Cloud 9fin
Cloud 9fin is a podcast focused on leveraged finance, distressed debt, and private credit markets. It features expert insights on high-yield bonds, syndicated loans, direct lending, and debt restructuring. The show brings together top analysts and investors to explore credit markets, special situations, and private debt strategies. It provides actionable intelligence for fund managers, institutional investors, and financial professionals. The podcast is produced by 9fin, an AI-powered data and analytics platform for credit markets.
Episodes
Claude Code shook credit. What breaks next?
A major theme of the first half of 2026 was Anthropic’s Claude Code triggering a software sell-off that is still reshaping private credit, BSL and distressed debt. In the latest episode of Cloud 9fin Dan Mika, Anna Russi and Samantha Stokes unpack the first half of the year and what shocks await in the second half.The team reviews a volatile first half that began with optimism around M&am
El Niño is Spanish for … The Niño
El Niño is back, and *Cloud 9fin’*s LatAm and CEEMEA editors see credit risks spreading across energy, agriculture and sovereign balance sheets.Deputy LevFin Editor Sasha Padbidri speaks with LatAm Editor Xochitl Herrera and CEEMEA Editor Dan Alderson on how worsening weather shocks are feeding into leveraged credit and emerging market risk.In Colombia, drought could cut hydropower output
Stepping into the ‘Archieverse’
When an announcement was made last year that Universal Studios was making a movie about Archie Andrews produced by Hollywood heavyweights, it should have been a victory for one of comics’ most enduring franchises. Instead, it triggered a legal war which ties up a Beverly Hills mansion, accusations of threats fit for an “organized crime figure” and a much-awaited movie on the line.With a U
The In-court Report — What Bitcoin Depot’s bankruptcy means for creditors (and scam syndicates)
Bitcoin Depot went from a $600m, publicly-traded business to bankrupt in a matter of months, but the story around the company and other crypto ATM providers has been brewing for years. We happen to have just the guy on staff to break it all down.In this episode of Cloud 9fin, head of bankruptcy Cat Corey talks with senior LevFin reporter Dan Mika about his previous reporting on the crypto
Syndication Nation — The tie-up between insurance and America’s AI buildout
In our latest episode of Syndication Nation, leveraged finance reporter Sunny Oh sits down with Mark Melchiorre, chief investment officer of Forza Investment Group, to discuss how insurance-focused asset managers are helping to finance America’s new “Manhattan Project” — the rapid buildout of tech and AI-driven digital infrastructure.Melchiorre discusses his journey through credit markets
Private Chat — Fundraising and secondaries during private credit’s liquidity crunch
It seems that over the past few months, you could sum up the troubles facing private credit with one word: ‘illiquidity.’ This is a key tenet of the asset class, and it is often cited among the reasons for private credit’s premium. But it also can pose challenges, as seen through record redemption requests from non-traded BDCs and the dilemma of managing the tail end of a fund’s life.Two
Distressed Diaries — Will the SUNs shine on Arxada A&E deal?
Sponsors Bain and Cinven are confident creditors will approve the A&E deal for Arxada, despite opposition from its senior unsecured bondholders. But is that confidence based on sunny optimism?9fin sources say negotiations are ongoing with the SUNs in the background as the deadline to sign up for the deal is today (28 May). The company may look to extend by a day, Cinven partner Christ
Syndication Nation — From mega-cap to megawatts: How AI data center bonds are rewriting the credit playbook
In our latest episode of Syndication Nation, US investment grade editor William Hoffman and senior leveraged finance reporter Sunny Oh discuss one of the hottest topics in corporate credit — data center bonds.With billions of dollars of fresh debt hitting both high-grade and high-yield markets to finance the AI infrastructure buildout, investors are being asked to underwrite these project
Syndication Nation — The $81bn HY/IG jigsaw puzzle behind Paramount-WBD
In our latest episode of Syndication Nation, US investment grade editor William Hoffman and LevFin senior reporter Sunny Oh break down a complicated mess of debt headed for the primary in the back half of 2026 to fund the combination of Paramount Skydance and Warner Bros. Discovery.The debt stack is expected to include $32bn of existing bonds and $49bn of newly syndicated debt split acros
Tranche Talk — Unlocking value in infra CLOs with RRAM’s Anjana Ravani
In this episode of Tranche Talk, *Cloud 9fin’*s CLO series, our global head of CLOs Tanvi Gupta, talks with Anjana Mohan Ravani, head of CLOs and corporate ABS at Redding Ridge Asset Management.They dive into infrastructure CLOs as an exciting growth area and discuss the value proposition for investors looking to underwrite the asset class and what the portfolio composition would look lik
Syndication Nation — Is software credit headed for terminal decline?
