FICC Focus

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567

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Jun 2026

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FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities, and currencies by Bloomberg Intelligence analysts.

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June 16, 20261 hr 23 min

All Options Considered: Volatility Forum Singapore 2026

This edition of the All Options Considered podcast features a recording from the Bloomberg Volatility Forum held in Singapore on June 3. Bloomberg Intelligence’s Alison Williams, head of global strategy, delivers opening remarks, followed by a keynote presentation from Chief Global Derivatives Strategist Tanvir Sandhu on multi-asset volatility strategy. The program also includes a panel discussion on derivatives markets featuring Oliver Chan, portfolio manager at Capula Investment Management; Stéphane Martin, APAC head of derivatives institutional sales at Optiver; and Ivan Nurminsky, portfolio manager at Dymon Asia. In addition, Diego Parrilla, chief investment officer at Quadriga Asset Managers, discusses “The Energy World Is Flat 2.0.” Both sessions are moderated by Lianting Tu, managing editor for Asia-Pacific equities at Bloomberg News. The All Options Considered podcast is part of BI’s FICC Focus series.

June 12, 20261 hr 36 min

State of Distressed Debt: Ellias on Reorganizations’ Global Bazaar

“If there’s kind of a squeamishness about forum shopping in the US, there’s a little...it’s just overseas, there’s none at all,” observed Harvard Law Professor Jared Ellias. “There’s a great deal of pride and interest in building...an insolvency system that is equal and in some ways more useful than what they have in the United States.” Ellias sat down with Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel to discuss his new paper, “The Global Law of Debt,” co-authored with Narine Lalafaryan. Ellias traces how the historical entanglement of the New York and London debt markets has evolved into a highly competitive, globalized ecosystem where borrowers now forum-shop across borders to maximize flexibility and bypass traditional constraints like Chapter 11’s absolute-priority rule. The conversation dives into the export of aggressive liability management exercises (LMEs), the implementation of hybrid “Frankenstein” debt documents and how foreign-court systems relish taking market share from the US. The podcast concludes (1:05:40) with BI’s Noel Hebert joining Negisa and Phil to discuss the latest developments in First Brands Group, Optimum Communications, QVC Group and Trinseo. Link to referenced paper: https://bankruptcyroundtable.law.harvard.edu/2026/03/24/the-global-law-of-debt/

June 11, 202628 min

Macro Matters: JPMorgan’s Misra on Rates, Credit and Warsh Fed

JPMorgan Asset Management sees a resilient economy facing multiple supply shocks, with inflation still largely supply-led and the Federal Reserve likely to remain on hold for now. Priya Misra, fixed-income portfolio manager at the firm and a manager of the JPMorgan Core Plus Bond ETF (JCPB Equity), joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast to explain how she defines the “plus” in core-plus investing, from macro duration and curve views to allocations across securitized credit, high yield and mortgage convexity management. She also discusses what Kevin Warsh’s arrival as Fed chair could mean for communication policy and the dot plot, arguing that investors still need enough Fed transparency to understand each official’s reaction function. The two examine where she sees value across fixed income, including high-quality spread product, duration in the five- to 10-year sector as a hedge and select structured-credit opportunities such as agency CMBS and non-agency mortgage exposure over parts of the agency RMBS market. The Macro Matters podcast is part of BI’s FICC Focus series.

June 10, 202652 min

Credit Crunch: AI IPOs, Tech Supply and Credit Without Peace

Credit continues to rally despite the lack of a US-Iran peace deal, and it has served as a safe haven relative to rates. In this Credit Crunch podcast, host Mahesh Bhimalingam, global head of credit strategy at Bloomberg Intelligence, and Souheir Asba, credit portfolio manager at AllianceBernstein, discuss how hyperscaler issuance and upcoming IPOs could affect the credit landscape through index and portfolio changes, and how investors should position for this wave of supply. They also compare credit performance with rates since the Iran war began, assess relative value across investment-grade, high-yield and rates markets and share sector outlooks and views on AT1s and corporate hybrids. The Credit Crunch podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.

