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Artwork for FICC Focus
Interest Rates
Private Credit
Federal Reserve
Inflation
Emerging Markets
Distressed Debt
Tariffs
Credit Markets
Fiscal Policy
US Dollar
Clos
Private Equity
Municipal Bonds
Commercial Real Estate
Credit Market
Monetary Policy
Bloomberg Intelligence
Euro-Dollar
High Yield
US Economy

FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities, and currencies by Bloomberg Intelligence analysts.

PublishesDailyEpisodes564Founded5 years ago
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Artwork for FICC Focus

Latest Episodes

Emerging markets are becoming a strategic focus for creditors looking to extract the complexity premium embedded in local markets. Atanas Bostandjiev, chairman and founder of Gemcorp Capital Management, joins Damian Sassower, Bloomberg Intelligence’s... more

Supply shocks, inflation risks and AI are reshaping the investment landscape, a theme that Lazard’s Chief Investment Officer Eric Van Nostrand discusses with Ira Jersey on this Macro Matters edition of the FICC Focus podcast. Van Nostrand explains wh... more

Recent euro-dollar price action has validated structural euro-dollar bulls, with the case for diversification strategies beyond the dollar still holding as we look to 2H and 2027. Yet this view is increasingly at risk from an evolving cyclical narrat... more

“There’s such an informational asymmetry between incumbent investors — the direct lenders who are in the deal and the sponsor — and new parties that it can be harder to bridge that bid-ask,” said Ensis Partners Co-Founder Richard Shinder, “Price tran... more

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Recent Guests

Michael Kaplan
Bankruptcy judge
District of New Jersey, U.S. bankruptcy court
Episode: State of Distressed Debt: Judge Kaplan on Bankruptcy Mediation, Venue
Jason Mudrick
CEO, Mudrick Capital Management
Mudrick Capital Management
Episode: State of Distressed: Mudrick on the Post-LME Maturity Wall
George Catrambone
Head of Fixed Income for the Americas at DWS Group
DWS Group
Episode: Macro Matters: DWS’ Catrambone on Long-End Selloff, Warsh Fed
Richard Miller
Chief Investment Officer of TCW Private Credit Group
TCW
Episode: Credit Crunch: TCW’s Miller on Rescue Capital and Direct Lending
Andrew Jackson
Head of Investments and Fixed Income
Vontobel
Episode: EM Lens: Developing a Defensive Response to the Mideast Crisis
Dave Trucano
Longtime distressed investor, former global head of opportunistic credit at BlackRock
BlackRock (formerly)
Episode: State of Distressed: Trucano on Distressed Investing’s Evolution
Stephen Douglass
Chief Economist and member of NISA's Global Investment Committee
NISA Investment Advisors
Episode: Macro Matters: NISA Investments’ Douglass on Fed, Fiscal Outlook
Boris Okuliar
Chief Strategy Officer and Head of Global Diversified Credit at Corinthia Global
Corinthia Global
Episode: Credit Crunch: UK Crisis, Private and Middle-Market Credit
Grant Nachman
Founder, CEO, CIO of Shorecliff Asset Management
Shorecliff Asset Management
Episode: Credit Crunch: Shorecliff’s Nachman on Market, Managing Growth

Host

Ira Jersey
Host of FICC Focus; Chief Interest Rate Strategist

Reviews

4.7 out of 5 stars from 155 ratings
  • Review

    Too much of the host. Difficult to understand and not interested in his view. Should emphasize the guest more.

    Apple Podcasts
    4
    ncciai12
    United Statesa year ago
  • Learn things

    Appreciate the views shared in interviews and event reviews. Always learning more intracacies of various FI segments.