In this episode of Syndicated Nation, senior reporter Sunny Oh welcomes Lotfi Karoui, managing director and multi-asset credit strategist for Pimco, to discuss how corporate credit has managed to hold up in the face of geopolitical jitters from the Middle East and worries around the terminal value of software businesses.Karoui also addresses the relative liquidity between direct lending a
Jane’s LME Addiction — Will law firm musical chairs bring LMEs 3.0?
In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky welcomes back Jon Henes, founder and CEO of strategic communications firm C Street to discuss the market’s shift from the technical "how-to" of liability management transactions to the fundamental "why."Jon addresses the growing skepticism surrounding the efficacy of these deals, the strategic vision behind C St
Straight outta Hormuz — credit analysis in the age of macroshocks
While the software sell-off was the story of the markets in January, the war between the US and Iran has dominated headlines since the end of February.Back in September, 9fin highlighted a closure of the Strait of Hormuz as a black swan event that would shock the oil markets. When that scenario moved from a remote possibility to an impending risk, the team revisited the situation and outl
Syndication Nation — I just came to say HALO
The HALO (heavy assets, low obsolescence) trade has gained traction in recent months — particularly in the equity markets — as investors turn away from software businesses amid AI displacement concerns.In this week’s episode of Syndication Nation, 9fin’s podcast on all things leveraged finance, LevFin reporter David Westenhaver joins US deputy editor Sasha Padbidri in unpacking HALO for o
Lessons learned from the corrosion of Exide Technologies with George Schultze
Everyone remembers their first car… lead-acid battery supplier bankruptcy.For Max Frumes, 9fin’s global head of distressed debt and LevFin, that situation was Exide Technologies. It was the first full cycle of distress, bankruptcy and emergence that he covered in his storied career.And George Schultze, founder and CEO of Schultze Asset Management and author of The Art of Vulture Investing
LME Doomscrolling — Data-driven reality check
We’re kicking off a new podcast series, LME Doomscrolling with Laurie, where 9fin’s senior LME lawyer Laurie Tomassian unpacks the impact, risks and incentives of the evolving landscape of liability management exercises.In this inaugural episode, Laurie sits down with Professor Mark Roe and researcher Vasile Rotaru of Harvard Law School to explore their new study which measures how non-pr
Decoding the software lending shock in private credit with MSCI
The recent sell-off in software has sparked a broader reassessment of risk across private credit. But are managers pulling back from risk, or just recalibrating how they price it?In this episode of Cloud 9fin, private credit reporter Anna Russi sits down with Patrick Warren, head of private credit research at MSCI, to unpack what’s driving the shift. Drawing on new data, they explore wher
China’s property developers return to offshore bond markets
Syndication Nation — The ride goes on at Six Flags, but the story isn’t settled
In this episode of Syndication Nation, 9fin’s podcast on all things leveraged finance, LevFin reporter David Westenhaver joins US deputy editor Sasha Padbidri to discuss his recent reporting on the wild ride that is Six Flags.Fresh off the heels of a major refinancing, the company offloaded a handful of parks with the goal of deleveraging and focusing investment on a smaller portfolio. Bu
Distressed Diaries — Iran war adds to bad chemistry
The Chemicals sector has been suffering from geopolitical tensions since Russian invaded Ukraine four years ago. Now with US President Donald Trump’s war in Iran and ongoing worldwide tariffs, volatility is higher than ever.In this episode of Distressed Diaries, our host senior reporter Bianca Boorer sits down with Kunal Shah, the founder and chief investment officer of London-based hedge