June 5, 202621 min

EM Lens: Extracting the Complexity Premium in Emerging Markets

Emerging markets are becoming a strategic focus for creditors looking to extract the complexity premium embedded in local markets. Atanas Bostandjiev, chairman and founder of Gemcorp Capital Management, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the opportunities available to institutional investors with perpetual capital. Bostandjiev and Sassower discuss the durability of alpha generation, the formation of behavioral biases and the ability to capitalize on structural inefficiencies across EM.

June 4, 202622 min

Macro Matters: Lazard’s Van Nostrand on Supply-Shock Investing

Supply shocks, inflation risks and AI are reshaping the investment landscape, a theme that Lazard’s Chief Investment Officer Eric Van Nostrand discusses with Ira Jersey on this Macro Matters edition of the FICC Focus podcast. Van Nostrand explains why macro matters more to markets now than it did for much of the past two decades, and why investors need to focus more on supply dynamics than traditional demand management. The two examine the inflationary consequences of the conflict in Iran, why Van Nostrand believes the market is underestimating the risk of persistently higher oil prices, and how those pressures complicate the outlook for the Federal Reserve under Chairman Kevin Warsh. They also discuss how fiscal and local policy affect long-term supply growth, why European equities look more attractive than they have in years, and where Lazard sees opportunities tied to the AI buildout, data-center infrastructure and emerging markets in a weaker-dollar world. The Macro Matters podcast is part of BI’s FICC Focus series.

June 3, 202620 min

FX Moment: Euro-Dollar 2H Outlook Has Become Binary

Recent euro-dollar price action has validated structural euro-dollar bulls, with the case for diversification strategies beyond the dollar still holding as we look to 2H and 2027. Yet this view is increasingly at risk from an evolving cyclical narrative, with an outperforming US economy and the potential for a hawkish tilt from the Federal Reserve likely to revive cyclical euro-dollar bears into 2H. 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 euro-dollar views into 2H. They also explore compelling FX views beyond the greenback, with Cooper highlighting a potentially more supportive context for the Canadian dollar. The FX Moment podcast is part of BI’s FICC Focus series. Listen to this episode on Apple Podcasts and Spotify.

May 29, 202631 min

State of Distressed Debt: Ensis’ Shinder on Middle-Market Workouts

“There’s such an informational asymmetry between incumbent investors — the direct lenders who are in the deal and the sponsor — and new parties that it can be harder to bridge that bid-ask,” said Ensis Partners Co-Founder Richard Shinder, “Price transparency acts as a signal... and if you don’t have that price signal, that can be a deterrent to getting things done.” Shinder shared valuable insights into the rapidly evolving middle-market and private credit restructuring landscape in his conversation with Bloomberg Intelligence’s Phil Brendel at the Beard Group Distressed Investing Media Night in New York City on May 19. The discussion delves into asset-liability mismatches, the rising impact of AI and obsolescence risk on technology workouts, pricing transparency challenges and what a “higher-for-longer” interest rate environment means for shifting systemic risks.

May 28, 202626 min

Macro Matters: Morgan Stanley’s Hornbach on Oil and Global Rates

Oil prices have become the key driver of global rates markets as conflict in the Middle East reshapes inflation expectations and policy outlooks. Matt Hornbach, Morgan Stanley’s global head of macro strategy, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast. Hornbach explains why energy prices have been the dominant force behind moves in US and global bond markets, why longer-term inflation expectations have remained relatively contained and how the Federal Reserve under Kevin Warsh may react differently to oil at $80 vs. $110 a barrel. The two also discuss whether investors are too confident that crude prices will remain structurally elevated even after the Strait of Hormuz reopens, and what that could mean for Treasury yields and broader asset markets. They also examine spillover from Japan’s bond market, the risks around the Bank of Japan and dollar-yen and why upcoming trade negotiations involving the US, Mexico and Canada could become another important source of volatility for global fixed income.

May 27, 202636 min

EM Lens: Dispersion Creates Cleaner Entry Points in EM Debt

Dispersion is rising across emerging markets, reflecting differences in external balances, policy flexibility and economic proximity to the war in Iran. Pablo Goldberg, EM fixed income portfolio manager at BlackRock, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess institutional positioning and investor sentiment across the asset class, as real yields are attractive and fundamentals remain resilient. Goldberg and Sassower discuss inflation expectations, election risk, rating migration and the policy outlook across EMs amid ongoing developments in the Middle East.