FICC Focus

The cadence of announcements about housing affordability and deregulation may accelerate into the midterm elections in November, Bloomberg Intelligence chief MBS strategist Erica Adelberg says. On this Macro Matters episode of the FICC Focus podcast series, Adelberg joins host Ira Jersey, BI's chief US rates strategist, to discuss key takeaways from the Structured Finance Association's conference held Feb. 22-25 in Las Vegas. They explore GSE reforms, regulatory changes, shifts in credit scoring used while processing mortgage applications and the use of AI in the mortgage process. They also cover the talk around the health of the economy and why few expect a recession in the foreseeable future.  The Macro Matters podcast is part of BI's FICC Focus series.

Global credit markets are tight, and strategic insights are essential for performance. 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.

Emerging market fixed income is off to another strong start in 2026, with scope for further upside as long as the dollar cooperates and cross-asset volatility remains low. Christian Lawrence, chief cross-asset strategist at Cooperative Rabobank, joins Damian Sassower, Bloomberg Intelligence's chief EM fixed income strategist, to discuss investor positioning, currency hedging and event risk. They discuss drivers of institutional demand, including yield differentials, terms of trade, artificial intelligence and geopolitical developments.

News from the labor market and on the inflation front has been consistent with a fairly low-volatility environment, says Will Marshall, Goldman Sachs head of US Rates Strategy. On this Macro Matters episode of the FICC Focus podcast series, Marshall joins host Ira Jersey, BI's chief US rates strategist, to discuss rate volatility's move lower, expectations for the Federal Reserve's monetary and balance sheet policy, the Treasury yield curve and the relationship of swap spreads and Treasury yields. They also examine Goldman's outlook for Treasury supply. The Macro Matters podcast is part of BI's FICC Focus series.

"Helping... investors to really understand what they could get in these markets is helpful because I think it is where our economy is moving, and we all want to be able to benefit from that growth," says Wellington's Director of Private Credit Emily Bannister, when discussing the shift to privately owned companies. Bannister joins Bloomberg Intelligence's Noel Hebert on the latest episode of Credit Crunch to talk about public-private convergence, leveraging Wellington's deep public market history, transitional real estate and growth equity. The two also touch on private credit in oil infrastructure, and positioning the business for growth.

Credit and high yield had a good 2025 despite tariffs and rate volatility, as spreads held their ground. Will 1Q sustain this resilience, and why? Mahesh Bhimalingam, Bloomberg Intelligence global head of credit strategy, discusses the results of the BI 1Q26 Investor Survey and the market outlook with Ashwin Palta, global high yield PM at BNY Investments Newton. They discuss tight spreads, Fed actions and impending US tech sector supply into Europe, along with distress and default rates. This podcast also covers survey results on investor positioning, sentiment, key return drivers, supply forecasts and relative value across asset classes (high grade vs. junk), geography (Europe vs. US), ratings and sectors.

The G-10 FX narrative has mainly been dollar- and structurally driven year-to-date, while euro headlines have been sidelined. This could change into 2H as European fiscal stimulus starts to lift the region's economic narrative and validates the ECB-driven relative yield advantage into 2H. In this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Constantin Bolz, Head of G-10 FX for UBS's Chief Investment Office, focus on the euro side of the bullish euro-dollar view and how a cautiously optimistic euro macro narrative can be consistent with a euro-dollar break of $1.20. They also present their strongest G-10 FX convictions for the year — on pro-cyclical currencies including the Aussie dollar and the Norwegian krone — and touch on expected Swiss franc and yen fortunes for 2026.

“It is the inconsistency of decisions which oftentimes bedevils a company's ultimate success. You create that consistency. You can also push decisioning down from the C-suite into the next operating level. That creates dynamism and speed in decision-making. Speed in decision-making creates faster turns in the capital in the business,” says Andrew Milgram, managing partner and chief investment officer of Marblegate Asset Management. Milgram discusses how his firm works with portfolio companies to improve processes for better operational outcomes in this episode of the State of Distressed Debt podcast. In his hour-plus conversation with Bloomberg Intelligence's Noel Hebert and Phil Brendel, Milgram shares his perspective on how Marblegate's direct-investing approach and focus on the middle market de-emphasizes the credit cycle. He also discusses First Brands Group, liability management exercises and his outlook for 2026. The podcast concludes with BI's Negisa Balluku joining to break down the latest legal developments at First Brands and Serta, followed by a discussion with Brendel and Hebert around Saks' DIP battle with Amazon and Axonic.

