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
UK Focus Shifts to 2024 Cut Pricing: All Options Considered
The bar has increasingly moved higher for the Bank of England to hike again in this cycle after leaving rates unchanged for the second consecutive meeting. The…
- FICC Focus
BI Rates’ November FOMC and Refunding Recap: Macro Matters
“Our view is that the Fed is done hiking. But the question now turns to how long the Fed maintains rates at this level,” Ira Jersey, Bloomberg Intelligence…
- FICC Focus
Oaktree's Panossian on Compelling Credit Options: Credit Crunch
“There's not enough private credit capital relative to private equity demand,” Armen Panossian, managing director, head of performing credit and incoming…
- FICC Focus
TCW’s Whalen on Strategy for a ‘Not Soft Landing’: Credit Crunch
“There’s always an opportunity at the issuer level in leveraged finance,” Bryan Whalen, co-chief investment officer and a generalist portfolio manager for…
- FICC Focus
Taper With No Tantrum as Tighter Conditions Take Hold: EM Lens
Emerging market risk premia is on the rise, as higher geopolitical risk amplifies the impact from tighter financial conditions. In this month’s EM Lens &…
- FICC Focus
Growing a Fledgling Fund Amid Muni Chaos: Masters of the Muniverse
Rates are higher (for longer, if we’re being honest), the curve is pancaking and, once again, fixed-income losses will be headline fodder. However, with every…
FICC FocusRise of Zero-Day Options With CBOE: All Options Considered
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Mandy Xu, Head of Derivatives Market…
- FICC Focus
PGIM’s Robert Tipp on Global Bond Markets: Macro Matters
“There’s no hope on the [US federal] deficit front,” says Robert Tipp, PGIM’s Chief Investment Strategist and head of global bonds on this 200th edition of the…
FICC FocusHigh Yield 4Q23 Investor Survey and Outlook: Credit Crunch
High yield had a great year in terms of returns in both US and Europe. In Europe, we saw just two index defaults this year and the proportion of stressed and…
- FICC Focus
Damodaran on Valuation; Latest on Hawaiian Electric, Diamond Sports, and More: State of Distressed Debt
“Disruptors can ruin the status quo, but they can replace the status quo with something that is not sustainable because it doesn’t have a core business model…
FICC FocusCan't Underestimate US Recession Risks, Dollar Effect: FX Moment
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, and Stuart Paul, Bloomberg Economics' US…
FICC FocusMan Numeric's Kamenski, Lam on Systematic Credit Evolution: Credit Crunch
“Your optimized portfolio isn't optimal if you can't trade it.” Paul Kamenski and Robert Lam, co-heads of credit for Man Numeric, join Noel Hebert and Sam…
FICC FocusDiscussion on Call Overwriting, Rates, 0DTE: All Options Considered
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Pierre de Saab, Partner at Dominice…
FICC FocusBOE Hits Pause, But For How Long?: All Options Considered
In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dan Hanson, Senior UK Economist…
FICC FocusInfrastructure Becomes Locked Market in Muniland: Masters of the Muniverse
Despite trillions being passed through recent bills to reduce inflation and spur infrastructure spending, neither goal has really been met. At first blush, the…
- FICC Focus
Post-FOMC Rate Review With BNP Paribas’ Marshall: Macro Matters
“The 10-year Treasury ending the year around 4.2-4.3% seems fair, but the recent selloff has been overdone,” William Marshall, head of US rates strategy at BNP…
- FICC Focus
Paul Hastings' Hansen on Crypto, Mass Tort, & 'Creditor-on-Creditor Violence'; Latest on Yellow, 3M, and Diamond Sports: State of Distressed
In this month’s State of Distressed Debt edition of the FICC Focus podcast, Bloomberg Intelligence global credit strategy head Noel Hebert and distressed…
- FICC Focus
Questions From West Coast Investor Trip: Macro Matters
Should the US economy avoid a recession over the coming months as anticipated by the Bloomberg Economics team, the Federal Reserve may remain on hold for all…
- FICC Focus
Isolating Idiosyncratic Risk Factors in EM Dollar-Pay Debt: EM Lens
Emerging market currency volatility is on the rise, as the dovish tilt in monetary policy causes real yield differentials to converge with the US and Europe…
FICC FocusSustainability and ESG In Credit: Why Bother?: Credit Crunch
Credit markets saw stupendous growth in socially responsible and green bonds from a variety of credits and many sustainability and ESG specialized funds and…
