FICC Focus

“What I’m hyper focused on is ... not losing money on the new money,” observes Michael Chaisanguanthum, managing director and head of restructuring for UBS Asset Management’s Credit Investments Group, reflecting on the disappointing performance of aggressive liability management exercises (LMEs). In this episode of the State of Distressed Debt podcast, Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel sit down with Michael to explore why lenders are increasingly abandoning the cutthroat in-group/out-group playbook in favor of broader creditor cooperation. The conversation unpacks why lenders may be better off letting borrowers pursue the deal-away from third-party lenders rather than committing fresh capital to troubled credits and why court decisions have done little to derail creative LME tactics. Michael also examines the negotiating friction created by aggressive nondisclosure agreements and disqualified lender lists, and the opaque economics of bankruptcy roll-ups that can obscure the true value being transferred among creditors. BI's Noel Hebert later joins Phil and Negisa for a discussion (1:09:00) around their latest distressed credit research on Incora, Getty Images, Xerox, Hughes Satellite Systems, and Telesat.

The State of Distressed Debt podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.

Securitized assets offer ample opportunity for alpha generation, as structural complexity often results in market dislocation and mispriced credit risk. Liza Crawford and Peter Van Gelderen, co-heads of global securitized at TCW, join Bloomberg Intelligence chief EM fixed income strategist Damian Sassower to discuss their approach to securitized credit and asset-based lending in a more volatile interest rate environment. Crawford and Van Gelderen drill down into the various sectors, loan types and deal structures that investors can access across this rapidly evolving asset class.

With markets questioning how much further the Federal Reserve will tighten, the path of short-term rates may matter more for the yield curve than persistent fears about inflation or fiscal policy. John Velis, macro strategist for the Americas at BNY Mellon Markets, joins Bloomberg Intelligence chief US interest-rate strategist Ira Jersey to discuss this and more on this Macro Matters edition of the FICC Focus podcast. Velis explains why he expects a December hike but is skeptical the Fed will deliver all the tightening priced for 2027, which could eventually create opportunities to receive rates. The two also discuss why the Treasury curve may remain relatively flat until the market embraces a less-hawkish Fed path, how political and AI-related uncertainty is suppressing investor conviction, and what BNY’s custody data reveal about unusually cautious positioning. They close with Velis’ outlook for a softer dollar, particularly against select Asian and Canadian currencies.

he Macro Matters podcast is part of BI’s FICC Focus series.

The UK’s “low-key fiscal event” budget means a fading fiscal premium, for now, and a focus on sterling’s carry appeal as the first BOE rate rise in the cycle looms. In this episode of the FX Moment podcast, Bloomberg Intelligence chief FX strategist Audrey Childe-Freeman and Ben Ford, FX strategist at Macro Hive in London, discuss sterling’s dynamics following the UK’s Oct. 28 budget and ahead of the Nov. 5 Bank of England policy meeting. The two examine sterling’s euro-proxy virtues during periods of French turmoil, validating BI’s 0.8250 euro-sterling view. Ford also touches on the bullish Swiss-franc view amid renewed risk aversion, consistent with Audrey Childe-Freeman’s case for defensive foreign exchange and euro-Swiss falling toward 0.91-0.90 in 2027.

The FX Moment podcast is part of BI’s FICC Focus series. Listen to this episode on Apple Podcasts and Spotify.

With stronger nominal growth, persistent inflation and an AI-driven investment boom reshaping the macro backdrop, investors may need to rethink traditional stock and bond allocations. Anwiti Bahuguna, co-chief investment officer of Northern Trust Asset Management, joins Bloomberg Intelligence chief US interest rate strategist Ira Jersey to discuss this and more on this Macro Matters edition of the FICC Focus podcast. Bahuguna explains why she sees the post-Covid economy as a new macro regime, how a more divided Federal Reserve could affect the pace of tightening and why strong wealth effects continue to support US consumers. The two also discuss Northern Trust’s overweight to AI-linked emerging markets, Europe and the UK as portfolio diversifiers. Other topics include political risks surrounding data-center construction and why real assets may play a larger role in portfolios facing both inflation and growth shocks.

The Macro Matters podcast is part of BI’s FICC Focus series.