“Hybrid is the ultimate in creative solutions,” says Apollo's co-head of equity and head of hybrid, Matt Nord, when discussing the firm's fast-growing hybrid strategy and the types of solutions that may allow it to triple in scale over the coming years. Nord joins Bloomberg Intelligence's Noel Hebert on the latest episode of Credit Crunch to talk about controlling for downside, the benefits of scale and why the lack of realizations across private equity is creating a need for more tailored funding solutions. The two also discuss Apollo's investment ethos, including its value orientation and pursuit of “excess return per unit of risk.” The Credit Crunch podcast is part of BI's FICC Focus series.

The Japanese bond market has experienced significant volatility and increased currency intervention risks this year. Ahead of the snap election in which the prime minister is seeking a renewed mandate, this edition of the All Options Considered podcast features BI's Chief Global Derivatives Strategist Tanvir Sandhu in conversation with Kristi Govella, Associate Professor of Japanese Politics and International Relations, University of Oxford. They discuss Japanese politics, the fiscal outlook and implications for the market.

Housing affordability challenges are a feature, not a bug, Bloomberg Intelligence chief MBS strategist Erica Adelberg says. On this episode of the Macro Matters podcast, Adelberg joins host Ira Jersey, BI's chief US rates strategist, to discuss Fannie Mae and Freddie Mac buying $200 billion of mortgage-backed securities, recent proposals aimed at improving affordability for first-time home buyers and shifts in her views on relative value in the MBS market. Adelberg notes that efforts by the Federal Reserve or US government to address housing affordability could raise longer-term risks. 

“There's no binary differentiation between capital solutions and restructuring anymore,” says Lazard's co-head of Europe Restructuring and Liability Management, Sam Whittaker, when discussing the continuum of solutions available to debtors under stress. Whittaker and Lazard's co-head of European Debt Advisory and Capital Solutions, Tom Howard, joined Bloomberg Intelligence's Noel Hebert on the latest episode of the Credit Crunch podcast to discuss the current stressed and distressed landscape in Europe, sectors of concern, the evolution of balance-sheet solutions and documentation flexibility. The Credit Crunch podcast is part of BI's FICC Focus series.

“We'll risk-manage the portfolios such that, when beta is an uncompelling opportunity set, we have more risk-management overlays in place. And luckily, where we are today with the short rebate that you get paid to borrow and short bonds, it's not that much of an opportunity cost,” says Beach Point Capital Portfolio Manager and Head of Structured Credit Benjamin Hunsaker, discussing limited excess-return prospects in the context of long-short strategies. Hunsaker joins Bloomberg Intelligence's Noel Hebert on this episode of the Credit Crunch podcast to explore the climate in consumer and mortgage-backed credit products, the effect of policy headlines, supply-side housing issues and opportunities in commercial real estate.

A currency is like the equity of a country, so the dollar's recent decline is akin to a drop in the stock of the US, says Morgan Stanley Global Head of Macro Strategy Matt Hornbach. He joins this edition of Macro Matters, part of the FICC Focus podcast series with co-hosts Ira Jersey and Will Hoffman of the Bloomberg Intelligence US Interest Rate Strategy team, to discuss the US and global economic and central-bank outlooks. The trio examine how these may affect currencies, yield curves and risk assets across G3+ markets.

Americans seem to be overreacting to concerns that European investors might divest from US assets, Bloomberg Intelligence chief European interest rate strategist Huw Worthington says. On this edition of the Macro Matters podcast, Worthington joins host Ira Jersey, BI's chief US rates strategist, to discuss global rates volatility and how European countries might be able to respond financially to recent policy initiatives. They also exchange views on upcoming central bank meetings relative to pricing.  The Macro Matters podcast is part of BI's FICC Focus series.