Tranche Talk — Navigating CLO trading technicals with Performance Trust’s Alex Navin
In this episode of Tranche Talk, Cloud 9fin’s CLO series, our global head of CLOs, Tanvi Gupta, talks with Alex Navin, managing director at Performance Trust Capital Partners.They discuss how CLO tranches are trading in this macro backdrop, triple-A liquidity, the influence of vintage on CLO trading, relative value between the US and Europe and how this pocket of volatility is different t
Syndication Nation — Credit investors turn to prediction market odds amid macro uncertainty
In this episode of Syndication Nation, 9fin’s podcast on all things leveraged finance, US LevFin reporter Zoe Han joins US managing editor Bill Weisbrod to discuss her recent reporting on the explosive growth of prediction markets — and whether credit investors are actually all in or just hedging their bets.Are prediction markets a legitimate “truth machine” for LevFin dealmakers? Listen
RBI to unleash Indian banks to finance M&A next month
This article is part of our new APAC coverage, which will ultimately require a separate subscription to view. For more info on this product, contact subscriptions@9fin.comA big change is coming for the Indian banking system. Starting 1 April, India’s central bank will allow domestic banks to fund mergers and acquisitions. It’s a change to long-held rules barring lenders from the Indian M&
Not Your Daughter's Liens — Sid Levinson and team recall the original uptier LME
The 2017 NYDJ Apparel (nee Not Your Daughter’s Jeans) transaction pre-dated Serta as the original “uptier” liability management deal in which lenders holding a majority of the loan amended the waterfall to uptier their existing holdings plus new money, subordinating minority lenders holding the same loans.In a conversation with 9fin’s Global Head of Distressed & LevFin Max Frumes, Deb
Distressed Diaries — MFS’ bridge too far
The collapse of UK mortgage bridge lender Market Financial Solutions has caused chaos across specialist lending. Mortgages are the heart of the securitised products business, and if you can’t trust mortgages, what can you rely on?9fin broke the news of double pledging and shortfall in collateral found under its warehouse facilities. The fraud allegations are reminiscent of the recent case
Distressed Diaries — Altnets dial down expansion in wake of distress
Alternative internet providers swarmed the market during Covid-19 when internet usage became paramount to the shift of everyone suddenly having to work from home during lockdowns.In the UK we have over 100 altnet providers serving 16.4 million homes, according to a 2025 report by the Independent Networks Co-operative Association. This is up from 1.2 million homes in 2019.Investors were qu
Jane’s LME Addiction — Debevoise star recruits discuss whether LM is just amend and pretend
In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Debevoise's newest partners, Rachel Ehrlich Albanese, Sam Newman and Daniel Shamah to discuss the groups enhanced restructuring capabilities. They provide an overview of the LME and in-court landscape, and discuss what the year may bring by way of out-of-court vs in court transactions, sponsor and cred
Private Chat — Doing the safety dance in the lower middle market
Recent headlines suggest the private credit market is beginning to crumble; however, the asset class isn't a monolith. Look further downmarket, and a far more resilient story emerges.In this episode of Cloud 9fin, US private credit deputy editor Shubham Saharan is joined by Natalie Garcia, Deerpath's head of underwriting, as well as Reed Van Gorden, Deerpath’s head of origination, to disc
What’s in the EA endgame?
