BlackRock’s Rick Rieder Sees Several ‘Fun Markets’ for Credit Traders

Firm sees value in agency mortgages, emerging markets debt
Front end of curve is focus with ‘crazy’ 6% commercial paper

Rick Rieder, global fixed income CIO at BlackRock, says his firm is adding agency mortgage-backed securities and investment-grade credit assets to its portfolio to take advantage of the rise in interest rates. He speaks on “Bloomberg The Open.”Source: Bloomberg

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By Eva Szalay and Jonathan Ferro

April 26, 2023 at 4:12 PM UTC

Corrected

April 27, 2023 at 11:41 AM UTC

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Bond traders weighing the impact of higher rates, debt ceiling worries and a possibly imminent recession may want to heed BlackRock’s Rick Rieder, who isn’t letting these things ruin a good time.

“It’s one of the most fun markets that I’ve been in in a long time because there’s so many dynamic changes taking place,” the chief investment officer for global fixed income at BlackRock Financial Management Inc. told Bloomberg Television’s The Open on Wednesday. “We’re buying quality assets. We’re buying things in the front end of the yield curve. Commercial paper at 6%! These are crazy levels.”