“It may or may not be good ... or binding precedent, but I think ConvergeOne will actually make the holdout risk worse because the minority lenders will now point to it and say ‘Sorry pal, you can’t jam this down my throat in court, so you’re not jamming it down my throat out of court either,’” says Houlihan Lokey Managing Director Tuck Hardie. He joins Bloomberg Intelligence’s Noel Hebert and Phil Brendel on this episode of the State of Distressed Debt podcast to review the workout landscape, sponsors’ exit strategies and LME trends. Prior to that, Phil and Noel reflect on high yield’s run and current vulnerability. To conclude, BI’s Negisa Balluku discusses the latest developments in First Brands, Spirit Airlines, Lifescan and Incora, while Phil reviews 2025 Prepack Plan Performances and Ardagh Group. The State of Distressed Debt podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify. Also, a heads up! Negisa and Phil will be at the Beard Group’s 32nd Annual Distressed Investing Conference on Dec. 2-3, 2025. We are excited to hear from the top professionals on the latest machinations in distressed investing.

Secular AI themes, product development in the volatility ecosystem and fault lines in the economy, as well as navigating volatility in digital assets, are among the key discussion points in this edition of the All Options Considered, featuring part II of the recording of the Bloomberg Volatility Forum 2025 held in NYC on Oct. 28. It starts with the fireside chat on digital assets by Randy Little, Partner, 50T Funds, moderated by Stacy-Marie Ishmael, executive editor, Bloomberg News. That’s followed by the final panel of the conference on multi-asset volatility and macro views by Jeff Blazek, Multi-Asset Co-Chief Investment Officer, Neuberger Berman, Nancy Davis, Managing Partner & Chief Investment Officer, Quadratic Capital, Bob Elliott, Co-Founder, CEO, and CIO, Unlimited Funds, and Matthew Glazier, Co-Head of Global Derivative Trading, Prudential. The panel was hosted by Tanvir Sandhu, Chief Global Derivatives Strategist at Bloomberg Intelligence.

The UK fiscal predicament will likely keep sterling under pressure heading into the Nov. 26 budget. The view is starting to look crowded, and recent moves appear stretched, but any upside is set to be contained until the fiscal path clears. For now, sterling bulls might have to settle for some consolidation ahead of the budget and/or renewed dollar weakness, which isn’t in sight yet. 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 UK fiscal- and monetary-policy dynamics and the shaky sterling backdrop. Laura and Audrey also touch on the recent dollar rebound and share their views into 2026. FX Moment is part of the FICC Focus podcast. Listen to FICC Focus on Apple Podcasts and Spotify.

This edition of All Options Considered is the recording of part of the Bloomberg Volatility Forum 2025 held in NYC on October 28th. It starts with the keynote speech by BI’s Chief Global Derivatives Strategist Tanvir Sandhu on macro and volatility across markets, followed by the discussion from the first panel on the derivatives market by Benn Eifert, Managing Partner, co-CIO Head of Multi-Strategy at QVR, Diego Parrilla, Chief Investment Officer at Quadriga Asset Managers and Ilya Gofshteyn, Head of Research and Lead Macro Strategist at Capstone Investment Advisors. The panel is hosted by Noel Hebert, Chief US Corporate Credit Strategist & Global Director of FICC Strategy at Bloomberg Intelligence.

“Manufacturing assets, the availability of them, have been chronically undersupplied for decades,” says Teddy Kaplan, CEO of Net Lease for New Mountain Capital, when making the investment case for the sector within a net-lease portfolio. Kaplan joins Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast to discuss sale-leasebacks, the evolution of the marketplace and the synergies of net lease within the New Mountain product set. They also explore on-shoring trends dating back through several administrations, asset-multiple arbitrage, identifying the right markets and tenants, as well as geographic growth opportunities. Kaplan and Hebert conclude with a conversation on managing distress within the portfolio and the emergence of asset-backed funding solutions.

Investor sentiment is improving across commercial real estate as liquidity improves, cash flows stabilize and capitalization rates compress. Jimmy Hinton, chief revenue officer for US capital markets at Newmark Group, joins BI chief fixed income strategist, Damian Sassower, to discuss his firm’s approach to price discovery, leverage and deal flow. Hinton and Sassower discuss the role of leasing velocity, lending standards, operating expenses, concessions and net absorption when identifying opportunities across the industrial, retail, office, multifamily, life sciences and hospitality sectors.