Bloomberg Intelligence's State of Distressed Debt hosts Noel Hebert, Phil Brendel and Negisa Balluku explore what 2026 may have in store for the leveraged finance markets. Noel and Phil open the podcast by discussing the scarcity of distressed opportunities as high yield spreads test all-time tights, with would-be catalysts for a reversal repeatedly shrugged off by a seemingly invincible credit rally. Negisa then breaks down the latest legal developments in newly bankrupt STG Logistics, First Brands and United Site Services. Phil shares his first-day thoughts on Saks Global Enterprises' Chapter 11 filing. The podcast concludes with Negisa's take on the fallout from the Supreme Court's denial of Hertz's petition for review and Phil's thoughts on Ardagh's Chapter 15 filing.

Private credit is becoming an alternative to loan financing and CLOs are driving most loan supply. In this Credit Crunch podcast, host Mahesh Bhimalingam, Global Head of Credit Strategy at Bloomberg Intelligence and Paul Mehta, Leveraged Credit Portfolio Manager at Aberdeen Investments, reflect on how both the US and European leveraged loan markets fared and on the outlook for loans in 2026. 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 using Bloomberg loan and bond indexes. They also address private credit in detail including financing premiums, sizes and risks along with the outlook for CLO issuance, reinvestment risks, arbitrage evolution and implications for 2026.

SPX correlation is historically low, while the average single-stock volatility is elevated amid AI momentum. In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Maxwell Grinacoff, Head of US Equity Derivatives Research at UBS. They discuss the dynamics of equity volatility, growth of derivative-based ETFs, shift in product composition and option flow as a source of market dislocations.

The quantity of reserves is now determined by the amount necessary to run the payment system, says Darrell Duffie, a professor at Stanford University. On the Macro Matters podcast, Duffie joins hosts Ira Jersey, Bloomberg Intelligence's chief US rates strategist, and Will Hoffman, BI's US and Canada rates strategist, to discuss the Federal Reserve's policy implementation framework. They cover ongoing shifts in balance-sheet policy and a return to net Treasury purchases, changes to the US banking and payments systems and what those mean for the size of the Fed's balance sheet. They also touch on the nuanced challenges posed by stigma around the Fed's lending facilities. The Macro Matters podcast is part of BI's FICC Focus series.

“Time can be a good thing. Time can be a very bad thing…I think the whole market moves a bit slower now when there are problems in terms of how those problems get dealt with,” says Axar Capital founder & CEO Andrew Axelrod when discussing the evolution in markets away from mark-to-market investment vehicles. Axelrod joins Bloomberg Intelligence's Noel Hebert on the latest episode of Credit Crunch to talk about how he sees the current credit backdrop, whether the 4Q credit flare-ups are cockroach, canary or just commonplace, and the challenges to recoveries from zombie owners. 

The 2026 dollar bear view is at the mercy of confirmed Fed dovishness, with the different stages of respective G10 monetary policy cycles likely to shape currency performances this year. If this is your central working assumption, then the case for dollar-yen downside becomes more compelling again, as does our Australian dollar bullish bias. In this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Brown Brothers Harriman Global Head of Markets Strategy Elias Haddad discuss their currency views for 2026, focusing on the key drivers and strongest G10 FX convictions. Haddad confirms a dollar-yen bearish case, while Childe-Freeman believes that the bullish Aussie view from 4Q25 can extend this year.

The Conference Board isn't expecting a recession, but Yelena Shulyatyeva, the research group's senior US economist, anticipates a meaningful slowdown in consumer spending. On this Macro Matters podcast, Shulyatyeva joins host Ira Jersey, BI's chief US rates strategist, and BI senior US and Canada rates strategist Will Hoffman to discuss the outlook for the US economy and its drivers in 2026. They talk about risks to the inflation profile, including the state of pass-through inflation from tariffs, and the path for core services. They also hit on AI's directional impact to productivity, geopolitical risks and potential shifts to Federal Reserve independence narratives.  The Macro Matters podcast is part of BI's FICC Focus series.

