EM Lens: Sandglass’ Lozovsky Reinforces Bullish EM Narrative

“We’re credit guys,” says James Cuby, partner and head of Europe for Waterfall Asset Management, when discussing asset selection and the right risk-return profile. “We’re not going to be able to generate a 30% return, and therefore an investor’s not going to be comfortable with a minus 20% return.” Cuby joins Bloomberg Intelligence’s Noel Hebert on the latest episode of the Credit Crunch podcast to discuss Europe’s asset-based finance landscape, including the continued migration from banks into alternative credit providers, what lending models are built to navigate that evolution, and what it takes to compete given the aggressive flow into the asset class. They explore the effects of the current rates backdrop and sovereign debt concerns, looming elections and why European consumers may be better credits than their US counterparts. Cuby also touches on the role of technology and the importance of relationships in deal sourcing.

With repo markets functioning smoothly but major structural changes approaching, investors are focused on funding conditions, Federal Reserve liquidity and the shift to mandatory Treasury clearing. Andrew Lazar, head of sales at Buckler Securities, joins Bloomberg Intelligence interest rate strategists Ira Jersey and Will Hoffman to discuss these issues on this Macro Matters edition of the FICC Focus podcast. Lazar explains why softer demand for leverage has helped keep repo conditions calm, how Fed reserve-management purchases can provide liquidity during periods of stress and why central clearing could raise costs without ending Treasury basis trades. The group also discusses the Fed’s rate outlook, Chairman Kevin Warsh’s shifting communications strategy and why Lazar sees scope for long-dated Treasury yields to decline if geopolitical and energy pressures ease.

Global credit markets have stayed relatively calm through wars and sovereign crises like the one in France, despite swings in rates, making strategic insights essential. In this episode of the Credit Crunch podcast, Mahesh Bhimalingam, Bloomberg Intelligence’s global head of credit strategy, hosts BI’s global credit strategy team to discuss key research, data and views from around the world. Tim Tan and Jason Lee (Asia), Reto Bachmann (structured credit), Heema Patel (Europe) and Alice Zhou (US) share their outlooks and the key themes shaping their regions. Access their research on the Bloomberg Terminal at BI STRTA, BI STRTE and BI STRTN.

Looking across 200 years of history to the AI-driven energy boom, there’s a case that munis haven’t looked this good in a long time. On this episode of Masters of the Muniverse, Matt Gastall, head of municipal research and strategy at Bloomberg Intelligence, sits down with Mark Schmidt, CFA, executive director and head of municipal strategy and research at Morgan Stanley, for a fast-paced tour of today’s municipal bond market.

In this episode of the FX Moment podcast, recorded in Hong Kong, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Gary Ng, Senior Economist at Natixis CIB in Hong Kong, discuss Asia FX in 4Q and into 2027, with a focus on the yuan and the yen. The bottom line is that structural yuan bulls were validated into 4Q and may extend into 2027, with the 6.65 dollar-yuan reference value credible in the near to mid-term. This is mainly about a yuan-supportive balance of payments position and yuan appeal on global diversification strategies, while relative yield differentials are less of a driver for that currency pair. On the yen and on dollar-yen in particular, Gary and Audrey touched on the mixed drivers and considerations and on what may be the the best avenue to sustained yen strength beyond a turn in the US dollar.The FX Moment podcast is part of BI’s FICC Focus series.