FICC Focus

“The goal is to set the company up for longer-term success,” explained Rachel Murray, managing director at Moelis & Co. “If we’re solving quarter-to-quarter, you’re probably not investing in the business as you should; there’s distractions for management, it’s putting more pressure on the business, and frankly, probably their peers and competitors are going after their customers and creating noise.” In her conversation (7:40) with Bloomberg Intelligence’s Negisa Balluku and Phil Brendel at the 22nd annual Wharton Restructuring & Distressed Investing Conference, Murray explored how private credit’s growth and heavy dependence on relationships alter the restructuring dynamic, relative to traditional large cap leveraged finance workouts. This episode of the State of Distressed Debt podcast concludes (31:40) with BI’s Noel Hebert joining Negisa and Phil to discuss the latest developments in First Brands, Saks, Multi-Color Corp., Ardagh Group and Serta.

Prediction markets may revolutionize the municipal bond industry by improving credit transparency, trading efficiencies, hedging strategies and portfolio management. On the inaugural episode of the Masters of the Muniverse podcast, MMA founder Tom Doe and Bloomberg Intelligence’s new head of municipal research and strategy, Matthew Gastall, discuss the possibilities and promise of prediction markets. They also explore potential policy actions in regions exposed to the greatest infrastructure and energy risks.

The Masters of the Muniverse podcast is part of BI’s FICC Focus series.

It’s surprising that the Basel III Endgame proposal may raise bank capital requirements 3-7% given that President Donald Trump’s mantra is deregulation, says Nathan Dean, Bloomberg Intelligence senior policy analyst. Dean joins host Ira Jersey, BI’s chief US rates strategist, to discuss the Office of the Comptroller of the Currency’s stablecoin proposal implementing the Genius Act, along with open questions around rewards, yield and the Clarity Act. They also discuss the state of the Basel III endgame and related proposals that could reshape global systemically important bank capital through 2027, how tariff authority is shifting after a Supreme Court ruling — and why litigation may be the next battleground — and what the November midterms could mean for legislative gridlock, investigations and policy path dependence. There’s also a quick detour to Ira’s World Cup picks.

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

As conflict escalates across the Middle East, the dominant frameworks for reading Iran, its system, its strategy, and its staying power are widely misunderstood.BI's Chief Global Derivatives Strategist Tanvir Sandhu is joined by Professor Anoush Ehteshami, International Relations in the School of Government and International Affairs, Durham University, to examine the geopolitical backdrop and its transmission into financial markets. The podcast is moderated by Karima Fenaoui, BI's Research Content Officer.

The Iran war challenges Bloomberg Intelligence’s early 2026 dollar bear view via two key channels. First, the large-scale risk-off move over the past few sessions has revived the dollar’s safe-haven appeal, reinforcing that in a broad-based flight-to-safety backdrop the greenback comes out stronger. Second, if the recent oil-price surge persists, it could lift global inflation and force markets to rethink expected 2H Fed rate cuts, weakening the yield-driven case for a softer dollar.

In this episode of FX Moment, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and BI’s Chief Asia FX and Rates Strategist Stephen Chiu discuss how higher oil prices can also support the dollar vs. the euro or yen through the net oil exporter vs. net oil importer dynamic. They also revisit BI’s strong Asia FX convictions from early 2026, including a still-supportive yuan outlook.