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Five forces reshaping fixed income markets

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Contributors: Jeff Meli, Anshul Pradhan, Joseph Abate & Zornitsa Todorova

The world of fixed income is undergoing rapid and profound changes. New technologies are transforming the landscape of trading, at a time when record issuance of US Treasuries – the bedrock of global debt markets – is posing new risks to financial stability. Our Research analysts explore five seismic shifts affecting fixed income assets and markets in the next five years.

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Contributors: Jeff Meli, Anshul Pradhan, Joseph Abate & Zornitsa Todorova

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About the analysts

Jeff Meli

Global Head of Research

Jeff Meli is Global Head of Research at Barclays, based in New York. Jeff joined Barclays in 2005 as the Head of US Structured Credit Strategy and has held a number of other senior positions in the research department, including Head of Credit Research and co-Head of FICC Research. Jeff spearheaded the firm’s response to regulatory changes in research, including MiFID II, and has revamped the department’s approach to content monetisation. Jeff leads the development of the Research Data Science Platform, tasked with integrating new data sets and modern data techniques into investment research. He writes regularly about special topics in credit markets, liquidity, and financial market regulation and hosts The Flip Side, a podcast covering current events in finance and macroeconomics. Previously, he worked at Deutsche Bank and J.P. Morgan, with a focus on structured credit. Jeff has a PhD in Finance from the University of Chicago and an AB in Mathematics from Princeton.

Brad Rogoff

Head of FICC Research

Brad Rogoff is a Managing Director and Head of FICC Research, based in New York. The FICC Research team covers corporate and sovereign bonds, securitized products, interest rates, FX and economics across developed and emerging markets globally. In addition to his leadership role, he largely focuses on the US high yield, leveraged loan and CLO markets. He and his team have consistently been ranked by Institutional Investor in the High Yield Credit Strategy category since 2009, and the US Credit Alpha has been voted one of the Best Weekly Credit Research Publications each year since. In 2016, Brad assumed management responsibility for the Emerging Market Corporate Credit Research team globally; in 2018, his role was expanded to include the Developed Market Credit Research team; and in 2022, he took on responsibility for FICC research. He joined Barclays from Lehman Brothers in September 2008, where he was a member of the Credit Strategy team focusing on high yield bonds and derivatives. He joined Lehman Brothers in 2002 as a member of the High Yield Research team focusing on the media sector and moved to the Credit Strategy team in 2005. Brad graduated from Harvard University, cum laude, in 2002 with an AB in economics. He is also a CFA charterholder.

Dominique Toublan

Head of US Credit Strategy

Dominique Toublan is a Managing Director and Head of US Credit Strategy, responsible for overseeing the team of US strategists who provide insights across investment grade, high yield, leveraged loans and credit derivatives. He also has a focus on the US Investment Grade market. Dominique brings more than 15 years of experience in the financial industry. Prior to Barclays, he was the Head of US Credit Strategy at BNP Paribas. Before that, he worked at J.P. Morgan within the High Grade Corporate Strategy and Credit Derivatives team. Dominique has been ranked the #2 US Investment Grade Credit Strategist in the Institutional Investor Fixed Income survey for the last two years. He was ranked #1 in US Credit Derivatives from 2011-2018. Dominique has a PhD from the University of Bern, Switzerland, and an MBA from the Wharton School.

Zornitsa Todorova

Head of Thematic Macro Research

Zornitsa Todorova is a Vice President, based in London, leading the Thematic Macro Research group at Barclays. She covers topics such as the intersection between macroeconomics and financial markets, applying academic methods. Prior to joining Barclays in 2019, she taught risk management and investments at Bocconi University and Berlin School of Business and Innovation. Her work has been published in peer-reviewed academic outlets such as The Journal of Financial Markets, Institutions and Instruments, The Journal of Corporate Ownership and Control and The Review of Finance and Banking. Zornitsa holds a PhD Honors Degree in Economics and Finance from Bocconi University (Italy).

Anshul Pradhan

Head of US Rates Research

Anshul Pradhan is a Managing Director and Head of US Rates Research. Based in New York, Anshul is responsible for interest rates research across cash and derivative products in the US. Prior to his current role, he was responsible for the firm’s US Treasuries research, and prior to joining Barclays in 2008, he was part of the Fixed Income Research Group at Lehman Brothers, where he focused on inflation-linked government securities. Anshul holds an MBA from the Indian Institute of Management and a Bachelor’s degree in Engineering from the Indian Institute of Technology.

Themistoklis Fiotakis

Global Head of FX and EM Macro Strategy

Themistoklis (Themos) Fiotakis is the Global Head of FX and EM Macro Strategy at Barclays. In this capacity, he is responsible for FX forecasts and strategy views across DM and EM currencies as well as local EM rates. Over the last 20 years, Themos has held senior positions in sell-side and buy-side institutions. Before Barclays, Themos was the Head of Research at Glen Point Capital, a macro fund with an EM tilt. Prior to that, Themos ran FX and Rates research at UBS Investment Bank and before that he was responsible for EM FX Research at Goldman Sachs. Themos studied Finance and Economics at London School of Economics and Political Science at the University of Piraeus in Greece.

Rohan Khanna

Head of European Rates Research

Rohan Khanna is a Director and Head of European Rates Research. Based in London, Rohan is responsible for interest rates research across cash, derivative and money markets in Europe. Prior to joining Barclays in June 2023, he held similar position at UBS AG and prior to that was a rates strategist at Goldman Sachs. Rohan holds a MSc in Economics from London School of Economics and a Bachelor in Engineering and MBA Finance specialisations from India.

Joseph Abate

US Rates Strategy

Joseph Abate is a Managing Director in US Rates Strategy. Based in New York, Joseph is responsible for money market research specializing in repo, market liquidity, systemic risk and monetary policy. Joseph has been ranked for short-duration strategy in Institutional Investor’s Fixed Income Survey since 2010. Recently, he has also written extensively on central bank digital currencies and stablecoins. Prior to joining Barclays, Joseph was a senior economist at Lehman Brothers. He has a BA in Economics and French history from Vassar College and an MBA from New York University.

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