FICC Focus

Episodes

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  State of Distressed: UBS’ Chaisanguanthum on Coops, LMEs, and AI 11.11.2026 1h 40m

  “What I’m hyper focused on is ... not losing money on the new money,” observes Michael Chaisanguanthum, managing director and head of restructuring for UBS Asset Management’s Credit Investments Group, reflecting on the disappointing performance of aggressive liability management exercises (LMEs). In this episode of the State of Distressed Debt podcast, Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel sit down with Michael to explore why lenders are increasingly abandoning the cutthroat in-group/out-group playbook in favor of broader creditor cooperation. The conversation unpacks why lenders may be better off letting borrowers pursue the deal-away from third-party lenders rather than committing fresh capital to troubled credits and why court decisions have done little to derail creative LME tactics. Michael also examines the negotiating friction created by aggressive nondisclosure agreements and disqualified lender lists, and the opaque economics of bankruptcy roll-ups that can obscure the true value being transferred among creditors. BI's Noel Hebert later joins Phil and Negisa for a discussion (1:09:00) around their latest distressed credit research on Incora, Getty Images, Xerox, Hughes Satellite Systems, and Telesat. The State of Distressed Debt podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.
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  FICC Focus Special: Seeking Alpha in Global Securitized With TCW 06.11.2026 29m

  Securitized assets offer ample opportunity for alpha generation, as structural complexity often results in market dislocation and mispriced credit risk. Liza Crawford and Peter Van Gelderen, co-heads of global securitized at TCW, join Bloomberg Intelligence chief EM fixed income strategist Damian Sassower to discuss their approach to securitized credit and asset-based lending in a more volatile interest rate environment. Crawford and Van Gelderen drill down into the various sectors, loan types and deal structures that investors can access across this rapidly evolving asset class.
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  Macro Matters: BNY’s Velis on Fed Policy, Curves and the Dollar 05.11.2026 23m

  With markets questioning how much further the Federal Reserve will tighten, the path of short-term rates may matter more for the yield curve than persistent fears about inflation or fiscal policy. John Velis, macro strategist for the Americas at BNY Mellon Markets, joins Bloomberg Intelligence chief US interest-rate strategist Ira Jersey to discuss this and more on this Macro Matters edition of the FICC Focus podcast. Velis explains why he expects a December hike but is skeptical the Fed will deliver all the tightening priced for 2027, which could eventually create opportunities to receive rates. The two also discuss why the Treasury curve may remain relatively flat until the market embraces a less-hawkish Fed path, how political and AI-related uncertainty is suppressing investor conviction, and what BNY’s custody data reveal about unusually cautious positioning. They close with Velis’ outlook for a softer dollar, particularly against select Asian and Canadian currencies. he Macro Matters podcast is part of BI’s FICC Focus series.
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  FX Moment: Sterling’s Fiscal Hurdle Cleared, Moving On to BOE 03.11.2026 26m

  The UK’s “low-key fiscal event” budget means a fading fiscal premium, for now, and a focus on sterling’s carry appeal as the first BOE rate rise in the cycle looms. In this episode of the FX Moment podcast, Bloomberg Intelligence chief FX strategist Audrey Childe-Freeman and Ben Ford, FX strategist at Macro Hive in London, discuss sterling’s dynamics following the UK’s Oct. 28 budget and ahead of the Nov. 5 Bank of England policy meeting. The two examine sterling’s euro-proxy virtues during periods of French turmoil, validating BI’s 0.8250 euro-sterling view. Ford also touches on the bullish Swiss-franc view amid renewed risk aversion, consistent with Audrey Childe-Freeman’s case for defensive foreign exchange and euro-Swiss falling toward 0.91-0.90 in 2027. The FX Moment podcast is part of BI’s FICC Focus series. Listen to this episode on Apple Podcasts and Spotify.
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  Macro Matters: Northern Trust’s Bahuguna on AI and Equities 02.11.2026 23m

  With stronger nominal growth, persistent inflation and an AI-driven investment boom reshaping the macro backdrop, investors may need to rethink traditional stock and bond allocations. Anwiti Bahuguna, co-chief investment officer of Northern Trust Asset Management, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to discuss this and more on this Macro Matters edition of the FICC Focus podcast. Bahuguna explains why she sees the post-Covid economy as a new macro regime, how a more divided Federal Reserve could affect the pace of tightening and why strong wealth effects continue to support US consumers. The two also discuss Northern Trust’s overweight to AI-linked emerging markets, Europe and the UK as portfolio diversifiers. Other topics include political risks surrounding data-center construction and why real assets may play a larger role in portfolios facing both inflation and growth shocks. The Macro Matters podcast is part of BI’s FICC Focus series.
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  Credit Crunch: PGIM Credit’s Peters on Convergence, Crowding Out 30.10.2026 55m

