FICC Focus

Steve Ketchum, the founder and CEO of Sound Point Capital—an innovative player in alternative credit management—shares insights into the evolution of credit strategies. He delves into the importance of having more ideas than capital, the rise of private credit, and how it can enhance financial stability post-2008. Ketchum discusses the intricacies of commercial real estate and CLOs, and the recent credit events that have sharpened investor diligence. He also highlights his philanthropic efforts, underlining a commitment to community and support for first responders.

Samuel Sibony, a Portfolio Manager at Algebris Investments specializing in subordinated debt, joins to discuss the evolving landscape of credit in 2025. They explore the performance of credit relative to sovereign crises, especially in France, and the appeal of AT1s despite market tightness. Sibony highlights selective opportunities in single B and CCC high yield, while cautioning about corporate hybrid valuations and execution risks. The conversation also touches on private vs public credit risks and the implications of market movements on future credit strategies.

Ranesh Ramanathan, a Partner at Akin, shares his expertise in tailored capital solutions for public and private companies. He discusses the shift in public companies recognizing creative financing's value. Ranesh reflects on how market cycles influence demand and the role of asset fundamentals in investment strategies. He also highlights the need for adaptable legal teams to manage complex deals. Finally, Ranesh emphasizes the growth potential in sectors like global infrastructure as more companies seek innovative financial solutions.

Joining the conversation is Tuck Hardie, Managing Director at Houlihan Lokey, who brings 25 years of restructuring expertise across various industries. He discusses the workout landscape and how recent court rulings may empower minority lenders in distressed debt situations. Tuck also highlights the impact of policy volatility on investor preferences for debt over equity and critiques the challenges of management incentives amid financial distress. The conversation wraps up with insights on capital solutions and bespoke financing strategies for struggling businesses.

Join Stacy-Marie Ishmael, executive editor at Bloomberg News, as she leads a thought-provoking discussion with crypto experts Randy Little and macro strategists Nancy Davis, Bob Elliott, Matthew Glazier, and Jeff Blazek. They tackle the ins and outs of tokenization and stablecoins, examine AI's impact on jobs and the economy, and explore how to navigate the volatile digital asset landscape. From ETFs and gold's market dynamics to tactical use of options, this conversation is packed with insights for navigating today’s complex financial world.

Laura Cooper, Managing Director and Head of Macro Credit at Nuveen, shares her insights on the precarious state of the UK fiscal policy and its impact on the sterling. She discusses how the upcoming November 26 budget puts pressure on the pound, predicting a challenging landscape for sterling bulls. Laura also explores the implications of fiscal tightening on growth and the likelihood of monetary policy changes from the Bank of England. Additionally, she touches on the recent dollar rebound and gives forecasts for the euro heading into 2026.

Ben Eifert, Managing Partner at QVR Advisors, discusses the appeal of equity options for selling amid market dislocations. Diego Parrilla, CIO at Quadriga, shares insights on gold's strength and the complexities of commodities pricing dynamics. Ilya Gofshteyn, Head of Research at Capstone, explains the impacts of political interventions on rates volatility. The trio emphasizes the growing role of retail participation in equity derivatives and warns about the flaws in 'hedged' retail products, highlighting a need for better risk awareness.

Teddy Kaplan, President and CEO of NetLease at New Mountain Capital, brings over 23 years of expertise in the net-lease space. In this discussion, he highlights the chronic undersupply of manufacturing assets and the growing significance of sale-leasebacks. Kaplan delves into reshoring trends, the dynamics of asset-multiple arbitrage, and the importance of identifying strong markets and tenants. He also addresses how to manage portfolio distress and the emerging landscape of asset-backed funding solutions.

Jimmy Hinton, Chief Revenue Officer at Newmark Group, shares insights into the U.S. commercial real estate landscape. He discusses the improving investor sentiment driven by stabilizing cash flows and market liquidity. Hinton contrasts public and private market sentiments, highlighting the multifamily sector's unexpected corrections. He emphasizes resilient sectors like multifamily and data centers while warning about areas under stress. The conversation also touches on insurance risks and the cautious re-entry of pension funds into the market.

In this engaging discussion, Stuart Paul, an economist at Bloomberg Economics specializing in U.S. and Canadian markets, dives into key monetary policy insights. He emphasizes the terminal rate at 2.25% for Canada and addresses the impact of demographics and housing on inflation. The conversation also explores the Fed's recent meeting outcomes, Powell's nuanced messaging, and the influence of political factors on the Fed’s independence. The trio analyzes the future of monetary policy and its implications for market dynamics, making it a must-listen for finance enthusiasts!