FICC Focus

Credit Crunch: Rithm’s Nierenberg on M&A, Recasting Perceptions

“Being able to underwrite a consumer, being able to offer that product to that consumer and then being able to touch that consumer is very, very important,” says Michael Nierenberg, CEO of Rithm Capital, discussing the company's focus on asset classes where it has an edge. Nierenberg joins Bloomberg Intelligence’s Noel Hebert and Erica Adelberg on this episode of the Credit Crunch podcast to talk about growth through M&A, changing the market’s perception of the company, recent deals for Crestline and Paramount Group, the history and growth of Rithm’s mortgage business, and what’s next. They also discuss effects of the yield curve and monetary policy, the implications of a low-volatility backdrop and asset classes that require caution. The Credit Crunch podcast is part of BI’s FICC Focus series.

Macro Matters: Mortgage-Market Update With BI’s Erica Adelberg

Mortgage-backed securities may benefit from renewed bank demand as Fed easing improves net interest margins, according to Bloomberg Intelligence mortgage strategist Erica Adelberg. On this Macro Matters edition of the FICC Focus podcast, she joins host Ira Jersey, BI’s chief US interest-rate strategist, to discuss mortgage issuance, market structure, the role of cash buyers in housing and how the Fed’s balance sheet is likely to affect mortgage supply. They also review research indicating that a significant portion of mortgages originated in recent years can now be refinanced. The Macro Matters podcast is part of BI’s FICC Focus series.

All Options Considered: Volatility of NFT Art - View from Christie's

Digital art has been around for decades but blockchain technology provides provenance. In this edition of the All Options Considered podcast, BI chief global derivatives Strategist Tanvir Sandhu is joined by Nicole Sales Giles, Director of Digital Art at Christie's to discuss the volatility of the NFT art market, AI generated art and emerging artists to watch.

Macro Matters: Global Central-Bank Meetings Review — Rates Recap

The official line is that QT has added 15-25 bps on 10-year gilts, but it’s probably adding quite a bit more than that, says Huw Worthington, chief European rates strategist at Bloomberg Intelligence, who sees signs that central banks are addressing that now. In this episode of the FICC Focus podcast, Worthington is joined by BI chief US rates strategist Ira Jersey and senior US & Canada rates-strategy associate Will Hoffman to discuss takeaways from the recent Federal Reserve, Bank of England and Bank of Canada meetings. The trio discusses the outlook for the path of monetary policy and the direction of interest rates and yield curves across North American and European sovereign-bond markets. They also examine the focus on shifting balance-sheet policies as North American funding markets see some pressure and the Bank of England slows the pace of asset runoff.  The Macro Matters podcast is part of BI’s FICC Focus series.

Credit Crunch: Adams Street’s Diehl on Trends in Private Capital

“I think it’s very difficult to predict a world where you might go back to zero interest rates. And so that all portends that there’s likely to be an uptick in default rates,” says Jeff Diehl, managing partner and head of investments at Adams Street, discussing potential challenges awaiting direct lenders after the strong growth of the asset class. Diehl joins Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast to talk about Adams Street’s approach to private credit managers, a focus on sectors exposed to disruption, how having private equity (PE) and venture capital exposures creates synergies. They also discuss private market secondaries, how hyper-scaling in parts of the direct-lending market may add returns risk and the outlook for PE exit activity. The information presented herein is provided for informational and educational purposes only; it is not investment advice, nor is it an offer or sale of, or a recommendation related to, the securities of any fund or company, investment products, or investment advice. This podcast is a recording of extemporaneous remarks delivered in an informal, conversational format.  The comments are high-level in nature, represent the subjective impression of the speaker, may be forward-looking and are subject to change.  Past performance is not a guarantee of future results and there can be no guarantee against a loss, including a complete loss, of capital.”