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 strategist, look into how the recently announced plan for a larger BRICS has rekindled the de-dollarisation theme. Audrey and her colleague address the highly relevant economics and politics behind the BRICS extension and look into how this may impact de-dollarisation. In practice, expect limited impact for decades to come, with the dollar unchallenged on the International Monetary System (for now), and the euro arguably more of a challenger than the yuan in the near term.

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 there’s been some recent cooling, especially in separately managed account platforms, an area we’ve spent much time exploring this year on Masters of the Muniverse. In this episode of the podcast, Andrew Clinton, CEO and founder of Clinton Investment Management, sits down with Bloomberg Intelligence’s Eric Kazatsky and Karen Altamirano for an in-depth discussion about the muni market, recession expectations, his feelings post-Jackson Hole and the outlook for 4Q.

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, founder, president and co-CIO of Hildene Capital, with $14 billion in assets under management. Jefferson and co-CIO Dushyant Mehra join Noel Hebert, Bloomberg Intelligence’s director of FICC research, and Sam Geier, senior credit strategy associate, on this Credit Crunch episode, part of the FICC Focus podcast series for an in-depth discussion on the value in TruPs, identifying the fulcrum in CLOs, mortgage-backed products and the benefits of diversification.

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 policy, TD Securities USA’s Chief US Interest Rate Strategist Gennadiy Goldberg says on this Macro Matters podcast episode hosted by Bloomberg Intelligence’s Chief US Interest Rate Strategist Ira Jersey. Goldberg discusses his views on the Treasury market, the future of global monetary-policy actions and investor expectations for the economy.  In this week’s Interest Rate Intro segment, US Interest Rate Strategy associate Will Hoffman asks Jersey about the BI Rates team’s recent research note, which highlighted what may come next for technical yield levels.

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 go or is largely done, and which asset classes stand to benefit most in its aftermath. In this episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist at Bloomberg Intelligence, and Boris Okuliar, Co-Head of Global Liquid Credit at Ares Management, discuss the situation in global credit and the challenges of directional view after this correction. They discuss rates, yields, credit spreads and supply in detail. There's a particular focus on leveraged loans, high yield bonds, the impact of the CLO market and private lending.

In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G10 FX Strategist and Maeva Cousin, senior euro area economist at Bloomberg Economics, look into the euro and US near-term growth dynamics and how these may shape BI's euro-dollar outlook into year-end. We also touch on the euro-inflation outlook and European Central Bank's rate prospects for 2023 and 2024. For now, our positive euro-dollar relative growth differential outlook holds, but recent euro data have underwhelmed while US data have tended to overwhelm. The euro price action has been resilient thus far, though our strategists conclude this is no time for complacency.

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 & Look-Through podcast episode, Fernando Losada, Managing Director and Head of Latin America Sovereign Research at Oppenheimer, joins Bloomberg Intelligence’s Chief EM Fixed Income Strategist Damian Sassower to deliver his outlook on Latin American debt markets, with a focus on Central America and the Caribbean. From tourist inflows and remittances to oil imports and climate change, we discuss the economic and fundamental risks that have the potential to affect fixed-income valuations.

Spreads of mortgage-backed securities may remain wide, though net and gross supply could remain depressed given interest rate and housing market dynamics, Bloomberg Intelligence’s Chief MBS Strategist Erica Adelberg says. Adelberg joins Macro Matters podcast host and BI’s Chief US Interest Rate Strategist Ira Jersey to share her view on relative value within the mortgage markets, compare MBS to corporate bonds and discuss how recent bank regulations may affect mortgage demand. You can access more of Adelberg’s research on the BI Mortgages Dashboard by typing {BI MORTN }.