I don’t think that the next Fed chair does much to change my expectations for the terminal rate this cycle, says Stuart Paul, US & Canada Economist for Bloomberg Economics. Paul is joined by BI chief US rates strategist Ira Jersey and senior US & Canada rates-strategy associate Will Hoffman to discuss takeaways from the recent Federal Reserve, and Bank of Canada meetings. The trio discuss the outlook for monetary policy and yields on both sides of the border. They also touch on the upcoming release of the Canadian federal budget, the end of the Federal Reserve’s asset runoff program and what comes next for balance sheet policy, in addition to the impact of political influence on the path of monetary policy.The Macro Matters podcast is part of BI’s FICC Focus series.

“Where your capital is going to create value, that’s the area we want to focus on the most. So today we see a lot of that in telecom broadly defined data-center digital-infrastructure financing,” says John Cocke, Partner and Deputy Chief Investment Officer of credit for alternative asset management firm Corbin Capital Partners, discussing opportunities in the credit markets. Cocke joins Bloomberg Intelligence’s Stephen Flynn on this episode of the Credit Crunch podcast to talk about Corbin’s involvement in a broad range of fixed-income products, including high yield bonds, leveraged loans, mortgage-backed securities, private credit and litigation finance.  The Credit Crunch podcast is part of BI’s FICC Focus series.

Renewed US-China trade tensions, the impact of tariffs on rare-earth minerals and the growing uncertainty facing markets are among the topics discussed in this episode of Macro Matters, part of Bloomberg Intelligence’s FICC Focus series. Host Ira Jersey, BI’s chief interest rate strategist, speaks with Ben Emons, founder and CIO of Fed Watch Advisors, about how these developments could influence inflation, unemployment and the Federal Reserve’s rate decisions. They also examine gold’s surge, global spillovers and what lies ahead for Fed policy and leadership. The Macro Matters podcast is part of BI’s FICC Focus series.

“If I were a lender, I would sign a coop with everyone — or mostly everyone — the day after the loan closes, and then just let it sit there.” That’s Douglas Mintz’s solution to the damaging frenzy that often erupts when word spreads that creditors are organizing ahead of a potential liability management exercise. In a conversation with Bloomberg Intelligence’s Negisa Balluku, Mintz, who is a partner in Cadwalader, Wickersham & Taft LLP’s Financial Restructuring practice and a member of the firm’s Special Situations team, discusses the dynamics between majority and minority creditors, examining how recent rulings in ConvergeOne, Incora and American Tire Distributors are shaping creditor strategies. Prior to that, BI’s Phil Brendel and Stephen Flynn examine the current state of the communications sector, which houses the largest share of distressed-debt supply. The podcast concludes with a roundtable discussion on First Brands, Spirit Airlines, New Fortress Energy and Telesat.

Gold isn’t showing signs of true dollar debasement, if it were, there would be an even more severe market reaction, says Merk Investments co-founder and CIO Axel Merk on this Macro Matters edition of the FICC Focus podcast series. Merk joins host and Bloomberg Intelligence Head of US Rates Strategy Ira Jersey to discuss the reason gold has been climbing rapidly in recent weeks. Merk thinks the gold rally is due to speculators, central-bank and institutional buying, while he outlines how retail investors seem to have been sellers. Good management among gold producers is key for adding value when investing in the precious-metals sector. The two discuss the shifting relationship of real yields and gold performance. The Macro Matters podcast is part of BI’s FICC Focus series.

Credit and high yield had a good 2025, despite tariffs and rates volatility as spreads held ground. Will 4Q sustain this resilience and why? Mahesh Bhimalingam, Bloomberg Intelligence global head of credit strategy, discusses the results of the BI 4Q25 High Yield Investor Survey, along with the market outlook, with Alexis Renault, global head of high yield at Oddo BHF. They discuss the French fiscal problems and trade war's impact on credit, potential ECB action in a sovereign crisis along with distress and default rates. The podcast also covers investor positioning, sentiment, key return drivers, supply forecasts and relative value across asset classes (high grade vs. junk), geography (Europe vs. US), ratings and sectors. Credit Crunch is part of BI’s FICC Focus series. Listen to this episode on Apple Podcasts and Spotify.