  “The idea of patient capital is something of a dinosaur,” says Greg Peters, co-CIO for PGIM Credit, on the speed with which markets can reprice. “The rise of algos and CTAs, you’re just seeing a lot more volatility in the market.” Peters joins Bloomberg Intelligence’s Noel Hebert on the latest episode of the Credit Crunch podcast to discuss the market function, why sovereign and AI funding needs risk crowding-out behavior in markets, particularly at the long end, and the importance of a new response function at the Federal Reserve. They explore relative value across the curve, whether the hyperscaler debt stack is investable and regulatory arbitrage as a potential destabilizing force for markets. The Credit Crunch podcast is part of BI’s FICC Focus series.
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  All Options Considered: Is 100 High for Rates Volatility? 28.10.2026 9m

  In this edition of All Options Considered, BI Chief Global Derivatives Strategist Tanvir Sandhu discusses why US rates volatility has risen from its early-2026 lows but remains near longer-run historical averages rather than at an outright extreme. He also examines how higher forward rates may limit a return to those lows, where volatility is concentrated across the swaption surface and why risks priced by the options market are becoming more two-sided.
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  Credit Crunch: Waterfall’s Cuby on ABF and the European Consumer 23.10.2026 55m

  “We’re credit guys,” says James Cuby, partner and head of Europe for Waterfall Asset Management, when discussing asset selection and the right risk-return profile. “We’re not going to be able to generate a 30% return, and therefore an investor’s not going to be comfortable with a minus 20% return.” Cuby joins Bloomberg Intelligence’s Noel Hebert on the latest episode of the Credit Crunch podcast to discuss Europe’s asset-based finance landscape, including the continued migration from banks into alternative credit providers, what lending models are built to navigate that evolution, and what it takes to compete given the aggressive flow into the asset class. They explore the effects of the current rates backdrop and sovereign debt concerns, looming elections and why European consumers may be better credits than their US counterparts. Cuby also touches on the role of technology and the importance of relationships in deal sourcing.
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  Macro Matters: Buckler’s Lazar on Repo, Clearing and the Fed 22.10.2026 27m

  With repo markets functioning smoothly but major structural changes approaching, investors are focused on funding conditions, Federal Reserve liquidity and the shift to mandatory Treasury clearing. Andrew Lazar, head of sales at Buckler Securities, joins Bloomberg Intelligence interest rate strategists Ira Jersey and Will Hoffman to discuss these issues on this Macro Matters edition of the FICC Focus podcast. Lazar explains why softer demand for leverage has helped keep repo conditions calm, how Fed reserve-management purchases can provide liquidity during periods of stress and why central clearing could raise costs without ending Treasury basis trades. The group also discusses the Fed’s rate outlook, Chairman Kevin Warsh’s shifting communications strategy and why Lazar sees scope for long-dated Treasury yields to decline if geopolitical and energy pressures ease. The Macro Matters podcast is part of BI’s FICC Focus series.
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  Credit Crunch: Around the World of Global Credit in 60 Minutes 21.10.2026 49m

  Global credit markets have stayed relatively calm through wars and sovereign crises like the one in France, despite swings in rates, making strategic insights essential. 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 discuss key research, data and views from around the world. Tim Tan and Jason Lee (Asia), Reto Bachmann (structured credit), Heema Patel (Europe) and Alice Zhou (US) share their outlooks and the key themes shaping their regions. Access their research on the Bloomberg Terminal at BI STRTA, BI STRTE and BI STRTN. The Credit Crunch podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.
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  Masters of the Muniverse: Why Boring Munis Have Rarely Paid More 20.10.2026 57m

  Looking across 200 years of history to the AI-driven energy boom, there’s a case that munis haven’t looked this good in a long time. On this episode of Masters of the Muniverse, Matt Gastall, head of municipal research and strategy at Bloomberg Intelligence, sits down with Mark Schmidt, CFA, executive director and head of municipal strategy and research at Morgan Stanley, for a fast-paced tour of today’s municipal bond market. Masters of the Muniverse is part of BI’s FICC Focus series.
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  FX Moment: Structural Yuan Bull Run vs Unsolved Yen Bull Puzzle 16.10.2026 21m

