FICC Focus

Jason Granet, CIO of BNY and macro scenario specialist, talks yield-curve outlooks and risk sizing. He outlines recent shocks reshaping growth and inflation. He explains BNY’s scenario framework and why shocks have long tails. He highlights tactical opportunities from liquidity dislocations and where long-term steepening may come from.

Sarah Harrison, senior portfolio manager at Allspring Global Investments with leveraged finance expertise. They discuss the Iran war timeline and its market impact. Credit’s role as a safe haven versus rates and equities. The tech-driven pre-war wobble, contagious private credit risks, and where value shows up across high grade, high yield and loans.

Rachel Murray, Managing Director at Moelis & Co., advises on capital structure and turnarounds. She discusses how private credit’s relationship-driven dynamics change restructurings. Short conversations cover tactics to create lender competition, non-pro rata economics, dual-tracking between private and syndicated markets, lender heterogeneity, and trade-offs from looser documents and lender control.

Tom Doe, founder and former CEO of Municipal Market Analytics and longtime municipal market researcher. He discusses how prediction markets could surface muni risk signals and improve disclosure timeliness. They cover market scale, hedging tools for portfolios, futures and indices, integrity and manipulation concerns, and how visibility might prompt policy and industry action.

Nathan Dean, a Bloomberg Intelligence senior policy analyst covering Washington policy and courts. He breaks down the OCC stablecoin plan and the Genius Act’s tricky rules. He walks through the potential Basel III capital shakeup and shifting tariff authority after a Supreme Court ruling. He also previews how midterms could steer regulation and litigation.

Anoush Ehteshami, a Durham University professor who has studied Iran and the region for decades, walks through Iran's strategic mindset and institutional resilience. He discusses proxy capabilities, succession dynamics, and how different actors weigh escalation. The conversation also covers how oil, cross-asset volatility, and safe-haven flows reflect market perceptions after recent attacks.

Stephen Chiu, Chief Asia FX and Rates Strategist at Bloomberg Intelligence, breaks down Asia currency moves and oil-linked macro effects. He discusses how the Iran war has revived the dollar’s safe-haven appeal. He explores oil-driven inflation, net oil exporter vs importer currency dynamics, and why the yuan and other Asian FX behaved the way they did.

Jim Gubitosi, Co-CIO at Income Research + Management with deep experience in securitized products and U.S. dollar fixed income. He discusses where value still sits in securitized front-end paper. He explains active, duration-neutral security selection and why technicals have kept spreads resilient. He warns about concentrated tech issuance and highlights evolving ABS and CMBS opportunities.

Erica Adelberg, head of mortgage strategy at Bloomberg Intelligence who covers MBS and housing policy, walks through takeaways from the SFVegas finance conference. She discusses GSE reform timing and possible privatization paths. She explains shifts in credit scoring and investor worries. She also covers AI and tech accelerating mortgage origination and attendees’ views on low recession risk.

Heema Patel, Europe credit strategist at Bloomberg Intelligence, explains US issuers tapping euro markets and tech-driven euro deals. Reto Bachmann, structured credit specialist, traces AI-driven SaaS sell-offs and CLO reinvestment dynamics. Basel Al-Waqayan, GCC/MENA strategist, covers sukuk growth and geopolitical spread risks. Jason Lee and Tim Tan, Asia credit strategists, discuss Dim Sum versus dollar funding and the surge in Asia convertible bonds.