EM local government bond valuations look less appealing as we enter 2026, with cross-asset volatility poised to rise from historically low levels. Phoenix Kalen, global head of emerging market research at Société Générale, joins Damian Sassower, Bloomberg Intelligence's chief EM fixed income strategist, to discuss her year-ahead outlook for EM local rates and foreign exchange. Kalen and Sassower discuss investor positioning as we near the end of the EM monetary-easing cycle, with sentiment starting to fade amid potential for wider growth differentials between the US and Europe.

“All alpha is excess return, not all excess return is alpha,” says NISA CEO and Head of Investment Strategies David Eichhorn when discussing the use of appropriate benchmarks to measure performance and beta masking as alpha. Eichhorn joins Bloomberg Intelligence's Noel Hebert on the latest episode of Credit Crunch to talk about hedging liabilities and utilizing derivative overlays, targeting high information ratios and being a liquidity provider, and the evolution in liability management. The current rate backdrop and funded status for defined benefit plans, as well as leverage costs for BDCs are also discussed. Pensions & Investments (P&I) rankings were based on U.S. institutional,tax-exempt assets managed internally (covered for overlay) as of December 31, 2024; published on June 16, 2025. NISA paid a standard fee to access the full set of data published by P&I. Other survey participants may have reported overlay strategies on a basis other than notional values and, as such, direct comparison and rankings may not be appropriate. Visit www.pionline.com for more details, including past rankings and methodology.

As part of Bloomberg Intelligence's 2026 Fixed Income Markets Outlook: Opportunity Amid Policy Uncertainty event, this panel examines the outlook for junk bond yields and total returns, consumer health, the role of private credit and top sector picks. Stephen Flynn, senior telecom and media credit analyst at Bloomberg Intelligence, moderates a discussion with Winnie Cisar, global head of strategy at CreditSights, John McClain, global co-head of high yield at Goldman Sachs and Meghan Robson, head of US credit strategy and desk analyst at BNP Paribas.

This special edition of the FICC Focus podcast features the recording of a Dec. 4 panel discussion exploring investment grade spreads, issuance and strategies to outperform in the year ahead. Moderated by Rob Schiffman, senior technology and internet credit analyst at Bloomberg Intelligence, the conversation features Meghan Graper, global head of debt capital markets at Barclays, Amanda Lynam, head of macro credit research at BlackRock, and Krishna Memani, chief investment officer at Lafayette College. The panel gathered as part of Bloomberg Intelligence's 2026 Fixed Income Markets Outlook: Opportunity Amid Policy Uncertainty event. 

“Ad hoc groups are decades old at this point. Co-ops are new. Since when do we have to promise to be friends? I think [co-ops] are inherently lame.” John Sobolewski, Partner and Global Chair of Latham & Watkins' Liability Management Practice, sat down with Bloomberg Intelligence's Negisa Balluku and Philip Brendel at the Beard Group's 2025 Distressed Investing Conference on Dec. 2. John shared his views on the LME landscape's evolution and direction, jurisdictional considerations, and why he suspects the pervasiveness of cooperation agreements results from unhealthy lender distrust and advisers' self-interest.

“There's some articles out there that [suggest] once there's losses, there could be a bunch of fire sales of assets ... not true,” says KKR Partner and Global Head of Private Credit Daniel Pietrzak when discussing misunderstandings about private credit markets. “We've got $131 billion of AUM. Almost none of that has any redemption feature.” Pietrzak joins Bloomberg Intelligence's Noel Hebert on the latest episode of Credit Crunch to talk about volatility, continued market growth – especially in asset-based finance – and strategic partnerships like the company's recent deals with Harley-Davidson and PayPal. They also examine global opportunities, how AI factors into lending decisions and the benefits of diversification. The Credit Crunch podcast is part of BI's FICC Focus series.

