FICC Focus

“LLMs give us the opportunity to kind of rethink how much expected skill we can get out of our tools and techniques,” says Jeffrey Rosenberg, managing director and senior fixed income portfolio manager for BlackRock Systematic. “If deep fundamental value investing is dedicating 10,000 hours to create ... concentrated portfolios based on an expectation of high degrees of skill, maybe we can do something similar because the technology allows us to.” This is an evolution from a model focused on maximizing small advantages, according to Rosenberg, who joins Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast. The two discuss rates decorrelation, systematic’s peanut-butter-cup moment and iShares Systematic Alternatives Active ETF (IALT), the company’s latest liquid systematic-strategy offering.

The Credit Crunch podcast is part of BI’s FICC Focus series.

Emerging market credit index futures improve liquidity and balance-sheet efficiency, yet they also open the door to a wider range of tactical and relative-value trading opportunities. Lee Bartholomew, global head of derivative markets at Deutsche Börse, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to assess the evolution of Eurex-listed EM credit index futures, with a focus on market structure and investor adoption. Bartholomew and Sassower discuss the potential for portfolio hedging, smart-beta overlays, basis trading and short positioning, as the universe of exchange-traded and unfunded EM credit exposure evolves.

With Kevin Warsh’s first meeting as Federal Reserve chair behind him, the discourse can move to what it signals for monetary policy. Bloomberg Economics Chief US Economist Anna Wong joins Ira Jersey on this edition of Macro Matters and argues that while Warsh avoided explicit forward guidance, his emphasis was on price stability, skepticism toward forecast precision and support for a shorter policy statement all point to a more hawkish lean than many investors expected. 

They discuss whether Warsh is pushing the Fed back toward a more Greenspan-like communication style, why she believes the dot plot could eventually disappear in favor of broader forecast ranges, and how task forces on the balance sheet, inflation and data reliability could shape future policy debates. They also examine the outlook for inflation and the labor market, why Wong sees a rate hike this year as a mistake given her expectation for headline and core PCE to fall back toward target, and how Bloomberg Intelligence views current SOFR futures pricing as internally inconsistent. The episode closes with a discussion of the global backdrop, including softer oil prices, tighter policy abroad and the implications for the dollar and the US disinflation outlook.

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

This edition of the All Options Considered podcast features a recording from the Bloomberg Volatility Forum held in Singapore on June 3. Bloomberg Intelligence’s Alison Williams, head of global strategy, delivers opening remarks, followed by a keynote presentation from Chief Global Derivatives Strategist Tanvir Sandhu on multi-asset volatility strategy. The program also includes a panel discussion on derivatives markets featuring Oliver Chan, portfolio manager at Capula Investment Management; Stéphane Martin, APAC head of derivatives institutional sales at Optiver; and Ivan Nurminsky, portfolio manager at Dymon Asia. In addition, Diego Parrilla, chief investment officer at Quadriga Asset Managers, discusses “The Energy World Is Flat 2.0.” Both sessions are moderated by Lianting Tu, managing editor for Asia-Pacific equities at Bloomberg News.

The All Options Considered podcast is part of BI’s FICC Focus series.

“If there’s kind of a squeamishness about forum shopping in the US, there’s a little...it’s just overseas, there’s none at all,” observed Harvard Law Professor Jared Ellias. “There’s a great deal of pride and interest in building...an insolvency system that is equal and in some ways more useful than what they have in the United States.” Ellias sat down with Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel to discuss his new paper, “The Global Law of Debt,” co-authored with Narine Lalafaryan. Ellias traces how the historical entanglement of the New York and London debt markets has evolved into a highly competitive, globalized ecosystem where borrowers now forum-shop across borders to maximize flexibility and bypass traditional constraints like Chapter 11’s absolute-priority rule. The conversation dives into the export of aggressive liability management exercises (LMEs), the implementation of hybrid “Frankenstein” debt documents and how foreign-court systems relish taking market share from the US. The podcast concludes (1:05:40) with BI’s Noel Hebert joining Negisa and Phil to discuss the latest developments in First Brands Group, Optimum Communications, QVC Group and Trinseo.

Link to referenced paper: https://bankruptcyroundtable.law.harvard.edu/2026/03/24/the-global-law-of-debt/