FICC Focus

Edward Fishman, Senior Fellow at the Council on Foreign Relations and author of Chokepoints, offers geopolitical analysis on Iran and energy security. He discusses control of the Strait of Hormuz and why reopening it is now a priority. He outlines how the conflict could shift markets from inflation fears to a growth shock and weighs the chances of military escalation and oil surging above $100.

John McClain, Goldman Sachs Asset Management’s global co-head of High Yield and Bank Loans, brings sharp expertise in high yield, leveraged loans and private credit. He breaks down market technicals, looming data-center and LBO supply, AI-related software credit risks, and where secondary market opportunities and secured project financing look most attractive.

Zia Uddin, President of Monroe Capital and CEO of MLend, is a private credit and middle‑market lending veteran. He discusses how not all software carries equal AI risk. He explains why originations and cycle experience matter. He highlights growth areas like asset‑based finance, lower middle‑market lending and selective European expansion.

Michael McKee, Bloomberg international economics and policy correspondent, explains shifts in Federal Reserve communications and culture. He discusses Powell’s growing ease in press settings. The conversation covers debates over the dot plot and scenario-based guidance, prospects under a potential Kevin Warsh chairmanship, and realistic changes to the Fed’s balance sheet and regulatory role.

Stephen Boyko, partner and co-founder of Proskauer’s Private Credit Group, brings decades of finance and restructuring experience. He talks about how private credit docs evolved toward borrower flexibility. He covers covenant trends, lender protections against LME risks, EBITDA add‑backs and why defaults differ by industry and deal size. He also outlines monitoring, amendment patterns and the market outlook.

Brian Resnick, restructuring partner who leads Davis Polk’s Liability Management & Special Opportunities practice, discusses evolving liability management strategies. He breaks down one-shot deleveragings versus repeat LMEs. He explores private credit vs bank-sponsored loan dynamics, anti-cooperation language risks, and sophisticated disqualified lender provisions.

Huw Worthington, European rates strategist at Bloomberg Intelligence, on central bank moves and UK yield swings. Anna Wong, chief U.S. economist at Bloomberg Economics, on Fed forecasts, inflation and labor risks. They debate oil's impact on inflation, shifts in Fed/BOE/ECB tones, market reactions in yields and TIPS, and scenarios from war outcomes to sustained $100+ oil.

Cem Karacadag, head of global sovereign debt at Barings who focuses on EM debt and portfolio risk, breaks down how the Iran war reshaped EM markets. He contrasts oil exporters and importers. He explores central bank moves, fiscal risks like subsidies and FX defense, and where defensive EM debt and idiosyncratic opportunities may sit.

Wynne Comer, COO at AGL Credit Management and longtime CLO specialist, walks through CLO mechanics and active management. She discusses AGL’s turnover and optimization, building private credit and BDC capabilities, geographic expansion plans, the 10D diversification framework, regulatory and risk-retention effects, and how AI and tech shape credit diligence and monitoring.

Gustavo Medeiros, head of emerging markets research at Ashmore Group, provides concise EM analysis. He explores historical oil shocks and why this one could differ. He breaks down winners and losers by terms of trade. He discusses fiscal strain, monetary policy responses, investor flows, frontier vulnerabilities, and how prolonged Gulf supply disruption could reshape capital allocation.