The red-hot credit rally leaves debt markets vulnerable ahead of historically-worst months, Bloomberg Intelligence Global Credit Strategy head Noel Hebert, distressed credit analyst Philip Brendel and bankruptcy litigation analyst Negisa Balluku say on this month’s edition of the State of Distressed Debt podcast. Guest Ralph Brubaker, the James H.M. Sprayregen Professor of Law at the University of Illinois College of Law, joins Balluku for an in-depth feature interview on corporate tortfeasors’ persistent efforts to exploit Chapter 11 protections (6:50). Hebert, Balluku and Brendel wrap up the episode with the latest developments for Johnson & Johnson, Cineworld, Crypto and Diamond Sports (50:20). Related research: Ralph Brubaker, The Texas Two-Step and Mandatory Non-Opt-Out Settlement Powers (July 2022) Amici Curiae Brief of Bankruptcy Law Professors Ralph Brubaker, George W. Kuney, and Bruce A. Markell, In re Purdue Pharma (Mar. 2022)

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 of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Dan Hanson, Bloomberg Senior UK Economist.

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 this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Nancy Davis, Founder of Quadratic Capital Management. Discussion points include key themes from the rates and equity volatility markets. Find out more about Quadratic Capital Management here: http://www.ivoletf.com

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 Macro Matter’s edition of the FICC Focus Podcast. Wong joins host Ira Jersey, Chief US Interest Rate Strategist for Bloomberg Intelligence, to discuss her view on the economy and future Fed policy. Jersey mentions some investors are concerned about a reacceleration of inflation, to which Wong handicaps the possibility, but notes even if inflation does climb a bit again, the Fed might not have to hike rates further.  In this week’s Interest Rate Intro segment, US Interest Strategy Associate William Hoffman asks Jersey about his deficit and Treasury issuance forecast. Jersey notes additional Treasury coupon issuance may be announced at next week’s Treasury Refunding announcement.

Asset-based finance has moved nearer center stage in the fast growing private credit market, competing with corporate direct lending for attention. Castlelake’s Co-CEO and Chief Investment Officer Evan Carruthers joins hosts Noel Hebert, Bloomberg Intelligence’s director of FICC research, and Sam Geier, senior credit strategy associate, on this Credit Crunch podcast episode to talk about the current landscape and opportunity amid uncertainty. Turbulence in aviation finance and innovation in consumer, as well as the small and medium enterprise space are among topics discussed.

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 Lens & Look-Through podcast, Ilke Pienaar, Head of Emerging Market Fixed Income Sovereign Research at PineBridge Investments, joins Chief EM Fixed Income Strategist Damian Sassower to deliver her mid-year outlook on EM credit. She discusses the firm's key convictions across EM, with Asia high yield exhibiting improved fundamentals and attractive valuations.

BI global credit strategy head Noel Hebert, distressed credit analyst Philip Brendel and bankruptcy litigation analyst Negisa Balluku discuss how credit markets are "melting up" with equities, but that it may be fleeting. Noel and Phil also have an in-depth feature interview with John Pavelski, co-head of North America for the Carlyle Credit Opportunities Fund, on the possibilities created as the private credit market weathers a distressed cycle (10:30). Finally, Negisa, Noel and Phil discuss the latest developments in crypto bankruptcies, Audacy, Diamond Sports and J&J (1:04:30).

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 separately managed accounts. For those looking to expand or break into this space, scaling the business is the single largest pain point. Investortools’ Senior Vice President James Morris joins Bloomberg Intelligence’s Eric Kazatsky and Karen Altamirano on this episode of the Masters of the Muniverse podcast to discuss this challenge and highlight an off-the-shelf solution.

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 Audrey Childe-Freeman, Bloomberg Intelligence's chief G10 FX strategist, examines the outlook for the US and global economies and the implications for currencies with Solita Marcelli, chief investment officer Americas, UBS Global Wealth Management. In particular, Solita and Audrey acknowledge that beyond a structurally dollar-negative case that's not going away, a shifting US cyclical and inflation narrative and near Fed rate peak are giving dollar bears another chance in 2H, with $1.15 euro-dollar and 0.85 dollar-Swiss feasible into 2H and beyond.

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. Will 3Q sustain the 1H gains and when do we see a default wave, if any? Listen to hear Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence discuss the results of the 3Q23 High Yield Survey and comment on the market outlook and trends in a Q&A format with George Flynn, Head of Credit at Wisealpha Technologies. They discuss our 3Q23 survey publication, in detail, covering investor positioning, sentiment, key return drivers, default and supply forecasts and relative-value opinions by geography, rating and sectors in detail.