  In this episode of the FX Moment podcast, recorded in Hong Kong, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Gary Ng, Senior Economist at Natixis CIB in Hong Kong, discuss Asia FX in 4Q and into 2027, with a focus on the yuan and the yen. The bottom line is that structural yuan bulls were validated into 4Q and may extend into 2027, with the 6.65 dollar-yuan reference value credible in the near to mid-term. This is mainly about a yuan-supportive balance of payments position and yuan appeal on global diversification strategies, while relative yield differentials are less of a driver for that currency pair. On the yen and on dollar-yen in particular, Gary and Audrey touched on the mixed drivers and considerations and on what may be the the best avenue to sustained yen strength beyond a turn in the US dollar.The FX Moment podcast is part of BI’s FICC Focus series. Listen to this episode on Apple Podcasts and Spotify.
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  Macro Matters: Wellington’s Medeiros on the Fed and 2027 Risks 15.10.2026 21m

  With nominal GDP running above 6% year to date and earnings season kicking off, Mike Medeiros, macro strategist at Wellington Management, explains why corporate profitability has been well-supported and why that support may be fading, in his return to the Macro Matters edition of the FICC Focus podcast, hosted by Ira Jersey, chief interest-rate strategist for Bloomberg Intelligence. The wide-ranging discussion on the macro backdrop heading into 4Q and beyond covers the Fed’s hiking cycle under Chairman Kevin Warsh, the shift away from forward guidance and why current policy rates may still not be sufficiently restrictive to bring core inflation sustainably back to 2%. Mike and Ira also dig into the Treasury-market selloff — now potentially in the “eighth inning” — tighter financial conditions and what below-trend growth in 2027 could mean for risk assets. The episode also tackles the upcoming midterm elections, implications for AI regulation and the data-center build-out, the fiscal drag from the One Big Beautiful Act and long-term debt sustainability concerns. Finally, Mike shares his medium-term asset allocation views, making the case for real assets over financial assets amid structurally higher rates. The Macro Matters podcast is part of BI’s FICC Focus series.
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  State of Distressed: Bloomberg’s Diaz-Matos on LME Whack-a-Mole 09.10.2026 1h 26m

  “Even when you think you’ve patched the last three holes ... what does it matter that you actually blocked one, two, and three if the company can still get there through route four?” observes Alex Diaz-Matos, Bloomberg Intelligence senior covenant analyst, on the game of whack-a-mole between creditors and borrowers in today’s bloated credit agreements. In this episode of the State of Distressed Debt podcast, Bloomberg Intelligence analysts Phil Brendel and Negisa Balluku sit down with Alex to explore the cutthroat tactics in liability management exercises and how Aston Martin, Electronic Arts, Xerox and Optimum Communications have used IP, joint ventures and novel entity structures to raise financing and circumvent seemingly ironclad lender protections. The conversation also breaks down the unintended consequences of increasingly precise drafting, the limits of non-unanimous covenant protections and how the distressed market has evolved since Serta turned theoretical vulnerabilities into harsh reality. The podcast concludes (52:34) with Phil and Negisa providing a roundup of their latest distressed credit research on Optimum Communications, Dish Wireless, Hughes Satellite Systems and Getty Images.
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  Macro Matters: Pimco’s Clarida on Fed Policy and Balance Sheet 08.10.2026 24m

  With the Federal Reserve confronting persistent inflation, strong demand and questions about how much further rates may need to rise, investors are also watching for potentially significant changes to the central bank’s communications and balance-sheet framework. Richard Clarida, Pacific Investment Management Co. managing director and global economic advisor and former Federal Reserve vice chair, joins Bloomberg Intelligence interest-rate strategists Ira Jersey and Will Hoffman to discuss that and more on this Macro Matters edition of the FICC Focus podcast. Clarida explains why Kevin Warsh inherited an FOMC that had already shifted sharply toward tighter policy, why eliminating formal forward guidance doesn’t mean Fed officials will stop signaling their views and why the September rate increase reflected a committee increasingly focused on bringing inflation back to 2%. The group also discusses how the Fed could shrink its balance sheet while retaining an ample-reserves regime, whether its portfolio should move toward a barbell of Treasury bills and longer-dated securities and the potential role for temporary open-market operations. They close with a discussion of how AI-related capital spending is making the economy less interest-rate sensitive and why the Fed may ultimately need to tighten further if strong demand doesn’t moderate on its own. The Macro Matters podcast is part of BI’s FICC Focus series.
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  Credit Crunch: Investor Survey 4Q - Rate Bears Hoard Rally Cash 06.10.2026 36m