Event risk is poised to increase across the emerging-market fixed income landscape, as creditors must contend with elections in Brazil, Chile, Colombia, Hungary, Israel and Peru. Elina Theodorakopoulou, managing director and EM portfolio manager at Manulife Investment Management, joins Damian Sassower, Bloomberg Intelligence's chief EM fixed income strategist, to decompose year-to-date performance in emerging-market debt and set performance targets for 2026. Theodorakopoulou and Sassower touch on topics ranging from fiscal spending and monetary stimulus to new issuance and credit rating migration.

US commercial real estate is set to keep stabilizing in 2026 as liquidity improves and capitalization rates decline. Harbor Group International President Richard Litton joins Bloomberg Intelligence's chief fixed-income strategist, Damian Sassower, to discuss his company's approach to asset management amid an affordability crunch that shows no sign of abating in the year ahead. Litton and Sassower discuss the various loan types and financial structures that institutional investors can access across the US commercial real estate market.

Global credit markets are tight, and strategic insights are essential looking into 2026. 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 Finance), himself (Europe) and Sam Geier (US) share takeaways on their market outlook, 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.

The Fed and yield-driven bearish US dollar view remains our central working assumption into 2026, yet this could be a bumpy run depending on how US economic and inflation data evolve throughout the year. Beyond the dollar outlook, we touch on a compelling bullish Aussie view, look into the Hungarian forint appeal, as well as expected yuan and Malaysia ringgit outperformance in Asia FX. In Latam FX, we see possible outperformance for the Mexican peso vs the Brazilian Real. In the last episode of FX Moment of the year, Bloomberg Intelligence Chief G10 FX Strategist Audrey Childe-Freeman and her team, Chief Asia FX and Rates Strategist Stephen Chiu, Asia FX Strategist Chunyu Zhang, EMEA EM FX and Rates Strategist Sergei Voloboev and Senior Latam FX Strategist Davison Santana present their strongest FX conviction into 2026.

“You're in the realm of the antitrust principles and the vapors that come off the big antitrust cases. I was very skeptical of the idea of a single company's debt instrument … being a product market,” says Jennifer Selendy, founding partner of Selendy Gay, discussing how the latest legal challenges in Altice and Selecta to creditor cooperation agreements in the liability management sector stand on the very periphery of the antitrust doctrine. In a conversation with Bloomberg Intelligence's Negisa Balluku on this episode of the State of Distressed Debt podcast, Selendy also discusses her involvement in the early days of LME litigation, in-court lessons and surprises, and the Incora saga. Prior to that, BI's Noel Hebert, Phil Brendel and Negisa discuss their outlooks for 2026. The podcast concludes with a discussion on the latest developments at Hertz, First Brands, Ardagh Group and Azul. The State of Distressed Debt podcast is part of BI's FICC Focus series.

The Federal Reserve may cut its benchmark rate below 3% next year, bull steepening the yield curve beyond what's priced into forwards, says Ira Jersey, Bloomberg Intelligence chief US rates strategist. Jersey is joined by BI US and Canada rates strategist Will Hoffman on this episode of the Macro Matters podcast to discuss the BI Rates team's recently released 2026 US Treasury Market Outlook. The pair discuss the state and direction of the US economy and how Fed interest-rate and balance-sheet policies are likely to shift. They also touch on the supply-and-demand outlook for the Treasury market, as well as relative value across the yield curve. The Macro Matters podcast is part of BI's FICC Focus series.

Credit is tight and entering 2026 in uncertain times. Bloomberg's London Credit Outlook event addressed this theme in depth and was recorded for this episode of the Credit Crunch podcast. Host Mahesh Bhimalingam, Bloomberg Intelligence's global head of credit strategy, was a panelist on the macro panel, along with Iain Stealey, International CIO Global Fixed Income, JPMorgan Asset Management and Ashwin Palta, Global High Yield Fund Manager, Newton Investment Management, and Bruce Douglas, team leader, leveraged finance at Bloomberg News, moderating. The panel addressed rates impact on credit, the sovereign crisis, AI hyperscaler issuance, default risk and value hunting down the capital structure.  The Credit Crunch podcast is part of BI's FICC Focus series. Listen on Apple Podcasts and Spotify.