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, Bloomberg Intelligence’s Chief US Interest Rate Strategist says in this Macro Matter’s edition of the FICC Focus podcast.  Jersey provides his short- and longer-term view of the rate markets, mentioning how the real federal funds rate may peak at about 2.5% if consensus inflation estimates and market pricing are realized. Jersey is also joined by US Interest Rate Strategy Associate Will Hoffman to discuss the rebuild of the Treasury General Account (the government’s checking account held at the Fed), and how T-bill issuance has thus far been primarily funded by lower use of the Fed’s reverse repurchase agreement facility. They also talk about how Fed liabilities move around during the TGA rebuild, and Jersey gives his expectation of when the Fed runoff might end due to bank reserves reaching their “tipping point.”

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 off in developed market sovereign debt. Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey is joined by his European counterpart Huw Worthington on this Macro Matters edition of the FICC Focus podcast. Huw gives his outlook for inflation and central bank policy actions in Europe and the UK, while Jersey highlights his shift in view that the Federal Reserve may hike further. In this episode’s Interest Rate Intro segment, US Interest Rate Strategy Associate Will Hoffman asks Jersey about the Fed’s bank stress tests and how they may be affecting markets. Jersey gives a summary of the tests and his view that bank compliance has depressed risk taking and therefore liquidity.

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 Focus podcast series. Waterfall Asset Management’s Managing Partner and Cofounder Jack Ross, one of the pioneers in asset-based securities, joins Bloomberg Intelligence’s Director of FICC Research Noel Hebert and Senior Credit Strategy Associate Sam Geier for an in-depth discussion about the transformation of the asset class over Ross’ storied career, areas of concern in commercial real estate and consumer spending, as well as how the burgeoning private credit space is influencing the investment landscape.  This recorded discussion is not intended to be and does not constitute an offer of Waterfall Asset Management, LLC’s (“Waterfall”) investment advisory services. The information, statements, commentary, views, and opinions (collectively, the “Commentary”) provided in this discussion are general in nature, may reflect the perspective of the individual rather than Waterfall and the Commentary is not intended to be and should not be construed as the provision of investment advice by Waterfall, to that listener or generally, and do not result in any listener being considered a client or customer of Waterfall. Any discussion of the past performance of any investment, sector, or market is not indicative of any future results. Further, the Commentary is as of the date of recording and may not be current at the time that listener hears the discussion. Waterfall does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to the Commentary.

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 difference between actual inflation data releases vs. consensus keeps volatility elevated at the front end of the yield curve. The flattening of the curve reflects the risk to growth and increased pricing of cuts. 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.

An improving inflation outlook alongside weaker cross-asset volatility and more moderate global growth is contributing to the bullish narrative in EM local government debt. In this month’s EM Lens & Look-Through podcast, Phoenix Kalen, Head of Emerging Market Research at Societe Generale, joins Chief EM Fixed Income Strategist Damian Sassower to deliver her mid-year outlook on EM local currencies and debt. She discusses the firm's key EM trading themes, and highlights various structural, idiosyncratic and tactical opportunities.

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 Economist Anna Wong remarks. She joins Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey on this Macro Matters edition of the FICC Focus podcast to recap the FOMC meeting and discuss her views for the future. Wong still expects a mild recession in 2H, thinks the Fed will maintain interest rates near the peak and that balance-sheet reduction will continue into next year. She also believes Chairman Jerome Powell’s press conference was relatively neutral, though the dot plot was hawkish.

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 tax-exempt income exceeding inflation remains a key feature, especially if recessionary pressures increase. Parametric’s Nisha Patel joins Bloomberg Intelligence’s Eric Kazatsky and Karen Altamirano on this episode of the Masters of the Muniverse FICC Focus podcast to discuss the advantages of technology-driven systematic solutions and some of the strategies used to maximize returns. Patel also shares how not all ladder strategies need to be passive.