Electronic Arts’ proposed $55bn leveraged buyout has upended expectations for its 2031 and 2051 bonds.Instead of pricing in a straightforward 101% change-of-control payout, investors are weighing a tender offer and potential defeasance strategy that could strip covenants and lower the takeout cost. With a potential downgrade looming, bondholders must decide whether they can resist the man
Turning working capital into liquidity with SLR’s Mitch Soiefer
When traditional cashflow lending tightens, liquidity doesn’t always come from the usual places — sometimes lenders have to break companies into smaller, more financeable pieces.Carving out working capital assets, which involves isolating and valuing receivables and inventory in standalone structures, has emerged as a go-to strategy for borrowers looking to unlock incremental capital with
Syndication Nation — The TLA-ming of the shrew
Anyone who was in the LevFin market in 2022 may remember banks using term loan As to fill the financing gap when rising interest rates disrupted the syndicated loan market. That instrument has made a comeback — except this time, the TLA is no longer a back-up, but a tool to get larger financings done.In this episode, Cloud 9fin deputy LevFin editor Sasha Padbidri sat down with reporter Yi
Syndication Nation — Recapping a jam-packed January with AGL’s Wynne Comer
The leveraged finance markets saw a handful of leveraged buyouts keep pricing on their financing packages tight in January 2026. This was in spite of multiple geopolitical shocks and a sell-off in software loans as vibe coding comes into vogue. To put it all into perspective in this episode of Syndication Nation on Cloud 9fin, US LevFin reporter Dan Mika caught up with AGL Credit Manageme
Snooze/lose hits different in America
Ever signed up for a subscription, forgotten about it, and then been charged $100 a year later because it’s auto-renewed? Imagine doing the same, except add a few zeroes.In this episode of Cloud 9fin, David Hahn of Davis Polk talks to reporters Tom Quinn and Yiwen Lu about the emergence of snooze/lose clauses in the US credit market: how they work (and crucially, how they work differently
Distressed Diaries — Ardagh CDS and the empty glass paradox
All eyes were on Ardagh’s CDS after Arini challenged its senior unsecured notes being included in the final list of deliverable obligations to settle contracts.The fund manger argued that, because the bonds had already been marked to be equitised as of the CDS trigger date (when the restructuring was both effective and binding) then their outstanding principal balance should be zero — sin
Venezuela — A change is gonna come, but who will collect?
In this episode of Cloud 9fin, our global head of Distressed and Levfin, Max Frumes, talks with Latin America editor Xóchitl Herrer about a potential workout of Venezuela's sovereign and sub-sovereign debt, following the US-led extraction of president Nicolás Maduro. They provide an overview of the claims against the South American country, the barriers to a quick restructuring deal, and
Jane’s LME Addiction — Co-Optimum — Navigating the Altice USA antitrust litigation
In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Josh Brody and Kenneth Reinker from Cleary Gottlieb to discuss the Optimum Communications fka Altice USA antitrust litigation related to cooperation agreements. They provide an overview of the litigation and discuss the likelihood of success, the pitfalls of certain arguments, and whether this litigati
Lion City’s CCCD provision is a roaring success
Welcome back, Cloud 9fin listeners! To bring in the new year, 9fin’s Asia editor Richard Macauley and US deputy editor Sasha Padbidri kick off our first-ever Asia podcast by unpacking the first successful use of the cross-class cramdown provision in GP APAC’s restructuring — a move that established a legal milestone for Singapore’s restructuring and insolvency framework.For more details,
Syndication Nation — Looking ahead to 2026 with BlackRock’s Mitch Garfin
Happy Holidays, Cloud 9fin listeners! We hope you’re enjoying some much-needed down time as we prepare for what is to come in 2026. But for those who have a few more odds and ends to tend to, here’s one last episode of Syndication Nation, our leveraged finance-focused podcast series to keep us company.In this episode, 9fin senior levfin reporter Dan Mika sits down with Mitch Garfin, co-he
Distressed Diaries — Ghost of restructurings past
Now that 2025 is coming to an end, Distressed Diaries is taking a look back at the highs and lows of the year.Our host, senior distressed reporter Bianca Boorer, sits down with 9fin’s managing distressed credit analyst Emmet Mc Nally and senior legal consultant Luke Viner on Dec 3 to talk about the stories that stood out during this pivotal year.We revisited a few ghosts of restructurings
Tranche Talk — Looking ahead to 2026 with BofA's Pratik Gupta
In this episode of Tranche Talk, we welcome back Bank of America’s Pratik Gupta who talks with 9fin’s Tanvi Gupta on the defining moments of 2025 and what the new year will bring for CLOs.They discuss CLO being the best asset class to sell in a rate cutting cycle and the opportunities to rotate into RMBS AAAs, separating facts from fiction for private credit CLO fears and the demand lands
Private Chat — Unlocking liquidity through private credit secondaries
In the constantly shifting landscape of private credit secondaries, diversification and strategic alignment play crucial roles as navigational aides.In this episode of Cloud 9fin, Josie Shillito, head of private credit at 9fin, delves into the burgeoning market of private credit secondaries with experts Daniel Roddick and Francois Bouillon from Ely Place Partners.They set the scene by hig
The In-Court Report with Cat Corey — The latest on backstop fees in rights offerings and DIP financings
In the inaugural episode of The In-Court Report with Cat Corey, distressed legal analyst Cat Corey brings in Vince Buccola, professor of law at the University of Chicago Law School and Lara Sheikh, bankruptcy legal analyst at 9fin, to discuss the latest trends relating to backstop fees in rights offerings and DIP financings, along with the impact of the recent ConvergeOne decision.The epi
Distressed Diaries — Weil we have your attention, what is fair?
