy…
- FICC Focus
Unpacking Growth and Inflation Projections With the IMF: EM Lens
Geopolitical risk remains elevated, yet financial stability doesn’t appear to be a cause for concern as market practitioners turn their attention to year-end…
- FICC Focus
UBS’ Sabatino on Fed Liquidity and SEC Regulation: Macro Matters
Cash is not on the sidelines. An investment in a money market fund is an actual investment, says Robert Sabatino, head of Global Liquidity Portfolio Management…
- FICC Focus
Using Technology to Go Odd-Lot Hunting: Masters of the Muniverse
Investors have poured $13 billion into high-yield municipal bond funds in recent weeks, a move that underscores the need for credit analysis and active…
FICC FocusListen Now: Inside Active by Bloomberg Intelligence
Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit…
- FICC Focus
400 Capital’s Hentemann on Securitization Market: Credit Crunch
By engaging across multiple sectors of the structured product markets, 400 Capital Management has the flexibility to independently deal with the unique cycles…