Credit markets have a dour seasonal outlook and piecemeal restructurings are flailing. BI Global Credit Strategy head Noel Hebert, distressed credit analyst Philip Brendel, and bankruptcy litigation analyst Negisa Balluku discuss these issues and more on the June edition of the State of Distressed Debt Podcast. Guest Matthew Cantor, Head of Legal Strategies and Special Situations of Pretium Partners, shares his views on litigation finance, distressed banks and the distressed cycle (8:12). Also of note: the latest developments in Serta, Incora, FTX, Diamond Sports, J&J and Cineworld (46:05).

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 views from across regions and this time we head to sunny France for some Gallic finesse in credit portfolio management. In the 11th episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist, and Benoit Soler, Senior Portfolio Manager and Head of Credit at Keren Finance, discuss the situation in European credit and the specific challenges of ESG portfolio management with new regulations and the failure of CDS to "deliver" when expected.

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 higher remains feasible later this year. In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, reflects on the euro-dollar's outlook as we contemplate 2H and after a very challenging 1H for bullish views. Childe-Freeman believes the positive narrative holds into 2H, with the European Central Bank's and Fed's monetary-cycle lags, a possible adjustment to more-supportive euro-US economic surprises and the US debt-ceiling deal are likely to help the view. Cyclical uncertainty in China is an unwelcome negative consideration, but it's arguably partly priced in. Click the exhibit to hear the podcast.

Corporate fixed income looks attractive compared with equities, Abrdn’s Jonathan Mondillo, head of North American fixed income says. Mondillo joins Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey on this Macro Matters edition of the FICC Focus podcast to discuss how private debt markets can offer opportunities and less volatility than some public credit areas. He also reviews Abrdn’s preferred sectors given its outlook for a recession beginning in early 2024, and the effects political policy and the Federal Reserve may have on fixed-income investing.

The banking crisis on both sides of the Atlantic led to significant repricing and revaluation in credit markets globally. But the rally following government and regulatory actions has recovered much of the lost ground. In the 10th episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist, and Noel Hebert, Chief US Credit Strategist at Bloomberg Intelligence, discuss the aftermath of banking crisis and the rally, performance of banking bonds including AT1s and CDS indexes and the outlook for credit markets on both sides of the Atlantic including fundamentals, defaults, central bank actions, yield-curve impacts and return forecasts.

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 strategist, reflect on China's recovery story and on how some recent underwhelming monthly indicators reports may affect prospects into 2H as well as the currency market. Our analysts see the recent China economic news flow as a readjustment to more realistic growth expectations as opposed to evidence of a bleak outlook, with the recovery story intact for now. This implies that while the yuan is exposed near-term -- and that's not ideal for euro bulls either -- a more supportive narrative should return in 2H.

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 this boom may be impacting the stock market. This edition of the All Options Considered podcast focuses on zero days to expiry options, or 0DTEs, and addresses the diversity of the investor base and what type of strategies are being traded. BI’s Global Derivatives Strategist Tanvir Sandhu is joined by Arianne Adams, Senior Vice President, Head of Derivatives and Global Client Services at Cboe Global Markets.

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. In this month’s EM Lens & Look-Through podcast, Bloomberg Intelligence’s EMEA FX & Interest Rate Strategist Sergei Voloboev joins Chief EM Fixed Income Strategist Damian Sassower to discuss his outlook on local currency and debt markets in Poland, Hungary and the Czech Republic. Voloboev also shares his views on Turkey’s general elections, Israel’s proposed judicial overhaul and South Africa’s energy crisis.

Lisa Hornby, Schroder Investment Management’s Head of Multi-Sector Fixed Income, says mortgages and shorter-term Treasury securities are more attractive than corporates given the firm’s outlook for the economy. Hornby joins Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey on this episode of the Macro Matters edition of the FICC Focus podcast. Hornby discusses why she thinks corporate credit may be challenged in some cases, yet says that broadly the risks are name-specific, rather than being confined to certain sectors. In the Interest Rate Intro segment, US Rates Strategy Associate Will Hoffman asks Jersey how a debt-ceiling deal could affect the Treasury General Account, along with bank reserves and other Federal Reserve liabilities.

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 challenges investors have had to contend with this year. Though some have chosen to hide out in high-yield cash equivalents such as money-market products, opportunities exist if cloudy valuations can be navigated. Belle Haven Investments’ CEO and CIO Matt Dalton and Director of Research Dora Lee join Bloomberg Intelligence strategist Eric Kazatsky and Karen Altamirano on this Masters of the Muniverse podcast episode to share their muni-market perspective.

