Podcast
FICC Focus
Hosted by Bloomberg Intelligence · EN
FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities, and currencies by Bloomberg Intelligence analysts.
50episodes
Episodes
Newest firstAll episodes
Credit Crunch: UK Crisis, Private and Middle-Market Credit
2d ago00:45:37Tap to summarizeThe 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 Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, discusses how credit remains a safe haven in every crisis with Boris Okuliar, chief strategy officer and head of global diversified credit at Corinthia Global Management. They dig deep into the middle-market and private credit universe, covering deal profiles, spread premiums, typical leverage structures, fees and expected investor returns. They also discuss deal quality, expected holding periods, exit strategies and the role of traded credit within portfolios.
Transcribe →FX Moment: Sterling, UK Politics; What Can Take Dollar-Yen Lower
3d ago00:32:51Tap to summarizeIn this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Jordan Rochester, head of FICC strategy for EMEA at Mizuho Bank, discuss how the evolving UK political dynamics leave sterling exposed in the near term via the potential revival of a negative fiscal premium. Jordan and Audrey also revisit the dollar-yen outlook following the recent Ministry of Finance/Bank of Japan FX intervention and discuss what scenarios could take the pair out of the 155.00-160.00 trading range, with a broadly weaker dollar outlook and/or joint FX intervention — with the US — the best contenders to trigger a sustainable push lower in the currency pair.
Transcribe →Macro Matters: BI’s Ira Jersey Talks Fed & US Rates Outlook
1w ago00:11:17Tap to summarizeBloomberg 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 Macro Matters edition of the FICC Focus podcast. Jersey discusses why he expects the Fed to remain on hold for at least the next several months, even after Jay Powell’s departure and Kevin Warsh’s expected arrival as chair. He examines the significance of recent FOMC dissents, the challenges Warsh may face in building support for rate cuts, and why shrinking the balance sheet while easing policy could prove difficult without broader changes to bank regulation. Jersey also explains how uneven job growth, inflation expectations and developments in oil prices could shape the path of policy and rates. He reviews his outlook for the Treasury curve, including why he expects the long end to remain rangebound and the front end to be driven by inflation breakevens and Fed expectations. Jersey closes with his view that Treasury coupon issuance will remain manageable through continued reliance on Treasury bills.
Transcribe →Credit Crunch: Shorecliff’s Nachman on Market, Managing Growth
2w ago01:03:54Tap to summarize“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 Management’s CIO and CEO. “But we always want to try to be nimble enough that we don’t have to own everything.” Nachman joins Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast to discuss Shorecliff’s “full-cycle credit” approach, new challenges in managing a firm as assets and headcount scale, and how to stay disciplined amid growth. They also explore the importance of relationships, relative value between broadly syndicated loans and high yield corporate bonds, and whether private credit’s consolidation phase will affect tradeable markets.
Transcribe →All Options Considered: AI FOMO, Yen, Making Sense of Volatility
2w ago00:09:58Tap to summarizeIn this edition of All Options Considered, BI’s Chief Global Derivatives Strategist Tanvir Sandhu discusses cross-asset volatility, including how markets were largely driven by the same oil-related macro shock, with equities marked by sharp rallies and slower pullbacks. He also covers this week’s Japanese FX intervention and the rates outlook after key policy decisions.
Transcribe →Macro Matters: BlackRock’s Brownback on Global FI Opportunities
2w ago00:20:45Tap to summarizeA changing Federal Reserve, tight credit spreads and renewed opportunities in securitized markets are reshaping the fixed-income outlook. Russ Brownback, BlackRock’s deputy CIO of global fixed income and manager of the Strategic Income Opportunities Fund, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist on this Macro Matters edition of the FICC Focus podcast. Brownback discusses what Kevin Warsh’s expected arrival as Fed chair could mean for policy, why he sees balance-sheet changes happening only gradually, and how public debate among policy makers reflects the complexity of the current economic environment. The two explore where Brownback sees the best opportunities across global fixed income, from carry trades and diversified credit portfolios to structured products such as commercial mortgage-backed securities, asset-backed securities, and non-agency mortgages. They also discuss relative value in Europe, improving prospects in emerging markets and why large US fiscal deficits are a market risk worth monitoring, but not yet a solvency concern.
Transcribe →EM Lens: Investors Aren’t Packing Their EM Bags Just Yet
2w ago00:31:48Tap to summarizeDespite the war-induced increase in macroeconomic uncertainty, investors are returning to emerging market fixed income as the universe of investible alpha opportunities continues to expand. Arif Joshi, senior managing director and EM fixed income portfolio manager at Bramshill Investments, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the structural backdrop as focus shifts to supply shortages across the energy complex. Joshi and Sassower touch on policy, positioning and performance across EM as the war in Iran persists.
Transcribe →Masters of the Muniverse: New York City and the Market’s Future
2w ago01:06:21Tap to summarizeNew York’s shifting political environment has significant implications for the city’s finances and municipal bond portfolios. In this episode of the Masters of the Muniverse podcast, Pat Luby, head of municipal research and senior municipal strategist at CreditSights, joins Bloomberg Intelligence’s Matthew Gastall, head of municipal research and strategy, and BI senior associate Karen Altamirano. Luby also shares his views on the growing importance of muni ETFs, new-issue volume trends, and what they could mean for issuers and investors.
Transcribe →Macro Matters: Jerome Schneider on Funding Market Risks
3w ago00:21:43Tap to summarizeFunding markets have remained remarkably calm even as investors continue to debate risks around Federal Reserve balance-sheet policy and the outlook for repo. Jerome Schneider, managing director at Pimco and head of short-term portfolio management and funding, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, and Will Hoffman, BI US and Canadian rates strategist, on this Macro Matters edition of the FICC Focus podcast. Schneider discusses why the funding backdrop looks more resilient than in past stress episodes, how the Fed’s backstops have changed the market’s risk profile and where he still sees pockets of illiquidity. The three also examine the tradeoffs between money-market funds and ultra-short strategies, how investors are using front-end products during bouts of volatility and what mandatory central clearing could mean for repo market structure. The Macro Matters podcast is part of BI’s FICC Focus series.
Transcribe →Credit Crunch: Around the World of Global Credit in 60 Minutes
3w ago00:55:15Tap to summarizeGlobal 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 Crunch podcast, Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, hosts BI’s global credit strategy team to highlight worldwide research, data and views. Tim Tan and Jason Lee (Asia), Basel Al-Waqayan (Middle East), Reto Bachmann (Structured Credit), Heema Patel (Europe) and Sam Geier (US) share takeaways on their recent research, relative value and major themes shaping their regions. Access their research on the Bloomberg Terminal at BI STRTA, BI STRTE, BI STRTN and BI EMFIG. The Credit Crunch podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.
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