    Apple Podcasts
    5
    Forty Acres
    United States2 years ago
  • Good pad Kaz

    Well done on municipal bonds

    Apple Podcasts
    5
    BillyJeffyWatty
    United States4 years ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Content is dense; sponsorship and ad reads should align with institutional buyers.
Listeners appreciate deep dives on macro and credit; guests often bring practitioner insight.
Some feedback notes host-centric balance; guests praised for expertise but critiques call for more emphasis on interviewees.
Strong consensus that guest quality drives perceived value of the show.
Municipal-focused episodes are well-received by the audience.

Chart Rankings

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Talking Points

Recent interactions between the hosts and their guests.

Credit Crunch: TCW’s Miller on Rescue Capital and Direct Lending
Q: What's the exit or repayment mindset for these loans?
The primary objective is to avoid principal loss, with most senior secured loans repaid through sale or refinancing. Rescue and specialty lending tend to be more expensive and quicker to repay or be exited, while Steel City emphasizes long-term relationships with a broader view toward ongoing participation in the borrower's capital structure.
Credit Crunch: TCW’s Miller on Rescue Capital and Direct Lending
Q: What drives your diligence and underwriting differences across Steel City, rescue, and specialty lending?
We use basic senior secured lending principles across all strategies—perfection of liens, quality of earnings, and robust documentation—plus strategy-specific diligence: more thorough in rescue due to distressed situations, and a more streamlined process in Steel City where leverage and contract clarity are well understood. The important thing is maintaining core protections while adapting to each scenario.
Credit Crunch: TCW’s Miller on Rescue Capital and Direct Lending
Q: How do you define core middle market, and what are the target borrower sizes across your three strategies?
Core middle market for us typically spans EBITDA roughly from 15 million up to about 100 million, with target borrowers around 25 to 75 million EBITDA and an average loan size of roughly 50 million. The three strategies—specialty lending, rescue capital, and Steel City—cover different parts of that range but all stay within the core middle-market space to balance risk and return.
Credit Crunch: TCW’s Miller on Rescue Capital and Direct Lending
Q: So let's maybe start with your background. How did you get into this space and end up at TCW?
I started in mergers and acquisitions, moved through public debt securities, then high-yield research, and eventually joined Regiment Capital in 2001 where the private credit business began. When TCW lifted the direct lending team out in 2013, we joined on and retained autonomy to run the business the way we saw fit, expanding into rescue and opportunistic strategies plus the Steel City partnership with PNC.
State of Distressed: Mudrick on the Post-LME Maturity Wall
Q: What is your outlook for restructuring over the next year, and do you have a rule of thumb you never cross when evaluating deals?
The near-term environment should see more LMEs with ongoing extensions for higher-quality, larger firms unless defaults spike. A practical rule is to be opportunistic but avoid small-cap or illiquid bets where exit is difficult; focus on scalable, sponsor-influenced opportunities with clear economics.

Audience Metrics

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Frequently Asked Questions About FICC Focus

What is FICC Focus about and what kind of topics does it cover?

FICC Focus centers on fixed income, credit, and macro themes driving rates, corporate bonds, EM debt, commodities, and currencies. Episodes feature interviews with senior Bloomberg Intelligence analysts and industry veterans, exploring liquidity, restructuring, private credit, and macro policy with practical implications for investors and issuers. Notable strengths include in-depth crisis-era perspective, nuanced discussions of LMEs, private credit strategies, and cross-market dynamics, often with a focus on tangible market outcomes and risk management for institutional audiences.

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Which podcasts are similar to FICC Focus?

These podcasts share a similar audience with FICC Focus:

1. The Credit Edge by Bloomberg Intelligence
2. At Any Rate
3. The View From Apollo
4. Making Sense
5. Global Data Pod

How many episodes of FICC Focus are there?

FICC Focus launched 5 years ago and published 564 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on FICC Focus?

Recent guests on FICC Focus include:

1. Michael Kaplan
2. Jason Mudrick
3. George Catrambone
4. Richard Miller
5. Andrew Jackson
6. Dave Trucano
7. Stephen Douglass
8. Boris Okuliar

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