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 Intelligence European Interest Rate Strategist Huw Worthington. On this Macro Matter’s edition of the FICC Focus podcast, Worthington suggests that the UK’s rate-hiking cycle may be nearing an end, while the European Central Bank could raise somewhat further. He notes that quantitative tightening via asset runoff by the ECB is just beginning at full force. Recent credit-rating actions on France might have implications for reviews of Italy and could affect markets. BI US Interest Rate Strategist Ira Jersey also speaks with Chief US Economist for Bloomberg Economics Anna Wong about recent inflation data and the Federal Reserve’s policy actions last week. She discusses her view of the economy and inflation — highlighting the risk that inflation doesn’t fall aggressively — and the Fed remaining on hold for longer than the market is pricing.

Market downswings and rallies and concern about the next crisis have been major preoccupations over the past two years. A significant credit-market innovation helping to address this was introduced in this period and it's coming to the forefront now -- credit index futures. In the ninth episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist and Davide Masi, Fixed Income ETD Product Design at Eurex, discuss the need for credit index futures, the features of the Investment Grade (LXY) and High Yield (AHW) futures contracts along with their underlying benchmarks, their merits for hedging and risk-taking and their potential in terms of trading costs and volume.

“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 small-cap stack…a lot of the advisory, workout and bankruptcy costs are much more onerous in a smaller-cap stack,” Corbin Capital’s Chief Investment Officer Craig Bergstrom says on this month’s State of Distressed edition of the FICC Focus Podcast. In this episode, Bloomberg Intelligence global credit strategy head Noel Hebert and distressed credit analyst Philip Brendel discuss how the credit markets are locked in to their seasonal trends, and if continued, may tumble this summer. Then, they have an in-depth feature interview with Bergstrom on the current credit opportunity set, private credit and evaluating credit funds (7:39). Bankruptcy litigation analyst Negisa Balluku joins the podcast for a roundtable discussion of distressed topics, including Bed Bath & Beyond, National CineMedia, Johnson & Johnson’s second foray in Chapter 11 and Exela Technologies (1:06:20).

ING’s Antoine Bouvet, head of European rates strategy and James Smith, developed market economist, join Bloomberg Intelligence’s Chief US Rates Strategist Ira Jersey on this episode of the Macro Matters editions of the FICC Focus podcast to discuss the economy and rate markets of the Eurozone and the UK. Bouvet and Smith give their outlook for inflation, central bank policy and government bond markets.

In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist, discusses her still-positive sterling outlook and revisits the UK's near-term cyclical dynamics and longer-term structural considerations with Dan Hanson, senior UK economist at Bloomberg Economics. The pair acknowledge the better-than-expected backdrop that's helped sterling year to date and discuss the risks to the UK's economic outlook, with implications for monetary policy and the pound. Hanson also explains the main longer-term challenges facing the UK economy, in particular regarding productivity and fiscal considerations. Beyond unexpected economic resilience thus far this year, there are other reasons supporting a more upbeat pound outlook, including improving post-Brexit UK-EU relations.

In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Matthew Tym, Head of Equity Derivatives Trading at Cantor Fitzgerald. Discussion includes the volatility reset in G10 FX and equity market.

Municipal performance through the first four months of 2023 is a semi-welcome respite from the tough 2022 that many asset managers faced. The tax-exempt market is still contending with the same challenges that somewhat define the sector such as supply and demand imbalances and municipal valuations that seem overly rich until they unwind in the other direction. Though sole exempt investors are strapped in and along for the ride, those who live in the crossover world can maneuver more adeptly around “relative value.” Wesly Pate, a senior portfolio manager at Income Research & Management joins Bloomberg Intelligence Strategist Eric Kazatsky on this Masters of the Muniverse podcast episode to explain how a true cross-over investor is looking at munis’ potential opportunities.