There are some interesting developments in equity volatility which have trading implications from the pronounced spread between VIX and SPX realized volatility, low stock correlation, rise of single stock volatility and the shape of the VIX curve. In this edition of the All Options Considered podcast, BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Chris Murphy, Co-Head Derivative Strategy at Susquehanna, to discuss equity volatility and flows.Register for the 2nd Annual Volatility Forum in New York, October 28 at Bloomberg's headquarters. Register here: https://go.bloomberg.com/attend/invite/bi-vol-forum-2025/

Asset-backed securities issuance remains slightly behind the same period in 2024, even with Tricolor-related angst continuing, notes Bloomberg Intelligence ABS Strategist Rod Chadehumbe on this Macro Matters edition of the FICC Focus podcast series. Chadehumbe and Bloomberg Intelligence Head of US Rates Strategy Ira Jersey discuss Tricolor’s effect on the ABS market, how the consumer is driving issuance, recent trends in subprime credit-card and auto-ABS delinquencies, and his outlook for spreads. The Macro Matters podcast is part of BI’s FICC Focus series

The unexpected election of the LDP’s Sanae Takaichi and her known bias for expansionary fiscal policies is questioning the yen’s bull case and the currency’s sharp and broad selloff since the Oct. 4 result is a taste of what could come. For now, we don’t have enough information to assess how or when fiscal stimulus will eventually unfold, so it’s premature to call a sustainably bearish view until the fiscal prospects can be quantified.  In this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Jordan Rochester, head of FICC strategy for EMEA at Mizuho Bank, discuss Japanese fiscal and monetary-policy dynamics and the potentially binary yen implications. Jordan and Audrey also discuss the dollar and the euro’s near-term political predicament.  This episode was recorded on Oct. 8. Listen on Apple Podcasts and Spotify.

Institutional appetite for high-beta asset classes continues to endure yet traditional safe havens are not behaving as they should. Fabio Natalucci, CEO of the Andersen Institute for Finance & Economics, joins Bloomberg Intelligence Chief Emerging Market Fixed Income Strategist Damian Sassower to discuss investor positioning and risk sentiment ahead of the World Bank and International Monetary Fund’s 2025 Annual Meetings. Natalucci and Sassower touch on issues ranging from global trade and geopolitics to term premia expansion and AI-related capital expenditure. Listen to this episode on Apple Podcasts and Spotify.

The Federal Reserve moving away from the federal funds rate as the policy target would be welcome, said Meghan Swiber, senior US rates strategist at Bank of America Securities on this Macro Matters edition of the FICC Focus podcast series. Swiber and Bloomberg Intelligence Head of US Rates Strategy Ira Jersey also discuss BofA’s views on the yield curve, Treasury issuance and Federal Reserve policy. The Macro Matters podcast is part of BI’s FICC Focus series.

“Being able to underwrite a consumer, being able to offer that product to that consumer and then being able to touch that consumer is very, very important,” says Michael Nierenberg, CEO of Rithm Capital, discussing the company's focus on asset classes where it has an edge. Nierenberg joins Bloomberg Intelligence’s Noel Hebert and Erica Adelberg on this episode of the Credit Crunch podcast to talk about growth through M&A, changing the market’s perception of the company, recent deals for Crestline and Paramount Group, the history and growth of Rithm’s mortgage business, and what’s next. They also discuss effects of the yield curve and monetary policy, the implications of a low-volatility backdrop and asset classes that require caution. The Credit Crunch podcast is part of BI’s FICC Focus series.

Mortgage-backed securities may benefit from renewed bank demand as Fed easing improves net interest margins, according to Bloomberg Intelligence mortgage strategist Erica Adelberg. On this Macro Matters edition of the FICC Focus podcast, she joins host Ira Jersey, BI’s chief US interest-rate strategist, to discuss mortgage issuance, market structure, the role of cash buyers in housing and how the Fed’s balance sheet is likely to affect mortgage supply. They also review research indicating that a significant portion of mortgages originated in recent years can now be refinanced. The Macro Matters podcast is part of BI’s FICC Focus series.

Digital art has been around for decades but blockchain technology provides provenance. In this edition of the All Options Considered podcast, BI chief global derivatives Strategist Tanvir Sandhu is joined by Nicole Sales Giles, Director of Digital Art at Christie's to discuss the volatility of the NFT art market, AI generated art and emerging artists to watch.