Credit Crunch: GSAM’s McClain on High Yield Risks, Resilience
In this episode of Credit Crunch, Goldman Sachs’ global co‑head of high yield and bank loans, John McClain, discusses the current state of the below‑investment‑grade market, noting that high‑yield spreads have stabilized in the low‑300 bps range and that double‑B issuers are showing historically low default rates. He highlights divergent trends between high‑yield bonds and leveraged loans, with loans widening due to AI‑related concerns while bonds remain attractive, especially in high‑quality software and building‑products sectors. McClain outlines Goldman’s AI‑threat assessment framework for evaluating software issuers, emphasizing fundamentals, product stickiness, multi‑product breadth, proprietary data, and balance‑sheet strength. Finally, he offers a view on Fed policy, suggesting limited upside for rate cuts and a focus on short‑term inflation, which keeps the 3‑5‑year high‑yield curve a prime area for yield harvesting.
EM Lens: War-Induced Oil Shocks Aren’t Kind to EM Economies
In this episode, Gustavo Medeiros of Ashmore Group and Bloomberg Intelligence’s Damian Sassower examine how the war‑induced oil shock is pressuring emerging market (EM) economies with rising energy costs, stagflation risks, and declining asset prices. They discuss the extraordinary policy...
Macro Matters: Yield-Curve Scenarios with BNY’s Granet
In this episode, BNY Mellon CIO Jason Granet discusses the current and future shape of the U.S. Treasury yield curve, arguing that recent flattening is a temporary, cyclical retracement and that a steeper curve is likely to resume. He and...
Credit Crunch: Iran War, Software Rout and Credit a Safe Haven
In this episode of Credit Crunch, Mahesh Bhimalingam and guest Sarah Harrison discuss the impact of the Iran war and recent software sector volatility on global credit markets. They note that despite geopolitical tensions, credit spreads have remained relatively resilient,...
Masters of the Muniverse: MMA Founder Doe on Prediction Markets
In this inaugural Bloomberg Intelligence FIC podcast, municipal market veteran Tom Doe discusses the emerging role of prediction markets—platforms like Polymarket and CalSHE—in providing real‑time sentiment and risk data for municipal bonds. He explains how these markets could address shortcomings...
Credit Crunch: IR+M’s Gubitosi on Corporates, Securitized Value
In this episode of Credit Crunch, Noel Hubert interviews Jim Gubitosi, co‑CIO of Income Research & Management, about the firm’s evolution from a modest $10 bn AUM boutique to a $130 bn fixed‑income specialist. Gubitosi recounts how the 2007‑08 financial crisis forced...
Credit Crunch: Around the World of Global Credit in 60 Minutes
The Bloomberg Intelligence FIC team examined global credit trends, focusing on a surge in Asian convertible bonds driven by higher rates, equity volatility, and issuer demand for cheap funding, while noting a slowdown in Chinese dollar bond issuance as firms...
Credit Crunch: Investor Survey 1Q - Fed, Earnings, Tech Supply
In this episode, Mahesh Bhimalingam of Bloomberg Intelligence and Ashwin Palta of BNY Investments discuss the Bloomberg Intelligence 1Q26 Investor Survey, highlighting the continued resilience of credit and high‑yield markets despite recent tariff shocks and rate volatility. They examine why...