European high yield had its first default but the proportion of stressed and distressed bonds is under control after a positive first quarter for returns. Will 2Q sustain the 1Q gains and when do we see a default wave, if any? Please join Mahesh Bhimalingam, Chief European Credit Strategist, Bloomberg Intelligence as he discussed the results of the 2Q23 High Yield Survey and comment on the market outlook and trends in a Q&A format with George Flynn, Head of Credit at Wisealpha Technologies. We discussed our 2Q23 survey publication covering investor positioning, sentiment, key return drivers, default and supply forecasts and relative value opinions by geography, rating and sectors in detail.

Deteriorating US economic fundamentals are fueling late-cycle serendipity in emerging market currencies, yet any declarations alluding to a demise in the dollar smile will likely prove exaggerated. In this month’s EM Lens & Look-Through podcast, Jonny Goulden, managing director and head of EM sovereign strategy at JPMorgan joins Bloomberg Intelligence Chief EM Fixed Income Strategist Damian Sassower to share his views on EM foreign exchange resilience, the glide path for short-term interest rates and spillover from US financial sector stress to EM credit spreads.

Bank debt may be an attractive asset class, NewEdge Wealth’s portfolio manager and head of fixed income Ben Emons tells Bloomberg Intelligence Chief US Interest Rate Strategist and host Ira Jersey on this Macro Matters edition of the FICC Focus podcast. Emons discusses his views on future central-bank policy action in the US, Europe and emerging markets. He also reviews how the yield curve could react, highlighting that EM was early in tightening monetary policy. Jersey asks Emons about the challenges of investing in private credit and how loan markets are being altered by the transition to SOFR away from Libor. In the Interest Rate Intro segment, US Rate Strategy Associate Will Hoffman asks Jersey what could happen after the debt ceiling raised, and how the Treasury Department may refill government coffers.

The banking crisis on both sides of the Atlantic has led to significant repricing and revaluation of certain instruments in credit markets. But the rally following government and regulatory actions has recovered some of the lost ground. In our seventh episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist and Noel Hebert, Chief US Credit Strategist at Bloomberg Intelligence, discuss the banking crisis aftermath, performance of banking bonds including AT1s and CDS indexes and the outlook for credit markets on both sides of the Atlantic including fundamentals, central bank actions, yield curve impacts and return forecasts.

“There’s a growing trend to get in front of these names a little earlier...FOMO is alive and well in the creditor community...no one wants to find out a deal has been done around them. Particularly if it is an aggressive up-tier exchange,” Fidelity Investments’ Nathan Van Duzer says on this month’s State of Distressed edition of the FICC Focus Podcast. In this episode, Bloomberg Intelligence global credit strategy head Noel Hebert and distressed credit analyst Philip Brendel discuss how SVB’s demise stirred up distressed supply in March. Then, they have an in-depth feature interview with Van Duzer on the workout playbook and how the restructuring business has changed over the past 20 years (5:20). Bankruptcy litigation analyst Negisa Balluku and Bloomberg News’ Eliza Ronalds-Hannon also join the podcast for a roundtable discussion of distressed topics, including Johnson & Johnson’s second try at settling talc claims in Chapter 11, 3M, Voyager Digital, FTX, Bed Bath & Beyond, AMC Entertainment, Cineworld and Diamond Sports (1:15:10).

Adding duration to fixed income portfolios will be attractive as the economy slows later this year, Amundi US’ head of fixed income Jonathan Duensing explains to Bloomberg Intelligence Chief US Interest Rate Strategist and host Ira Jersey on this Macro Matters edition of the FICC Focus Podcast. Duensing discusses how Amundi analyzes markets prior to investment decisions, noting his team’s bottom-up approach. He says mortgage-market extension has made evaluation of the sector easier. On the recent banking turmoil, Duensing suggests risks may be quelled thanks to quick policy action. Regulators did a good job ringfencing the regional banks over the the past month to avoid contagion to the broader financial system, Duensing says. In the Interest Rate Intro segment of the podcast, US Rate Strategy Associate Will Hoffman asks Jersey about the difference between Libor and secured overnight financing rate (SOFR). Jersey explains that SOFR isn’t a like-for-like replacement and suggests that the Bloomberg Short-Term Bank Yield (BSBY) might be better for assessing financial liquidity risk.