FICC FocusBigger BRICS Renews Dollar Demise Talk, But In Vain: FX Moment
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, and Stephen Chiu, BI chief Asia FX and rates…
- FICC Focus
Active Management, Fixed Income Chaos: Masters of the Muniverse
Money has been leaking out of municipal mutual funds this year, but the same can’t be said for alternative products, such as exchange traded funds, though…
- FICC Focus
Hildene's Jefferson, Mehra on Structured Strength: Credit Crunch
The keys to evaluating structured credit are “the value of the assets, the value of the structure and the value of the option,” according to Brett Jefferson…
- FICC Focus
US Rate-Market Review With TD’s Gennadiy Goldberg: Macro Matters
The Treasury market selloff throughout August was in part due to increased issuance, but largely driven by the market repricing the future path of monetary…
- FICC Focus
Credit Correction: Is That Enough? - Credit Crunch
Credit markets have had a correction in the past month, across the board. It takes us to an interesting juncture where we ask if the correction has longer to…
FICC FocusEuro Bullish Cyclical Narrative Holds But Only Just: FX Moment
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G10 FX Strategist and Maeva Cousin, senior euro area economist at…
- FICC Focus
Losada on Extracting Excess Returns in Latin America: EM Lens
Latin America central banks continue to focus on inflation, yet fiscal deficits remain elevated and growth is in decline. In this month’s EM Lens &…
- FICC Focus
BI’s Adelberg on Mortgage-Backed Securities: Macro Matters
Spreads of mortgage-backed securities may remain wide, though net and gross supply could remain depressed given interest rate and housing market dynamics…
- FICC Focus
Brubaker on ‘Non-distressed’ Debtors; Latest on J&J, Crypto, Cineworld: State of Distressed
The red-hot credit rally leaves debt markets vulnerable ahead of historically-worst months, Bloomberg Intelligence Global Credit Strategy head Noel Hebert…
FICC FocusBOE Steps Down Pace on Lack of Upside Surprises: All Options Considered
The Bank of England stepped down the pace of tightening as it closes in on the peak but isn't quite yet done and remains highly data dependent. In this edition…
FICC FocusRiding Volatility as Turmoil Recedes: All Options Considered
The re-risking with the market being chased higher has crushed equity volatility while the skew in rates at the back of the curve is toward higher yields. In…
- FICC Focus
Post-Federal Reserve Meeting Thoughts: Macro Matters
The Federal Reserve may remain on hold for the rest of the year as inflation should moderate, Chief US Economist for Bloomberg Economics Anna Wong says on this…
- FICC Focus
Castlelake Co-CEO on Asset-Based Private Lending: Credit Crunch
Asset-based finance has moved nearer center stage in the fast growing private credit market, competing with corporate direct lending for attention…
- FICC Focus
Green Shoots Are Sprouting in Emerging Market Debt: EM Lens
Green shoots are forming in emerging market debt as growth slows, inflation eases and the geopolitical climate turns more market friendly. In this month’s EM…
- FICC Focus
Carlyle's Pavelski on Private Credit; Latest on Crypto, Audacy
BI global credit strategy head Noel Hebert, distressed credit analyst Philip Brendel and bankruptcy litigation analyst Negisa Balluku discuss how credit…
- FICC Focus
Building a Better Muni-Management Trap: Masters of the Muniverse
The landscape for municipal asset management has been changing over the past year, and there’s been lower beta options such as exchange traded funds and…
FICC FocusTime Has Come for a Revival of Dollar Bear Views: FX Moment
The Fed's nearing rate peak and evidence of a turning US economy should revive the bearish view of the US dollar in 2H. In our latest FX Moment podcast, host…
FICC FocusHigh Yield 3Q23 Survey and Outlook: Credit Crunch
European high yield has had just two defaults this year and the proportion of stressed and distressed bonds is under control after a positive 1H for returns…
- FICC Focus
Post-Payrolls Rate View, RRP During TGA Rebuild: Macro Matters
The Treasury yield curve may remain inverted for quite a while, but bull steepening could begin as the Federal Reserve finished its interest rate hikes…
- FICC Focus
A Review of Global Central Bank Policy Actions: Macro Matters
After central banks gathered in Portugal at the ECB Forum earlier this week, a turn in European inflation and a strong 1Q GDP revision in the US caused a sell…
