Credit is one of many overvalued markets and the technology sector is particularly risky, according to Richard Bernstein Advisors. “We’re kind of in an everything bubble at the moment,” Mike Contopoulos, the firm’s deputy chief investment officer, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Robert Schiffman in the latest Credit Edge podcast. “Tech is going to come back down to earth a little bit this year,” said Contopoulos. RBA, which invests across asset classes via exchange-traded funds, has no exposure to corporate credit. They also discuss value in collateralized loan obligations, mortgage-backed securities and Europe.

Credit is one of many overvalued markets and the technology sector is particularly risky, according to Richard Bernstein Advisors. &ldquo;We&rsquo;re kind of in an everything bubble at the moment,&rdquo; Mike Contopoulos, the firm&rsquo;s deputy chief investment officer, tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Robert Schiffman in the latest Credit Edge podcast. &ldquo;Tech is going to come back down to earth a little bit this year,&rdquo; said Contopoulos. RBA, which invests across asset classes via exchange-traded funds, has no exposure to corporate credit. They also discuss value in collateralized loan obligations, mortgage-backed securities and Europe.

The Credit Edge reviews the top credit news of the week and looks at the week ahead, with in-depth research of the most important corporate sectors, trends and themes. Analysis of specific corporate bonds and credit default swaps is backed by Bloomberg Intelligence's robust data sets and indexes.

The Credit Edge reviews the top credit news of the week and looks at the week ahead, with in-depth research of the most important corporate sectors, trends and themes. Analysis of specific corporate bonds and credit default swaps is backed by Bloomberg Intelligence's robust data sets and indexes.

The Credit Edge by Bloomberg Intelligence

Inside ‘the Everything Bubble’ With RBA

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/dcbc6352-2be2-4a26-9096-b3cc015948ac/transcript

Software default rates could hit double digits as AI disruption spreads and loans come due, according to Bain Capital. “We’re going to see real stress,” said Angelo Rufino, the firm’s head of special situations in North America and corporate special situations in Europe. “We will see a full credit cycle as the reckoning really comes to resize capital structures to the earnings power of these business models,” he tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s David Havens in this episode of the Credit Edge podcast. They also discuss investment-grade private credit, data center debt and asset-based finance, including the rise of music-royalty deals.

Software default rates could hit double digits as AI disruption spreads and loans come due, according to Bain Capital. &ldquo;We&rsquo;re going to see real stress,&rdquo; said Angelo Rufino, the firm&rsquo;s head of special situations in North America and corporate special situations in Europe. &ldquo;We will see a full credit cycle as the reckoning really comes to resize capital structures to the earnings power of these business models,&rdquo; he tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s David Havens in this episode of the Credit Edge podcast. They also discuss investment-grade private credit, data center debt and asset-based finance, including the rise of music-royalty deals.

Bain Sees Software Debt Defaults Spiking

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/35882b32-7781-4d0e-b559-b3fd013fa72b/transcript

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Systematic credit investing has room to expand into leveraged loans, structured finance and emerging markets, according to Acadian Asset Management. “You could take an issuer approach to do security selection in the leveraged loan market,” Scott Richardson, the $178 billion firm’s director of systematic credit tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Sam Geier in this episode of the Credit Edge podcast. “That could be extended to structured things that sit on top of that, CLOs and the like,” says Richardson, referring to collateralized loan obligations. They also discuss alternative data, private credit and how to build a portfolio “without giving a liver and a kidney to Goldman Sachs along the way.”

Systematic credit investing has room to expand into leveraged loans, structured finance and emerging markets, according to Acadian Asset Management. &ldquo;You could take an issuer approach to do security selection in the leveraged loan market,&rdquo; Scott Richardson, the $178 billion firm&rsquo;s director of systematic credit tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Sam Geier in this episode of the Credit Edge podcast. &ldquo;That could be extended to structured things that sit on top of that, CLOs and the like,&rdquo; says Richardson, referring to collateralized loan obligations. They also discuss alternative data, private credit and how to build a portfolio &ldquo;without giving a liver and a kidney to Goldman Sachs along the way.&rdquo;

Acadian Sees Quants Moving to Loans, CLOs 

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7dff77e6-c30f-4cf7-beae-b3f6015b8cab/transcript

Mortgage-backed securities look attractive even after government purchases snapped spreads tighter, according to Clark Capital Management. “I don’t think the trade is completely over yet because corporates are even tighter,” Oliver Chambers, head of fixed income for the firm’s separately managed accounts, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Erica Adelberg in this episode of the Credit Edge podcast. “You can go in and clip a 4.5% coupon and have potential for some price appreciation if rates do come down,” says Chambers. They also discuss technology debt risk, the market impact of new leadership at the Federal Reserve and what the central bank would do if there’s a big selloff.

Mortgage-backed securities look attractive even after government purchases snapped spreads tighter, according to Clark Capital Management. &ldquo;I don&rsquo;t think the trade is completely over yet because corporates are even tighter,&rdquo; Oliver Chambers, head of fixed income for the firm&rsquo;s separately managed accounts, tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Erica Adelberg in this episode of the Credit Edge podcast. &ldquo;You can go in and clip a 4.5% coupon and have potential for some price appreciation if rates do come down,&rdquo; says Chambers. They also discuss technology debt risk, the market impact of new leadership at the Federal Reserve and what the central bank would do if there&rsquo;s a big selloff.

The Big MBS Trade Has Legs Even After Government Buys, Says Clark

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/11a0158b-3dd2-4f3e-adb7-b3ef01495590/transcript

Inside ‘the Everything Bubble’ With RBA

The Credit Edge by Bloomberg Intelligence

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The Credit Edge by Bloomberg Intelligence

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