  Credit and high yield are in the red for the year after a two-month selloff. Will 4Q deliver gains or more losses, and why? On this episode of the Credit Crunch podcast, Mahesh Bhimalingam, Bloomberg Intelligence global head of credit strategy, discusses the results of the BI 4Q26 Investor Survey and the market outlook with George Flynn, high-yield portfolio manager at New Capital, EFG International. They cover valuations and central bank actions, along with distress and default rates. The podcast also examines survey results on investor positioning, sentiment, key return drivers, supply forecasts and relative value across asset classes (high grade vs. junk), geographies (Europe vs. US), ratings and sectors. 
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  FICC Focus Special: Barings' Slaven Is Cautious on Complexity 06.10.2026 27m

  Asset allocators should prepare for continued bouts of volatility, as negative asymmetry in market fundamentals, valuations and technicals is causing investors to trim equity exposure and move up the capital stack. Trevor Slaven, Global Head of Asset Allocation and Multi-Asset Portfolio Solutions at Barings, joins Damian Sassower, Bloomberg Intelligence’s Chief EM Fixed Income Strategist, to assess the AI-induced transformation taking place across the global economy. Slaven and Sassower explore the impact of IT-related capital expenditure on labor markets, inflation expectations and corporate margins, with high-beta asset classes exposed to greater downside risk. Listen to this episode on Apple Podcasts and Spotify.
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  Macro Matters: Rabobank’s Lawrence on Rates and Global Markets 01.10.2026 21m

  With global bond yields at multi-decade highs and markets pricing further central-bank tightening, investors are reassessing the relative value of rates, equities and currencies. Christian Lawrence, chief cross-asset strategist at Rabobank, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to discuss that and more on this Macro Matters edition of the FICC Focus podcast. Lawrence argues that the recent surge in Treasury yields has been driven more by real rates and strong growth than by rising inflation expectations, and says the latest move increasingly resembles a pain trade that could partially reverse. The two discuss how higher yields are already weighing on market breadth beneath equity indexes, why large-cap companies with strong free cash flow may remain better positioned and how changing hedge ratios and interest-rate differentials are influencing the dollar. They also examine whether markets are pricing too many rate hikes from the Federal Reserve and other major central banks, the global trend toward looser fiscal policy and why relative-value trades may offer better opportunities than outright directional bets while volatility remains elevated. The Macro Matters podcast is part of BI’s FICC Focus series.
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  Credit Crunch: Ellington’s Vranos on MBS Innovation and Alpha 28.09.2026 56m

  “You want to buy the security based on this yield, but you have to protect against the risks,” says Mike Vranos, CEO and founder of Ellington Management Group. “What you see is many investors just ignore the option they’re short or, in the extreme example, they ignore the left tail risk,” Vranos adds when discussing how to deliver alpha in securitized products. He joins Bloomberg Intelligence’s Erica Adelberg and Noel Hebert on the latest episode of Credit Crunch to discuss innovation in the mortgage-backed market during his time at Kidder Peabody and later at Ellington, the rise of non-qualified mortgages and the merits of CLO equity. The three discuss the role of insurance capital, investment discipline and where value resides in the current landscape, before closing on the importance of philanthropy. The Credit Crunch podcast is part of BI’s FICC Focus series.
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  State of Distressed: Latham’s Sobolewski on Evolving LME Tactics 25.09.2026 1h 24m

  “’Co-op first, ask questions later’ is down a bit from its peak, though not dead,” observes John Sobolewski, Global Chair of Latham & Watkins’ Liability Management Practice, as he addresses the latest dynamic between debtors and lenders in distressed situations. In this episode, Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel sit down with John to explore the current state of Liability Management Exercises (LMEs) and why stakeholders are ultimately motivated to find negotiated resolutions over value-destroying, multiyear litigation. The conversation unpacks the delicate mechanics of these negotiations, including why repeat market players will give minority holdouts a fair shake but “hold the line” against nuisance value to avoid giving an inch that turns into a yard. John also breaks down the massive bid-ask spreads — think “Grand Canyon” — between debtors and creditors, why debt funds continue to resist taking back equity, and the software sector’s growing interest in LM solutions.  The podcast concludes (53:10) with BI’s Noel Hebert joining Negisa and Phil for a roundup of their latest research on Air Baltic, QVC, DISH DBS, DISH Wireless, Hughes Satellite Systems, Telesat, and Xerox. The State of Distressed Debt podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.