“If there are things in your business that need to get done, but they're pretty low risk, this is a great place to start because it has a very attractive risk-reward payout,” says Rob Slater, CEO and founder of Cognitive Credit, reflecting on one of the two areas where AI makes the most sense to deploy. “If you do an AI experiment and it doesn't really work, you're not really any worse off.” Slater joins Bloomberg Intelligence's Noel Hebert on this episode of the Credit Crunch podcast to discuss Cognitive Credit's work to automate portions of the analytic process, beginning with reliable financial-data extraction, and how that can scale into valuation. The two discuss the increased prevalence of technology across the credit investing landscape, and the growing need to be “doing something,” building on the themes of the firm's white paper, “Why every credit investor now needs a credit data strategy.” The founder's journey and the evolving needs of a growing business are also discussed.  The Credit Crunch podcast is part of BI's FICC Focus series.

Policy rates will likely be cut three times in 2026, with the 10-year yield between 4-4.5%, says Stephen Dover, chief market strategist at Franklin Templeton. Dover is joined by BI chief US rates strategist Ira Jersey and senior US and Canada rates strategy associate Will Hoffman to discuss global fixed-income markets and cross-asset relative value. The trio discuss the economic outlook for 2026 and relative value in US rate markets and abroad amid expected policy easing from the Federal Reserve. They also hit on shifts in private assets and global equity markets, before discussing how AI narratives may evolve in the coming years.  The Macro Matters podcast is part of BI's FICC Focus series.

“Everyone we compete with, other CEOs of asset managers, credit asset managers that I talk to, are hyper-focused on making sure that there's not another cockroach running around in their portfolio,” says Steve Ketchum, CEO and founder of Sound Point Capital, when reflecting on the potential positive side effects of recent high-visibility credit events. Ketchum joins Bloomberg Intelligence's Noel Hebert on this episode of the Credit Crunch podcast to discuss the evolution from modest beginnings to nearly $45 billion in assets under management, synergies across the Sound Point product suite, the role of strategic partnerships, scale and one of their core ethos: wanting to have more ideas than capital. They also reflect on the growing role of private credit and how CLO structures have evolved. The Credit Crunch podcast is part of BI's FICC Focus series. Listen on Apple Podcasts and Spotify. Sound Point Disclaimer: Assets under management as of October 1, 2025. This material does not constitute an offer to sell or a solicitation of an offer to buy any securities. It is being provided solely for informational and reference purposes only and is not intended to be, and must not be, the basis for any investment decision. Statements represent the subjective views of Sound Point and cannot be independently verified and are subject to change. Past performance is not necessarily indicative of future results.

Credit is tight, though it's fared better in 2025 than rates and equities through many crises across the globe — France, tariffs, Fed concerns and Britain's doubtful fiscal health. In this episode of the Credit Crunch podcast, host Mahesh Bhimalingam, Bloomberg Intelligence's global head of credit strategy, showcases the Credit Clubs in Milan, Madrid and (upcoming) in London. He discusses these crises and ways to engage in credit with Samuel Sibony, Portfolio Manager at Algebris Investments. They cover the subordinated vs. senior debate in depth with a particular focus on AT1s and corporate hybrids, the tightness of the BBB and BB buckets vs. B value and the robustness of high yield in a rate risk environment, and defaults migrating to private credit. Credit Crunch is part of BI's FICC Focus series. Listen on Apple Podcasts and Spotify.

“The uptake among public companies actually is the biggest evolution in the field, because public companies are beginning to recognize the value of this asset class,” says Ranesh Ramanathan, partner and co-head of the Global Capital Solutions Practice for Akin, discussing capital solutions as a financing alternative. Ramanathan joins Bloomberg Intelligence's Noel Hebert on this episode of the Credit Crunch podcast to talk about building a product suite, and meeting a company where they are at with a tailored solution. The pair also examine the difficulties in building awareness, the broader growth in funding alternatives, potential extensions for Akin's platform and lessons learned through the great financial crisis. The Credit Crunch podcast is part of BI's FICC Focus series.

