FICC Focus

Christian Lawrence, chief cross-asset strategist at Cooperative Rabobank, offers macro and cross-asset perspectives on FX, rates, and EM fixed income. He discusses the dollar’s weak outlook and how hedging shapes flows. He covers carry trade dynamics, why market volatility stays low, and where selective EM local investing looks most attractive.

Will Marshall, Head of U.S. Rate Strategy at Goldman Sachs, offers concise market-savvy perspective. He explains why U.S. rate volatility has eased. He discusses drivers of 10-year yield moves and what could push them up or down. He covers Fed policy outlook, balance sheet constraints, swap spread dynamics, and Treasury issuance plans.

Emily Bannister, Director of Private Credit at Wellington Management, who leads the firm’s private credit expansion. She discusses Private Credit 2.0, investment-grade private credit, growth lending, transitional commercial real estate debt, public-private convergence, and how Wellington builds teams and infrastructure to scale these strategies.

Ashwin Palta, a Global High Yield Portfolio Manager at BNY Newton with deep leveraged finance experience, discusses why he is cautiously bullish. They cover tight high-yield spreads, Fed moves and earnings as key drivers. Conversation also touches on supply forecasts, regional preferences between US and Europe, and sector and rating positioning.

Constantin Bolz, Head of G-10 FX at UBS CIO, brings macro-driven FX strategy expertise. He discusses narratives that could push the euro past $1.20. Short, sharp takes cover euro fiscal easing, ECB reactions, dollar weakness vs euro strength, pro-cyclical carry trades like NOK and AUD, and outlooks for the franc and yen.

Andrew Milgram, managing partner and CIO at MarbleGate, is a middle-market distressed investor who leads hands-on operational turnarounds. He discusses MarbleGate’s direct-investing model, how embedded operations teams and clearer decision processes speed capital turns. Topics include loan documentation pitfalls, liability management exercises, sector avoids like retail and tech, and lessons from First Brands.

Matt Nord, co-head of equity and head of hybrid at Apollo, leads the firm’s hybrid strategy across private equity and capital solutions. He explains what hybrid structures are and why they matter now. He discusses Apollo’s scale advantage, how hybrids offer downside protection with equity-like returns, fund flexibility, and plans to grow hybrid assets substantially.

Christy Govella, Associate Professor of Japanese Politics and International Relations at Oxford, offers crisp analysis of Japan's snap election and its political stakes. She breaks down ruling party dynamics, coalition math and defense funding debates. Conversation also covers yen volatility, JGB risks, currency intervention and implications for markets.

Erica Adelberg, Bloomberg Intelligence’s chief MBS strategist, offers sharp takes on mortgage-backed securities and housing policy. She explains the $200B GSE MBS buying mandate and its market impact. She reviews affordability proposals and why lower rates may not help buyers. She also lays out current MBS relative-value ideas like CMOs, hybrid ARMs, and specified pools.

Tom Howard, Lazard MD who advises on financing and capital-structure strategy, and Sam Whittaker, Lazard restructuring lead experienced in liability management, discuss rising capital solutions and the blurred line with restructurings. They cover stressed European sectors like chemicals and telecoms. They talk vintage effects, private credit limits, documentation flexibility and when liability management replaces full restructurings.