Afleveringen
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A slower exit environment for limited partners on the back of elevated rates and inflation has helped drive tremendous growth for the world of NAV lending over the past couple of years. David Philipp, partner in the Fund Liquidity Solutions Group at Crestline Investors, walks through the journey of the asset class with Bloomberg Intelligence’s Noel Hebert and Sam Geier on this episode of Credit Crunch. The conversation gets into the evolution of the investor, public-market accessibility, synergies with adjacent Crestline strategies, LP concerns and much more.
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The biggest change to the Treasury market has been algorithmic trading, and the proliferation of high-frequency trading firms (HFTs) and principal trading firms (PTFs), those two are really the main market makers in the inter-dealer broker screens, says Dan Mulholland, senior managing director and head of sales and trading at Crews and Associates. Mulholland is joined by host, and Bloomberg Intelligence’s chief US rates strategist Ira Jersey to discuss evolutions in Treasury trading and market structure. The pair discuss the shifts in depth of book and liquidity intermediation throughout the market, in addition to the drivers and potential risks of the basis trade. They also discuss recent moves in the Treasury market and expectations around Federal Reserve rate cuts, as well as how they may evolve into 2025.
The Macro Matters podcast is part of BI’s FICC Focus series. -
Zijn er afleveringen die ontbreken?
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A collateralized loan obligation’s (CLO) reinvestment period is among the keys to the success for the asset class in the view of Eagle Point’s Founder and Managing Partner Tom Majewski. He joins Bloomberg Intelligence’s Noel Hebert and Sam Geier on this edition of Credit Crunch to walk through Eagle Points focus on the higher-risk tranches of a CLO structure, with an emphasis on equity. The discussion touches on holder concentration, the growth in covenant-lite loans, misconceptions around forced selling, synergies with private credit markets and much more.
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Artificial intelligence is reshaping the world of municipal bonds, with predictive analytics, data-driven decision-making and automated portfolio management just some of the ways the technology is transforming public finance. In this episode of Bloomberg Intelligence’s Masters of the Muniverse podcast, hosts Eric Kazatsky and Karen Altamirano take a break from discussing the nuts and bolts of asset management and instead focus on the bits and bytes of how technology is applied to the municipal landscape. Joining us this month is Issac Kuofrom Parametric Portfolio Associates. Issac is a portfolio manager, technologist and painfully shy scratch golfer.
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Lenders must be “hyper-vigilant” at the whiff of a liability management exercise (LME), as cooperation agreements forged in response by the largest lenders often shut off membership once critical majorities are reached, according to Beach Point Capital’s senior vice president Jordan Sauer. Jordan shared with Bloomberg Intelligence’s Noel Hebert and Phil Brendel how his initial legal work at Wachtell Lipton with lender documentation served him well in identifying credit-agreement vulnerabilities and managing investments amid the jungle of LMEs and coop groups (6:20). Prior to that, BI’s Noel Hebert and Phil discussed the implications of a historically low high yield spread for credit investors. The podcast concludes with BI’s Negisa Balluku joining Noel and Phil for a roundtable discussion covering Franchise Group, Hertz, Yellow, Spirit Airlines, J&J, Incora, and CommScope (1:06:30).
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With the US election having a clear result and credit markets enjoying a strong run this year, charting the course forward is a challenge. Will a Trump regime slow down Fed cuts and will the ECB continue on its previous easing course, and what will this mean for credit? Will stubborn US yields cause more divergence in credit until 1H25? In this episode of our Credit Crunch podcast, host Mahesh Bhimalingam, chief European credit strategist at Bloomberg Intelligence and James Turner, Co-Head of EMEA fundamental fixed income at Blackrock, discuss the state of credit and gaps across the US and Europe.
They tackle relative value across credit in different currencies; junk and high grade; fund flows and supply; defaults and ratings; fundamental and curve views. They also detail the impact of elections across the US, UK and Europe. -
As expected, the Federal Reserve cut 25 bps in this election week, not a surprise, but Jerome Powell wasn’t as hawkish as might have been expected. Bloomberg Intelligence Chief US Interest-Rate Strategist Ira Jersey is joined by Senior Government Analyst Nathan Dean to discuss the implications of the recent election cycle for the US economy and Treasury markets. They discuss the current state of executive policy uncertainty, and potential outcomes of various campaign promises, though Dean doesn’t think the debt ceiling is going to be an issue for the next four years. They also touch on potential changes in tax policies, fiscal budgets, and financial regulations.
The Macro Matters podcast is part of BI’s FICC Focus series. -
The cyclically-driven bullish dollar narrative got another boost last week, with President-elect Donald Trump's expected pro-growth stance implying a policy mix weighted more to fiscal stimulus and less to monetary steps, which would help the dollar. It's also better positioned if Trump pursues tariffs. Host Audrey Childe-Freeman, Bloomberg Intelligence's Chief G-10 FX Strategist, talks to Dr Anna Wong, Bloomberg Economics Chief US Economist, about how the economy, the Fed rate outlook and the fiscal trajectory could affect our dollar outlook.
Anna and Audrey touch on how US fiscal woes could impact dollar views via a worsening fiscal premium, though the dollar's role as the global reserve currency won't be challenged any time soon. -
Geopolitical risk remains elevated, yet financial stability doesn’t appear to be a cause for concern as market practitioners turn their attention to year-end. Dr. Jason Wu, IMF assistant director of Monetary & Capital Markets, and Dr. Fabio Natalucci, CEO of the Andersen Institute for Finance & Economics, join Damian Sassower, EM Lens podcast host and Bloomberg Intelligence chief emerging market fixed income strategist, to discuss the growth and inflation outlook for both advanced economies and emerging markets across the globe. Wu and Natalucci touch on issues ranging from central bank stimulus and US dollar debasement to term premia expansion and the evolution of private credit.