A lot has changed in European restructuring this year.Two more appeals in the UK courts — Thames Water and Petrofac — led to **Waldorf** failing at the first hurdle as judges increasingly focus on being fairer to creditors who are considered out of the money.The appeals have created a lot of uncertainty as restructuring practitioners are trying to work out what exactly is considered fair?
What makes the middle market?
It seems like everyone has a different definition of middle market direct lending and what challenges so-called ‘middle market’ borrowers and lenders are facing.Join PGIM’s head of middle market direct lending, Matt Harvey, and 9fin senior private credit reporter Shubham Saharan as they explore trends in the middle market and what direct lenders and LPs should be on the lookout for as the
Syndication Nation — Credit and the Cosmos
It’s not every day that we get to talk about something that’s quite literally out of this world.We’re referring to space-based data centers, which billionaire tech titans and startups alike are racing to build out as AI fever grips Wall Street and Silicon Valley. Proponents argue that space data centers offer substantial benefits versus their terrestrial counterparts, including freedom fr
Navigating downturns with Hilco’s Jamie Sprayregen
In this episode of Cloud 9fin, distressed debt reporter Ayden Crosby and editor Rachel Butt sit down with Jamie Sprayregen, vice chairman of global strategy and growth at Hilco Global, for a grand tour through 2025’s hottest topics in distressed credit and the restructuring world.We asked Jamie about his views on a number of 9fin’s favorite themes, including how AI is disrupting the marke
Syndication Nation — Education borrowers taken to task
Private equity-owned education companies like Houghton Mifflin and Lakeshore Learning are learning a hard lesson in the US leveraged finance market this year as their loans and bonds have tumbled to trade at discounts.In this episode of Cloud 9fin, senior reporter Sunny Oh sat down with US managing editor Bill Weisbrod and discussed his story about how investors have taken a close look at
Jane’s LME Addiction — Are lender voting and concentration caps the new and improved DQ lists?
In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Davis Polk partners Brian Resnick and Hilary Dengel to discuss voting cap and lender concentration cap language in credit agreements and how they may affect creditor organization and liability management exercises. They discuss the goals of these provisions, whether these provisions are “anti-co-op”, a
Distressed Diaries — More private credit cockroaches crawling out?
