2020-04-01 Bloomberg Markets Magazine

Bloomberg Markets draws on the resources

of Bloomberg News, Bloomberg TV,

Bloomberg Businessweek, Bloomberg

Intelligence, Bloomberg Economics,

BloombergNEF, and Bloomberg LP.

Editor-in-Chief

John Micklethwait

Deputy Editor-in-Chief

Reto Gregori

Advisory Board

Chris Collins, Tina Davis,

Caroline Gage, David Gillen,

Chris Nagi, Jenny Paris,

Marty Schenker, Joe Weisenthal

Creative Director

Christopher Nosenzo

Photo Director

Donna Cohen

Managing Editor

Kristin Powers

Copy Chief

Lourdes Valeriano

Copy Editors

Anne Newman, Brennen Wysong

Production Manager

Susan Fingerhut

Map Manager

Ilse Walton

Production Associate

Loly Chan

Production/Operations

Steven DiSalvo, Debra Foley,

Thomas Gambardella,

Annmarie Gentile, Dan Leach,

Daniel W. Murphy, Carol Nelson

Global Head of Advertising

and Marketing

Stephen Colvin

Head of U.S. Sales

Anthony DeMaio

Head of APAC Sales

Mark Froude

Head of Europe Sales

Duncan Chater

Head of Middle East

and Africa Sales

Amit Nayak

For advertising inquiries go to

bloombergmedia.com

[email protected]

Editor’s Letter

The Credit

Issue

What a difference a pandemic makes.

The bull market for stocks and credit

ended abruptly in March as investors

witnessed the spread of Covid-19 and

how it depressed economic activity.

Governments and central banks are less

coordinated than when they battled the

2008 financial crisis. Adding to the chaos,

an oil price war slammed energy

company debt.

Bets against energy sector bonds

have been a focus for Knut Kjaer, who

was the first chief executive officer

of Norway’s massive oil fund and is now

trying to protect the climate. In “From

Black Gold ... to Brown Bonds” (page 58),

Stockholm bureau chief Charles Daly

profiles Kjaer and his effort to punish

climate-damaging companies by driving

up their borrowing costs.

In Barbados, Prime Minister

Mia Mottley is also trying to prepare

for climate change. After choosing to

default on the island nation’s debt in

2018, she’s negotiated with creditors to

gain some leeway in paying debt interest

if Barbados is hit by a hurricane. In

“ ‘Nature—and What It Brings With It —Was

Our Greatest Threat’ ” (page 64), reporter

Ezra Fieser describes how Mottley’s

effort could be a template for other

vulnerable borrowers around the world.

The credit business has changed

since 2008 as direct-loan funds such as

Owl Rock Capital were created to replace

banks. Kelsey Butler, a New York-based

reporter who covers private credit, spoke

with Marc Lipschultz, one of Owl Rock’s

three founders, about the challenges and

opportunities of the new landscape in

“Not Your Father’s Banker” (page 70).

Amid fast-moving markets, we try

to bring some long-term perspective.

As always, we appreciate your feedback.

Christine Harper

Editor