“It may or may not be good ... or binding precedent, but I think ConvergeOne will actually make the holdout risk worse because the minority lenders will now point to it and say ‘Sorry pal, you can't jam this down my throat in court, so you're not jamming it down my throat out of court either,'” says Houlihan Lokey Managing Director Tuck Hardie. He joins Bloomberg Intelligence's Noel Hebert and Phil Brendel on this episode of the State of Distressed Debt podcast to review the workout landscape, sponsors' exit strategies and LME trends. Prior to that, Phil and Noel reflect on high yield's run and current vulnerability. To conclude, BI's Negisa Balluku discusses the latest developments in First Brands, Spirit Airlines, Lifescan and Incora, while Phil reviews 2025 Prepack Plan Performances and Ardagh Group. The State of Distressed Debt podcast is part of BI's FICC Focus series. Listen on Apple Podcasts and Spotify. Also, a heads up! Negisa and Phil will be at the Beard Group's 32nd Annual Distressed Investing Conference on Dec. 2-3, 2025. We are excited to hear from the top professionals on the latest machinations in distressed investing. Conference: https://www.distressedinvestingconference.com/agenda.html

Secular AI themes, product development in the volatility ecosystem and fault lines in the economy, as well as navigating volatility in digital assets, are among the key discussion points in this edition of the All Options Considered, featuring part II of the recording of the Bloomberg Volatility Forum 2025 held in NYC on Oct. 28. It starts with the fireside chat on digital assets by Randy Little, Partner, 50T Funds, moderated by Stacy-Marie Ishmael, executive editor, Bloomberg News. That's followed by the final panel of the conference on multi-asset volatility and macro views by Jeff Blazek, Multi-Asset Co-Chief Investment Officer, Neuberger Berman, Nancy Davis, Managing Partner & Chief Investment Officer, Quadratic Capital, Bob Elliott, Co-Founder, CEO, and CIO, Unlimited Funds, and Matthew Glazier, Co-Head of Global Derivative Trading, Prudential. The panel was hosted by Tanvir Sandhu, Chief Global Derivatives Strategist at Bloomberg Intelligence.

The UK fiscal predicament will likely keep sterling under pressure heading into the Nov. 26 budget. The view is starting to look crowded, and recent moves appear stretched, but any upside is set to be contained until the fiscal path clears. For now, sterling bulls might have to settle for some consolidation ahead of the budget and/or renewed dollar weakness, which isn't in sight yet. In this episode of FX Moment, Bloomberg Intelligence Chief G10 FX Strategist Audrey Childe-Freeman and Laura Cooper, managing director and head of macro credit at Nuveen, discuss UK fiscal- and monetary-policy dynamics and the shaky sterling backdrop. Laura and Audrey also touch on the recent dollar rebound and share their views into 2026. FX Moment is part of the FICC Focus podcast. Listen to FICC Focus on Apple Podcasts and Spotify.

This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in NYC on October 28th. It starts with the keynote speech by BI's Chief Global Derivatives Strategist Tanvir Sandhu on macro and volatility across markets, followed by the discussion from the first panel on the derivatives market by Benn Eifert, Managing Partner, co-CIO Head of Multi-Strategy at QVR, Diego Parrilla, Chief Investment Officer at Quadriga Asset Managers and Ilya Gofshteyn, Head of Research and Lead Macro Strategist at Capstone Investment Advisors. The panel is hosted by Noel Hebert, Chief US Corporate Credit Strategist & Global Director of FICC Strategy at Bloomberg Intelligence.

“Manufacturing assets, the availability of them, have been chronically undersupplied for decades,” says Teddy Kaplan, CEO of Net Lease for New Mountain Capital, when making the investment case for the sector within a net-lease portfolio. Kaplan joins Bloomberg Intelligence's Noel Hebert on this episode of the Credit Crunch podcast to discuss sale-leasebacks, the evolution of the marketplace and the synergies of net lease within the New Mountain product set. They also explore on-shoring trends dating back through several administrations, asset-multiple arbitrage, identifying the right markets and tenants, as well as geographic growth opportunities. Kaplan and Hebert conclude with a conversation on managing distress within the portfolio and the emergence of asset-backed funding solutions.