High-profile US bankruptcies, First Brands and Tricolor have sent warning signals to regulators about the dangers of opaque financings, shining a light on private credit.Are these cases one offs, given allegations of fraud, or will there be more cockroaches to follow?In this episode of Distressed Diaries, 9fin’s senior distressed reporter Bianca Boorer sat down with senior distressed repo
Private credit goes up a grade
As private credit continues to grow, it is constantly looking for new ways to deploy the mountain of capital it has raised. Now that the market is of scale, it has begun to look at investment grade credit as another avenue on which to make deals.In this episode of Cloud 9fin, senior private credit reporter Peter Benson sits down with Ryan Schwartz, managing director in Brookfield Asset Ma
Tranche Talk — Navigating CLO demand through regulatory changes with PGIM’s Edwin Wilches
In this episode of Tranche Talk, Cloud 9fin’s CLO series, our global head of CLOs Tanvi Gupta, talks with Edwin Wilches, Co-head of Securitized Products at PGIM.They talk about how securitization is the key component in Europe’s growth agenda, how more work needs to be done for Solvency II, the evolution of insurance demand, relative value and the impact on liquidity from recent regulatio
Tranche Talk — CLO investing in a new regime with BlackRock’s Saffet Ozbalci
In this episode of Tranche Talk, Cloud 9fin’s CLO series, our global head of CLOs, Tanvi Gupta, talks with Saffet Ozbalci, global head of structured credit at BlackRock.They talk about the nuances of investing in CLOs with a backdrop of dramatic bankruptcies, relative value in CLO tranches in a new rate regime, what’s next in structural innovation in the capital stack, the need for standa
Jane’s LME Addiction — Let’s veto that law firm
In this episode of Jane’s LME Addiction, 9fin’s head of LME coverage Jane Komsky sits down with 9fin private credit reporters Shubham Saharan and Tom Quinn, to discuss how sponsors are adding the ability to veto their portfolio companies’ creditors’ choice of law firm. They discuss the how these provisions came about, what iterations have passed into the market, and whether these provisio
How a private credit agreement was negotiated before exclusivity
An old adage is proving true in the private credit markets: it takes money to make money. Or maybe more accurately in this case, it takes billable hours to make money.In this episode of Cloud 9fin, head of private credit Josie Shillito digs into Dominus Capital’s buyout of Creative Outdoor Advertising with reporters Tom Quinn and Anna Russi. They unpack their recent article, which gives a
Tranche Talk — CLO portfolio trading and allocating in a tough market with OHA’s Tommy Wong
In this episode of Cloud 9fin, our global head of CLOs, Tanvi Gupta, returns for her ongoing series, Tranche Talk. This time, she’s joined by Oak Hill Advisors’ portfolio manager Tommy Wong.They dive into the forces shaping today’s CLO market — including macroeconomic drivers, asset allocation strategies, credit selection in a low-arb environment, as well as the effects of M&A on loan
Syndication Nation — LevFin gaming and the big parlay on sports contracts
Betting on sports has been a huge engine of growth for LevFin gaming companies. But is sports contract betting a boom or bust moment for the industry?As apps like Robinhood and Kalshi make it possible to buy or sell contracts based on all kinds of binary events, some gaming companies are eyeing the potential windfall from bringing the same kind of contract trading to sports events.In this
Distressed Diaries — Sue me! Litigation on the rise as European LMEs become more aggressive
Litigation against aggressive liability management exercises in Europe is on the rise as creditors fight back against sponsor’s tactics to prime minority creditors.Back in November a group of primed creditors in Dutch lingerie maker Hunkemoller filed a lawsuit in New York against US hedge fund Redwood after it uptiered its portion of the debt.Redwood implemented the same tactic in another
Jane’s LME Addiction — The minority report with Shai Schmidt
In this episode of Jane’s LME Addiction, 9fin’s head of LME coverage Jane Komsky brings in Shai Schmidt, a partner from Glenn Agre, to discuss how minority holders are thinking about LMEs. They discuss the best time to organize, when to negotiate and when to litigate, and tools and trends for minority holders to consider.Find all of our coverage on LME litigation on 9fin.Have any feedback
Dwindling Prospects: What happens when hospitals disappear
Private equity has made its way into nearly 23% of for-profit US hospitals, despite financial goals that can be at odds with the patient-oriented priorities in health systems.Distressed reporter Samantha Kroontje went to a new “healthcare desert” in Delaware County, Pennsylvania, to speak to some of the people impacted by the closure of its main health system, which came after years of de
Building 9fin: From frustrated banker to fintech founder
What happens when a banker gets fed up with outdated technology and decides to build something better?In this week’s episode of Cloud 9fin, we depart from our usual programming to share an interview produced by one of 9fin’s investors, redalpine. Co-founder Steven Hunter shares how he turned years of complaining about broken fintech into 9fin — a 357-person company that's disrupting globa
Distressed Diaries — Hardly fair? The evolution of English restructuring plans
The English courts have been called upon several times in the last few years to reevaulate what should be considered fair in Part 26A restructuring plans.Within 2025, the Court of Appeal handed down two key decisions on distressed utility company Thames Water and upstream energy engineering firm Petrofac’s restructuring plans.Those decisions, combined with another Court of Appeal decision
Jane's LME Addiction — Is a deal away going your way?
