FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities, and currencies by Bloomberg Intelligence analysts.
US, UK, EUR Rates Markets: Macro Matters
Short maturity government bond yields in Europe and the US may move somewhat high in the near term, according to Bloomberg Intelligence.
In this Macro Matters edition of the Bloomberg Intelligence FICC Focus podcast, Chief US Interest Rate Strategist Ira Jersey is joined by his European counterpart Huw Worthington to discuss the February meetings of the US, UK and European central banks and the corresponding rate markets. Jersey notes his view that the market still doesn’t think the Federal Reserve can remain on hold, even though Chairman Jerome Powell explicitly said the Fed wouldn’t cut. Worthington thinks short-term German yields are about 0.5% too low, but that the markets are broadly in a range near term.
In the Interest Rate Intro segment, BI Strategy Associate Will Hoffman asks Jersey why he thinks the market doesn’t believe in the Fed’s resolve.
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King Street's Goldschmid Talks Shop, J&J's 3rd Circuit Loss
"It takes a long time to slow things down, especially when you’ve just pumped $2.5 trillion of monetary stimulus into the economy," Paul Goldschmid, partner & co-portfolio manager at King Street Capital, says about why this credit cycle may take longer to play out vs. those seen in the past 20-30 years.
In this State of Distressed Debt edition, Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss how credit is hard to keep down in January as well as what’s next, followed by an in-depth feature interview with Goldschmid about distressed markets today and King Street’s investment process (6:15). Negisa Balluku joins the podcast to talk about Johnson & Johnson’s litigation loss in the Third Circuit, Party City and Genesis (1:03:07).
Preparing for Landing: All Options Considered
In this edition of the All Options Considered podcast on volatility, BI's Chief Global Derivatives Strategist Tanvir Sandhu discusses the key themes from the volatility markets year-to-date, reflects on the low volatility regime and the outlook ahead.
Last Year’s Laggards Are This Year’s Leaders: EM Lens
In this month's EM Lens & Look-Through podcast, BI Chief EM Fixed Income Strategist Damian Sassower is joined by Sergey Goncharov, Emerging Market Portfolio Manager at Vontobel. Goncharov shares his outlook for EM credit, as primary markets are open for business and corporate default rates remain low amid rising risk of recession. Central bank policy rates are well above pre-pandemic levels, and we see potential to receive in EM local debt markets as monetary tightening subsides.
Remote Work Prophet Comes to Muniland: Masters of the Muniverse
On this month's Masters of the Muniverse, Eric Kazatsky and co-host Karen Altamirano are joined by Stanford University Professor and "Prophet of Remote Work," Nick Bloom. We discuss how remote work has a history much deeper than the pandemic and what the future may look like for the workplace, cities and public transit.
Brown Rudnick's Stark on Bankruptcy Playbook: State of Distressed Debt
Global Credit Strategy head Noel Hebert and BI distressed credit analyst Philip Brendel discuss distressed debt’s awful 2022 performance and what’s next. Then, Philip and BI bankruptcy litigation analyst Negisa Balluku have an in-depth feature interview with Robert J. Stark, Chair of Brown Rudnick’s Bankruptcy & Corporate Restructuring group on corporate restructuring strategies and dynamics from all angles (8:00). Finally, Eliza Ronalds-Hannon join them for a roundtable discussion on names in the news - FTX, Voyager, Cineworld, Revlon, Bed Bath & Beyond, Party City, and Endo. (1:43:32).
Listeners are also invited to join Bloomberg Intelligence Analysts Negisa Balluku and Holly Froum on Jan. 27 at 10:00 AM as they revisit the intersection of mass torts and bankruptcy in light of the evolving legal framework.
With key rulings on the horizon, large corporate defendants and lawyers alike are keeping an eye on 3M and Johnson & Johnson’s attempts to short-circuit mass tort litigation via Chapter 11.
Good pad Kaz
Well done on municipal bonds