- FICC Focus
Waterfall’s Jack Ross Talks Structured Markets: Credit Crunch
Structured credit markets have evolved into a multi-trillion dollar asset class, one that we dive into in the latest episode of Credit Crunch, part of the FICC…
FICC FocusBOE Goes Faster Increasing Stagflation Risk: All Options Considered
The Bank of England remains highly data-dependent, re-accelerating to a 50-bp hike "at this particular meeting" given the upside inflation surprises. The wide…
- FICC Focus
Building A Bullish Narrative in EM Local Debt: EM Lens
An improving inflation outlook alongside weaker cross-asset volatility and more moderate global growth is contributing to the bullish narrative in EM local…
- FICC Focus
Bloomberg Economics’ Anna Wong on Fed Jawboning: Macro Matters
The Federal Reserve may not hike the additional 50 bps shown in the infamous “Dot Plot” at the June monetary policy meeting, Bloomberg Economics’ Chief US…
- FICC Focus
Muni Ladder Strategies Can Boost Returns: Masters of the Muniverse
The stage is set for municipals to look better vs. other fixed income in 2023-2024. Though fund flows remain a concern, the asset class’ ability to provide…
- FICC Focus
Pretium's Matt Cantor on Litigation Finance; Latest on Serta, Incora, FTX and Diamond: State of Distressed Debt
Credit markets have a dour seasonal outlook and piecemeal restructurings are flailing. BI Global Credit Strategy head Noel Hebert, distressed credit analyst…
FICC FocusCredit Troubles in Size, ESG and CDS: Credit Crunch
European credit markets have shifted since the banking crisis and the rally that followed, especially the shrinkage in junk. It's always interesting to hear…
FICC FocusNot Easy Being a Euro Bull, But It's No Time to Quit: FX Moment
Ever-changing drivers and low FX conviction views have been consistent with a $1.06-$1.10 euro-dollar in recent months, but a break of $1.10 toward $1.15 and…
- FICC Focus
Abrdn’s Mondillo on Private, Public Corporates: Macro Matters
Corporate fixed income looks attractive compared with equities, Abrdn’s Jonathan Mondillo, head of North American fixed income says. Mondillo joins Bloomberg…
FICC FocusCredit After Crisis - US vs. Europe: Credit Crunch
The banking crisis on both sides of the Atlantic led to significant repricing and revaluation in credit markets globally. But the rally following government…
FICC FocusTime to Talk About China's Recovery Again: FX Moment
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, and Stephen Chiu, Chief Asia FX and rates…
FICC FocusInside Zero-Day Options With CBOE: All Options Considered
Questions have arisen around the growth of zero-days to expiry options, which now make up more than 40% of the overall volume of SPX options traded, and how…
- FICC Focus
Assessing Opportunities and Risks Across EMEA Region: EM Lens
Geopolitical risk is accelerating across Eastern Europe, the Middle East and Africa, yet the region continues to outperform as end-of-cycle dynamics take hold…
- FICC Focus
Schroder's Lisa Hornby on Mortgages, Corporates: Macro Matters
Lisa Hornby, Schroder Investment Management’s Head of Multi-Sector Fixed Income, says mortgages and shorter-term Treasury securities are more attractive than…
- FICC Focus
Fixed Income Manager Sees Opportunity: Masters of the Muniverse
Despite positive year-to-date performance, navigating the heightened volatility in the rates market and declining new issue sales have been just some of the…
- FICC Focus
Bank of England, ECB, Fed Policy Decisions: Macro Matters
The market interpreting comments following the Bank of England’s 25-bp rate increase at the May policy meeting doesn’t square with the view of Bloomberg…
- FICC Focus
Credit Index Futures: A New Frontier: Credit Crunch
Market downswings and rallies and concern about the next crisis have been major preoccupations over the past two years. A significant credit-market innovation…
- FICC Focus
Corbin’s Bergstrom on Credit Landscape: State of Distressed Debt
“I worry less about liquidity risk because we’re generally assuming there isn’t liquidity there. I worry more about recovery risk. If something goes wrong in a…
- FICC Focus
Eurozone & UK Rate Markets With ING Research: Macro Matters
ING’s Antoine Bouvet, head of European rates strategy and James Smith, developed market economist, join Bloomberg Intelligence’s Chief US Rates Strategist Ira…
FICC FocusLet's Talk Sterling Recovery, UK Economic Prospects: FX Moment
In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, discusses her still-positive sterling outlook and…