In this episode of Jane’s LME Addiction, *9fin’*s head of LME coverage Jane Komsky brings in Sound Point Capital Management managing director, Morgan O’Neill to discuss the intersection of private credit and LMEs. They discuss the red flags and green flags of whether a deal away is a real possibility or just there to threaten exiting lenders and how to tell if a LME will be built to last.
Syndication Nation — No Cap(itulation)
In this week’s episode of Syndication Nation, a podcast dedicated to all things leveraged finance, 9fin LevFin reporter Dan Mika talks with Barclays Head of US Credit Strategy Dominique Toublan about Barclays’ credit capitulation and complacency signals.What does the recent miss and revision in the US jobs report mean for lenders? What does it mean when credit spreads are getting tighter
Distressed Diaries — Will US tariffs drive a German auto slowdown, or will there be a U-turn?
On Sunday 27 July, US and the EU have struck a deal to set at 15% tariffs on EU export to the US, which is not as high as president Donald Trump previously threatened, but can still impact Europe’s biggest car producer, Germany.Senior distressed reporter Bianca Boorer, host of this series, travelled to Munich to find out just how big the dent on the auto sector will be.She sits down with
Getting on board with Jon Foster
In this episode of Cloud9fin, our distressed debt editor Rachel Butt brings in Jonathan Foster, founder of Current Capital Partners, to discuss corporate governance in restructurings and bankruptcies. They delved into Jon’s career, his book On Board, and thorny topics including the so-called super repeaters trend and third party releases.Have any feedback on the podcast? Send us a note at
Jane’s LME Addiction — DQ lists are overrated
In this episode of Jane’s LME Addiction, 9fin’s head of LME coverage Jane Komsky brings in Mudrick Capital Management founder, Jason Mudrick, and Akin Gump partners Dan Fisher and Jaisohn Im to discuss disqualified lender (DQ) lists. They discuss the the goal of DQ lists, whether they actually work (spoiler: they believe they do not), and the implications for sponsors and lenders involved
Direct lending CLOs, the sterling edition
Earlier in June, Ares priced its first direct lending CLO, the second of its kind of Europe, but with a twist — it is priced in sterling.The last 12 months have been a busy time for the private credit giant, as they also completed a €30bn fundraise in Europe and opened a new office in Milan.In this episode of Cloud 9fin, senior private credit reporter Synne Johnsson chats with Andrea Fern
Jane's LME Addiction - Jennifer Selendy knows when to hold 'em
In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in founding partner of Selendy Gay, Jennifer Selendy, to discuss LME litigation. They discuss the perspective of excluded lenders, when it makes sense to hold out, and why we have yet to find any certainty on the validity of specific LME tactics and debt document language.Find all our coverage on LME liti
SRT across continents
It has been a busy month for the Significant Risk Transfer (SRT) market as investors returned from the Global ABS conference in Barcelona earlier this month to a flurry of new deals, 9fin’s Celeste Tamers reported.In this episode of Cloud 9fin, US distressed debt reporter Ayden Crosby is joined by David Lucking, a partner in Linklaters' US structured finance practice, to discuss the state
Tranche Talk — CLOs are no longer exotic
In this episode of Cloud 9fin, Tanvi Gupta, global head of CLOs at 9fin, talks with Sumer Chopra, director at Alumia, to discuss how CLOs have gone from an exotic to an essential product in the eyes of institutional investors.They discuss what’s led to the boom of family offices allocating to CLOs, double-Bs and single-Bs outperforming CLO equity, and how some endowments still struggle wi
Distressed Diaries — Cerba creditors' patience gets tested
We are back to France — the current epicentre of European credit stress — for our second episode of Distressed Diaries.Over the last few months, French lab company Cerba’s debt has taken a beating as fears mount over its unsustainable €3.8bn capital. Most recently, 9fin reported that creditors have started to organise and appointed legal advisors in the lead up to possible debt negotiatio