The EM Lens podcast is part of BI’s FICC Focus series. -
Cash is not on the sidelines. An investment in a money market fund is an actual investment, says Robert Sabatino, head of Global Liquidity Portfolio Management at UBS Asset Management. Sabatino is joined by host and Bloomberg Intelligence’s chief US rate strategist Ira Jersey and senior US and Canada rate strategy associate Will Hoffman to discuss all things money markets. The trio examine shifts in the relationship between the Federal Reserve’s facilities and the money-fund industry, as well as how recent SEC regulatory changes have affected portfolio-management decisions. They also touch on drivers of volatility in the repo market, such as the growth of the Treasury market relative to intermediation capacity, as well as how money-fund assets may evolve as offering yields fall.
The Macro Matters podcast is part of BI’s FICC Focus series. -
Investors have poured $13 billion into high-yield municipal bond funds in recent weeks, a move that underscores the need for credit analysis and active investing, says Alex Petrone, managing director and head of fixed income at Rockefeller Asset Management. In this episode of Bloomberg Intelligence’s Masters of the Muniverse podcast, hosts Eric Kazatsky and Karen Altamirano talk with Petrone about using technology to assist in credit research in the highly fragmented muni market, how quickly fixed income asset management is changing and what 2025 may bring.
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Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit plans. Bloomberg Intelligence strategy team uncover active opportunities and glean insights from active managers and those who cover the industry. Listen to Inside Active by Bloomberg Intelligence.
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By engaging across multiple sectors of the structured product markets, 400 Capital Management has the flexibility to independently deal with the unique cycles and phases of the various asset classes. Founder and Managing Partner Chris Hentemann joins Noel Hebert and Sam Geier of Bloomberg Intelligence on this episode of Credit Crunch to talk through the process of navigating through those cycles. The conversation touches upon asset class allocations, the risk-transfer market, joint venture benefits, the attraction of commercial real estate, and more. Credit Crunch is part of the FICC Focus podcast.
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Real Estate remains highly localized, a feature which contributes to its noncorrelated and rate-sensitive nature, says Barings Head of US & European Real Estate John Ockerbloom. He joins Damian Sassower, Bloomberg Intelligence’s fixed income strategist, to discuss opportunities and risks facing real estate markets across the globe in this episode of BI’s FICC Focus podcast. Ockerbloom identifies opportunities in data centers, self-storage, health care and multiuse real estate. They also talk about what comes next for out-of-favor sectors such as office and retail.
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With plenty of private equity dry powder and a growing supply-demand imbalance, direct lending is well positioned to grow, according to Antares Capital Director of Asset Management, Vivek Mathew. Vivek joins Bloomberg Intelligence’s Noel Hebert and Sam Geier on another special edition of Credit Crunch, recorded at the Greenwich Economic Forum. They discuss the benefits of being under the wing of the Canada Pension Plan Investment Board, the refinancing cycle, Antares’ co-investment approach, secondary-market viability and more.
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The record growth in municipal bond ETFs, and more specifically actively managed muni ETFs, has led to more innovative alternative strategies. In this episode of Bloomberg Intelligence’s Masters of the Muniverse podcast, hosts Eric Kazatsky and Karen Altamirano are joined by Harley Bassman, managing partner at Simplify Asset Management. They discuss Simplify’s ETF strategies and how option selling can improve a portfolio’s risk-adjusted returns.
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It does look like the Fed is nailing this soft landing, so we’re feeling quite positive around where we’re going, says James McCann, Deputy Chief Economist at Abrdn. McCann joins host and senior US and Canada rates strategy associate Will Hoffman to unpack rapidly shifting economic narratives. The pair discuss changes in the the medium-term economic outlook, as well as recent developments regarding the state of labor markets and inflation. They also dive into the implications of strikes and hurricanes on near-term economic data, in addition to the balance of risks surrounding the upcoming US election cycle.
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Polen Capital, with deep roots in the world of growth equity investing, has expanded into the opportunistic high yield bond market, leveraging its acquisition of DDJ Capital in 2021. Polen CEO, Stan Moss, and Head of Credit, Dave Breazzano, join Noel Hebert and Sam Geier on this special edition of Credit Crunch, live from the Greenwich Economic Forum. The conversation dives into the firm’s focus on growth, the benefits of a flexible high yield investment approach, leadership through uncertain times, the credit cycle and more.
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High yield credit had a strong year (to date), as yields rallied and spreads followed, while defaults didn't blow up as feared. In Europe, the index default rate stands at 2.7% and the US at 1.2% but the share of stressed and distressed bonds has come down. Will 4Q sustain those gains, and why? Listen to Mahesh Bhimalingam, Bloomberg Intelligence's Chief European Credit Strategist, discuss the results of the 4Q High Yield Survey, along with market outlook, with Peter Khan, Global High Yield Portfolio Manger at Fidelity Investments.
They discuss the BI 4Q investor survey report, which covers investor positioning, sentiment, key return drivers, default and supply forecasts and relative-value opinions by geography, rating and sector. They discuss deeply how high yield prospects differ between Europe and the US. -
Globalization has slowed, yet access to local markets is improving, and the EM asset class remains underrepresented in most global portfolios. In this episode of the EM Lens podcast, Rich Nuzum, executive director and global chief investment strategist at Mercer, joins Damian Sassower, Bloomberg Intelligence chief emerging market fixed-income strategist, to discuss the Mercer’s affinity for emerging market assets and their role within large institutional portfolios. Globalization has slowed, yet access to local markets is improving, and the EM asset class remains under-represented in most global portfolios. Nuzum and Sassower touch on supply chain diversification, demographics, total return expectations and terms of trade.
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