Investor sentiment is improving across commercial real estate as liquidity improves, cash flows stabilize and capitalization rates compress. Jimmy Hinton, chief revenue officer for US capital markets at Newmark Group, joins BI chief fixed income strategist, Damian Sassower, to discuss his firm's approach to price discovery, leverage and deal flow. Hinton and Sassower discuss the role of leasing velocity, lending standards, operating expenses, concessions and net absorption when identifying opportunities across the industrial, retail, office, multifamily, life sciences and hospitality sectors.

I don't think that the next Fed chair does much to change my expectations for the terminal rate this cycle, says Stuart Paul, US & Canada Economist for Bloomberg Economics. Paul is joined by BI chief US rates strategist Ira Jersey and senior US & Canada rates-strategy associate Will Hoffman to discuss takeaways from the recent Federal Reserve, and Bank of Canada meetings. The trio discuss the outlook for monetary policy and yields on both sides of the border. They also touch on the upcoming release of the Canadian federal budget, the end of the Federal Reserve's asset runoff program and what comes next for balance sheet policy, in addition to the impact of political influence on the path of monetary policy.The Macro Matters podcast is part of BI's FICC Focus series.

“Where your capital is going to create value, that's the area we want to focus on the most. So today we see a lot of that in telecom broadly defined data-center digital-infrastructure financing,” says John Cocke, Partner and Deputy Chief Investment Officer of credit for alternative asset management firm Corbin Capital Partners, discussing opportunities in the credit markets. Cocke joins Bloomberg Intelligence's Stephen Flynn on this episode of the Credit Crunch podcast to talk about Corbin's involvement in a broad range of fixed-income products, including high yield bonds, leveraged loans, mortgage-backed securities, private credit and litigation finance.  The Credit Crunch podcast is part of BI's FICC Focus series.

Renewed US-China trade tensions, the impact of tariffs on rare-earth minerals and the growing uncertainty facing markets are among the topics discussed in this episode of Macro Matters, part of Bloomberg Intelligence's FICC Focus series. Host Ira Jersey, BI's chief interest rate strategist, speaks with Ben Emons, founder and CIO of Fed Watch Advisors, about how these developments could influence inflation, unemployment and the Federal Reserve's rate decisions. They also examine gold's surge, global spillovers and what lies ahead for Fed policy and leadership. The Macro Matters podcast is part of BI's FICC Focus series.

“If I were a lender, I would sign a coop with everyone — or mostly everyone — the day after the loan closes, and then just let it sit there.” That's Douglas Mintz's solution to the damaging frenzy that often erupts when word spreads that creditors are organizing ahead of a potential liability management exercise. In a conversation with Bloomberg Intelligence's Negisa Balluku, Mintz, who is a partner in Cadwalader, Wickersham & Taft LLP's Financial Restructuring practice and a member of the firm's Special Situations team, discusses the dynamics between majority and minority creditors, examining how recent rulings in ConvergeOne, Incora and American Tire Distributors are shaping creditor strategies. Prior to that, BI's Phil Brendel and Stephen Flynn examine the current state of the communications sector, which houses the largest share of distressed-debt supply. The podcast concludes with a roundtable discussion on First Brands, Spirit Airlines, New Fortress Energy and Telesat.

Gold isn't showing signs of true dollar debasement, if it were, there would be an even more severe market reaction, says Merk Investments co-founder and CIO Axel Merk on this Macro Matters edition of the FICC Focus podcast series. Merk joins host and Bloomberg Intelligence Head of US Rates Strategy Ira Jersey to discuss the reason gold has been climbing rapidly in recent weeks. Merk thinks the gold rally is due to speculators, central-bank and institutional buying, while he outlines how retail investors seem to have been sellers. Good management among gold producers is key for adding value when investing in the precious-metals sector. The two discuss the shifting relationship of real yields and gold performance. The Macro Matters podcast is part of BI's FICC Focus series.