Private credit’s Deliberation Days
President Donald Trump’s much anticipated ‘Liberation Day’ sent global markets into a tizzy in April, but how did private credit firms react?During what we have termed the ‘Deliberation Days’ of Q1, private credit investors were scrambling to mitigate potential tariff risks as best they could but they were also on the offensive.Elijah Jackson’s latest quarterly report on the state of the
Syndication Nation — My neck, my back, my EBITDA-T addback
In this week’s episode of Syndication Nation, a podcast dedicated to all things leveraged finance-related, 9fin deputy editor Sasha Padbidri and head of legal James Wallick have put together a terrible headline and a great conversation on the emergence of President Donald Trump’s tariff language in new issue debt documents.For more details (and terrible headlines), check out our reporting
Jane’s LME Addiction — Rachel Murray will fix your capital structure
In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Rachel Murray, a managing director at Moelis, to discuss how today’s restructuring environment compares to the Covid era and how that experience can guide clients. They discuss what makes an LME effective, in addition to current trends and techniques that are shaping the space.Check out all of our LME
Tranche Talk — CLOs are now a family business
In this episode of Cloud 9fin, Tanvi Gupta, global head of CLOs at 9fin, talks with Yang Xu, CEO at City Hall Capital, to discuss the growth of family offices allocating to CLOs.They talk about how CLO equity and mezz ticks all the boxes for family offices, the need for more double-B CLO funds, captive equity vs third party equity funds, and how CLO managers need to do more to educate fam
Syndication Nation — Warner Bros Discovery on fallen angel watch
In the inaugural episode of Syndication Nation, 9fin’s podcast on all things syndicated debt, deputy editor William Hoffman joined US managing editor Bill Weisbrod to talk about his recent coverage of Warner Bros. Discovery and its $37bn of debt to high yield by S&P. They discussed what led to the downgrade, the prospects for the company reaching full-blown fallen angel status, and br
Managing global loan data from the middle
In today’s market, speed of information and up-to-the-minute accuracy are essential in portfolio management. With that in mind, Chase Collum, head of podcasts at 9fin, sat down with Scott Alintoff at FIS to discuss how lenders can ensure they’re staying ahead in these turbulent times.In this third of a series of discussions, Scott shares a high level view of the state of the market, curre
Distressed Diaries — Fly on the wall to Altice France debt negotiations
Altice France’s restructuring negotiations has been one of the hottest talks of the distress town since last year. With the company now preparing to enter into accelerated safeguard proceedings, we went through what happened so far in our inaugural episode of Distressed Diaries — a brand new 9fin podcast series focused on distressed debt in Europe.Senior distressed reporter Bianca Boorer,
Canyon Partners’ Sheffield and Barzideh talk opportunistic credit
US tariff policy has unleashed economic uncertainty both domestically and elsewhere. Even after a de-escalation of the worst trade tensions with China, things are still unclear.In this episode of Cloud 9fin, distressed debt reporter Max Reyes sits down with Canyon Partners opportunistic credit co-heads Chaney Sheffield and Jonathan Barzideh to better understand what unique investments can
Nothing venture-d, nothing gained
Here at 9fin, we pride ourselves on being private credit enthusiasts. And that means covering all parts of the market, big or small. This includes all the nascent and niche areas like venture debt and tech lending.In this episode of Cloud 9fin, senior private credit reporter Peter Benson sits down with Ron Daniel, co-founder and CEO of Liquidity Group, a direct lender focused on tech lend
