Commercial mortgage-backed securities are the best credit opportunity for the next 12 months, according to Oded Manor, global head of fixed income manager research at BlackRock. “CMBS is super-interesting because everyone hates it — or many people hate it,” says Manor in the latest Credit Edge podcast from Bloomberg Intelligence. “That market is already pricing a lot of the negative news, unlike many other parts,” Manor tells Bloomberg News’ James Crombie and Bloomberg Intelligence Senior Credit Analyst Jody Lurie. Also in this episode, Manor and Lurie discuss liquidity risk, as well as relative value between bonds and loans. In addition, Manor talks about headwinds in European credit markets from the upcoming French election. See omnystudio.com/listener for privacy information.