mark jenkins spoke to bloomberg exclusively.here are two things that have happened through this period of time. one is you saw this rapid shift in volatility in the market where you saw a drop off in demand quicker than we have ever seen before. then you saw a rapid recovery in the markets because of what the fed was doing and the federal government in terms of stimulus. that created some noise in the marketplace. so we are trying to figure out what the long-term trend is. we have been doing two things. one is, as the markets recovered, we have been repositioning the portfolio. side,stance on the liquid we are improving and upgrading the quality of those assets to reposition those. on the illiquid portfolios, we are repositioning the portfolio to higher-quality assets that we think can sustain a period of the pandemic that we are in right now and come off the back end stronger. on the more liquid side, we are looking at companies we think -- thaters in the field we think are leaders in the sector they are in, that are looking to

was mark jenkins speaking exclusively to blumer television.peaking to that conundrum -- to bloomberg television. speaking to that conundrum. joining us now to talk credit and beyond is john normand of j.p. morgan. i want to start there, given the fact the issuance of junk bonds has gone past where we were all of last year. your are seeing bond yields fall near record lows. how do you reconcile this incredible rush for riskier assets at a time of rising bankruptcy and increasing corporate distress? john: i think it is the difference between the time horizon and the -- i think if the horizon is the next three months, six months, you can see the link, bankruptcies, and the sorts of things that would normally challenge credit markets if they were consistent. but if the time horizon is the next one year or two years, you're probably looking at a more complete recovery as profits get to pre-crisis peaks. and then the valuations of the credit markets do not move so extreme. i think there is a whole clutch of investors in the world who are focusing a

romaine: mark jenkins, head of global credit at carlyle group.nomy.n to the the covid-19 induced economic downturn has affected no industry more than restaurants. one in every four u.s. restaurants on track to go out of business permanently. that is according to a forecast by the restaurant booking service opentable. debbie sue who just took over of chi -- over of that company this month joins us to talk about what she has seen in the restaurant industry and what is going on with her company. great to have you on here. i want to get right down to this issue about your business, your business model, which is to be a conduit between diners and restaurants during a time when most about are not going out to eat and many restaurants are struggling to make ends meet. what have you seen in your data and your relationships you have with these restaurants about their long-term future? debby: thanks for having me on. we are seeing a lot of trends as restaurants are opening and then having to close as the pandemic is spiking in the region they are in. the g

jonathan: really interesting conversation with mark jenkins of the carlyle group come the global headedit. look for more of that online and on your bloomberg terminal. here's your price action this thursday morning. we are counting down to jobless claims at 8:30 eastern. in the fx market, euro-dollar firmer on the euro side, $1.1835. equity futures down four points on the s&p 500, a little more than 0.1%. the bond market treading water after a four-day selloff. tuesday,r supply tends yesterday -- three your supply tuesday, tens yesterday, 30's later today. when we talk to market participants at the moment, a lot more constructive on the future than someone operating in this economy right now and trying to run a business. lisa: the unknowable right now is what happens when some of the fiscal support runs out because so far, there has been something propping up businesses, which has been consumer spending, which is held because of what we have seen with respect to fiscal support. that is running out, and that is a question of when you will see these two stories converge when the consume

global head ofp credit mark jenkins speaking to bloomberg's wall street correspondent. has been looking into balance sheet management issues for banks, mentioned in that interview, firms are facing loan losses and pressure on cost, which means even the best traders are likely to be disappointed by their bonuses this year. she joins us now. what will those look like? seenmember that we have some fixed income trading desks double through all the central bank creditease -- central-bank liquidity pushed into the system. the best could see 30% raises. 15%best of the best, maybe raises. those are the only people. largely willore 10%.ecline that surpassed it's going to be pretty bleak. >> how much tension are we getting about staff leaving because of being upset about pay? that,one hand you have because it is such a bleak year, and because we expect things to start tightening, about maybe letting go of some people at the end of this year and the end of dachshund into next year, people should be ok. but the best of the best traders, there's a lot of tension in the biggest hedge

jenkins, that was mark carlyle group head of global credit, speaking exclusively to bloomberg.kamala harris made their first joint appearance since becoming running mates. the vice president promised to be -- to bring leadership to the white house and attacked donald trump for his -- device presidential candidate promised to bring leadership to the white house and attacked donald trump for his response to covid-19. >> it is because of trump's failure to take it seriously from the start. his refusal to get testing up and running, his flip-flopping on social distancing and wearing masks. his delusional belief that he knows better than the experts. all of that is reason, and the reason that an american dies of covid-19 avery -- every 80 seconds. francine: joining us now with the latest is annmarie hordern. what was the main take away from the event? annmarie: the main take away is that both joe biden and kamala harris took aim at president yes, it is duend crisisr handling of the in the united states. joe biden said it would be a key for their administration, creation of jobs. on