FICC Focus

In this edition of the All Options Considered podcast, BI's chief global derivatives strategist Tanvir Sandhu is joined by Nancy Davis, founder of Quadratic Capital Management. They discuss the key themes in the options market amid the focus on the easing cycle this year.

Global rate cuts seem certain, but the timing is less so. In this episode of the Macro Matters edition of the FICC Focus podcast, host Ira Jersey, Bloomberg Intelligence’s chief US interest rate strategist is joined by colleague Huw Worthington, chief European rate strategist, to preview the themes and research found within their recently published deep dive on the G3+ rates markets. The report features a comprehensive review of the global sovereign debt markets that underpin the world’s financial markets. It includes proprietary models and centralized analysis of influential trends and catalysts from the BI global interest-rate strategy team across the medium to long term, along with forecasts from Bloomberg Economics. Read the report here on the Bloomberg Terminal.

CLOs are driving loan supply and in this Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence Chief European Credit Strategist and Paul Mehta, Head of Leveraged Loans at Aberdeen, reflect on how the leveraged loan market fared last year and the outlook for loans in 2024.They discuss BI's leveraged loan outlook publication covering loan pricing, returns, supply and relative value vs. high yield bonds as well as loan growth relative to the bond market and private credit in detail and also address the outlook for CLO issuance, reinvestment risks and arbitrage evolution and implications for 2024.

Noel Hebert, Bloomberg Intelligence’s chief US credit strategiest and Philip Brendel, BI distressed credit analyst, talk about the seasonal credit trends that helped push the US distressed ratio to 19-month lows, and how the supply of distressed debt isn’t likely to see much of a rise until at least the beginning of March. Chaney Sheffield, a partner at Canyon Partners, joins them to discuss his outlook for distressed opportunities in the new year, and talks about his firm’s investment platform and process (5:50). Finally, BI bankruptcy litigation analyst Negisa Balluku offeres an update on developments in Rite Aid, Yellow Corp, Diamond Sports, Audacy bankruptcies and FTX’s litigation against Grayscale (1:00:00).

In our latest FX Moment podcast, host Audrey Childe-Freeman, Bloomberg Intelligence (BI) chief G-10 FX strategist, discusses 2024's currency prospects with Mark Andersen, global head of asset allocation at UBS Wealth Management. In particular, Mark and Audrey look at how the 4Q 5% US dollar BBDXY selloff affects their 2024 outlook. The broadly weaker US dollar narrative remains in place, and Mark highlights a particularly strong case for the Aussie and the yen this year, while sterling's improved virtues are highlighted by Audrey.

Emerging markets enter the new year on a high note as fixed-income investors continue to embrace the soft landing narrative. In this month’s EM Lens & Look-Through Podcast, Emso Asset Management Co-CIO Jens Nystedt and Global Head of Research Patrick Esteruelas, join Damian Sassower, Bloomberg Intelligence’s chief EM credit strategist, to deliver their year-ahead outlook on EM rates, credit and foreign exchange. From US exceptionalism and extreme China pessimism to central bank policy easing and election-related risk, the trio identify challenges and opportunities facing EM investors in 2024.

The Federal Reserve’s communications have gotten more open — perhaps too open — during the time Michael McKeehas covered the central bank for Bloomberg News. McKee, international economic and policy correspondent, joinsIra Jersey, Bloomberg Intelligence chief US interest rate strategist, on this Macro Matters edition of theFICC Focus podcast. McKee talks about the shifts in the Fed’s communications policy, how it’s influenced his reporting and policy makers’ interactions with markets. The two discuss press conferences, the Fed’s June 2022 “leak” to the media and why the Fed tends to stay out of discussions about fiscal policy following former Chairman Alan Greenspan’s advocacy in the early 2000s.

What might we expect in the New Year for rates, fixed income and currency markets? The FICC Focus team looks ahead to 2024, and reviews some memorable moments from 2023 in this special year end episode of the FICC Focus podcast.

In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu gives a brief overview of the key themes from the volatility markets in 2023 and the outlook ahead.

Returns, diversification and the derisking of bank balance sheets are among contributors to the growth in private credit in recent years. KKR Partner and Global Head of Private Credit Daniel Pietrzak joined Bloomberg Intelligence’s Noel Hebert and Sam Geier on the latest episode of Credit Crunch to talk about the market’s growth, asset-based vs. direct lending, the benefits of scale and more. Credit Crunch is part of the FICC Focus podcast series.