It’s back to the future in emerging-market debt, and creditors should look to the Cold War when analyzing geopolitical risk in global fixed-income portfolios. Michael Cirami, Managing Director at Artisan Partners and a portfolio manager for EMsights Capital Group, joins Bloomberg Intelligence Chief Emerging Markets Credit Strategist Damian Sassower to discuss his company’s approach to investing across the emerging and frontier debt markets. Cirami and Sassower assess the potential for alpha generation in EM fixed income, from off-benchmark positioning and idiosyncratic risk to shifting inflation dynamics and deteriorating growth expectations.

The weakening path recently observed through US survey evidence has yet to be confirmed by a sustained turn in the core economic news flow, but if confirmed, this could entertain a more bearish dollar outlook than envisaged at the start of the year. In this episode of FX Moment, Bloomberg Intelligence’s chief G-10 FX strategist Audrey Childe-Freeman and Valentin Petrescou, senior portfolio manager at Lombard Odier Investment Managers, discuss the US dollar outlook amid an ever-evolving tariff narrative, with Petrescou arguing that a trade war scenario may not be all that dollar bullish in the current economic cycle. The two also discuss the merits of yen exposure in FX diversification strategies and conclude a euro-dollar parity scenario is fading.

Hybrid capital solutions may aid small and medium enterprise companies confronting balance-sheet challenges amid persistently high borrowing costs. Ari Lefkovits, managing partner at Delos Capital, joins Bloomberg Intelligence’s credit strategists Noel Hebert and Sam Geier on this episode of the Credit Crunch podcast to discuss trends in private credit markets, and Delos’ advisory and principal investment approach. The conversation digs into the adoption of co-op agreements between lenders, transformations in the default process, hybrid capital benefits as well as inflation and tariff impacts. 

A spate of economic and political headlines has traders working harder than usual to assess US indicators for clues on interest rates and property markets. In this episode of the Bloomberg Intelligence Macro Matters Podcast, Lisa Pendergast, president and CEO of CREFC, joins host and BI chief US rates strategist Ira Jersey, senior REIT analyst Jeffrey Langbaum and senior US and Canada rates strategy associate Will Hoffman to discuss all things commercial real estate. They discuss changes in sentiment post-Covid-19 and relative value across market segments. They also examine the potential for continued office-space conversions, and how the industry is approaching its maturity wall with the Federal Reserve on hold.

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

Atanas Bostandjiev, founder & CEO of Gemcorp Capital Management, joins BI chief emerging markets fixed-income strategist Damian Sassower to discuss his firm’s approach to engineering performance and mitigating risk in emerging and frontier markets. Securitization expertise is critical when extending private credit to local operators across emerging markets, with heavy focus on principal protection and repayment. Bostandjiev and Sassower examine loan structuring, deal flow, exit strategies and currency risk, as foreign creditors’ appetite for incremental carry extends to EM.

There has been a lot of information for the market to digest so far this year and rates volatility has drifted lower with the Fed on hold for now, while elevated US economic policy uncertainty has helped support VIX. In this edition of the All Options Considered podcast, BI’s Chief Global Derivatives Strategist Tanvir Sandhuis joined byChris Murphy, Co-Head Derivative Strategy atSusquehanna, to discuss cross-asset volatility and flows. 

Catastrophe bonds offer issuers additional capacity for underwriting risk, while providing investors with a stream of uncorrelated returns. Bloomberg Intelligence analysts Noel Hebert and Sam Geier are joined by Tarek Abou Zeid and Andre Rzym, partners and portfolio managers at Man AHL to discuss the growth and adoption of cat bonds. The discussion gets into real-world examples, from Hurricanes Andrew and Milton, to the 2006 FIFA World Cup. They also talk about primary vs. secondary markets, payout structures, cybersecurity and terrorism, target investors and much more.

Despite economic data once again signaling inflation is on the rise, the future of rate cuts becoming uncertain and an evolving fiscal-policy landscape, there’s much to be optimistic about within the muni market. On this month’s Masters of the Muniverse podcast, hosts and Bloomberg Intelligence analysts Eric Kazatsky and Karen Altamirano talk to Tim Coffin, Director of Sustainability at Breckinridge Capital Advisors. We discuss the rise in separately managed accounts and how the demand for sustainable investing is unlikely to wane.

If the economy evolves a certain way, the Federal Reserve isn’t far from cutting rates more than the market thinks, says Wellington Management Portfolio Manager Brij Khurana. Khurana joins host and Bloomberg Intelligence Chief US Interest-Rate Strategist Ira Jersey and senior Canada and US rate strategy associate Will Hoffman to discuss the current dynamics and trends across fixed-income markets. The trio examines the shifts in the US inflation outlook and subsequent market pricing for Fed policy action, as well as the state of the domestic labor market. They highlight the potential shifts in fiscal policy under the new administration and the changes to nominal growth and wage expectations under several scenarios.

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

In his 35 years on Wall Street, Moelis’ Global Co-Head of Capital Structure Advisory Bill Derrough hasn’t seen a rescue-financing environment as robust as today, “where we [can] run so many parallel processes at the same time.” As one of the key bankers behind Hertz’s successful bankruptcy auction and American Airlines’ game-changing Chapter 11 exit merger, Bill shares with Bloomberg Intelligence’s Noel Hebert and Phil Brendel some “war stories” and his insights on trends in liability-management exercises, the rise of cooperation agreements and developing creative restructuring solutions (6:00). Prior to that, Noel and Phil discuss the high yield market’s historically-tight spreads and 4.5-year respite from a surge in distressed inventory. The podcast concludes with BI’s Negisa Balluku joining Noel and Phil for a round-table discussion covering Serta Simmons’ impact on equitable mootness, Hertz, Yellow Corp., Spirit Airlines, GOL Airlines and Franchise Group (1:30:00).