Les meilleurs podcasts 9fin (2024)

1
Two continents divided by the same numbers 12:29

2d ago12:29

12:29

Private credit in both the US and Europe has faced a great deal of pressure from bank lenders in 2024. But despite a slow start, the asset class is holding its ground on a year-to-date basis. In this week’s episode of Cloud 9fin, private credit editor David Brooke digs into the data with analysts Devin McGinley and Elijah Jackson. They chat through…

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Red dawn 10:14

8d ago10:14

10:14

A majority of American voters have embraced Donald Trump’s message, and a lot of things are about to change. What does his resounding victory in this week’s Presidential election mean for debt capital markets? It’s a little early to give a comprehensive answer, but in this special edition of Cloud 9fin we’ve done our best to touch on some of the bi…

1
How funds are NAVigating the M&A lull 11:09

10d ago11:09

11:09

All eyes are on the results of the US election results today, and soon, they’ll turn back to the Federal Reserve. Hinging on whether the Fed decides to continue rate cutting at its next meeting — and how deeply — a flood of M&A could hit the market. In the meantime, though, funds have been forced to take extraordinary measures to make their way thr…

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The cost of environmental catastrophes is rising 27:06

17d ago27:06

27:06

Batten down the hatches, because the cost of environmental damage continues to rise. Hurricanes and natural disasters pose a threat to leveraged credits. This year’s Atlantic hurricane season, which runs from June to November, has caused significant physical and financial damage to borrowers and civilians located mainly in the southeastern part of …

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Going direct but staying flexible, with AlbaCore Capital 12:27

18d ago12:27

12:27

Even with competition heating up, the direct lending market is ripe with opportunity. In this week’s episode of Cloud 9fin, Fin Strathern interviews Bill Ammons, founding partner and portfolio manager at AlbaCore Capital. They discuss the evolution of leveraged finance as direct lending develops, and the importance of providing flexibility and opti…

1
This probably won't be a System1-time thing 20:11

1M ago20:11

20:11

Every now and then a situation comes around that stretches the limits of possibility. System1 is just such a situation, and private credit investors should take note. In this week’s episode of Cloud 9fin, distressed legal analyst Jane Komsky and distressed credit analyst Swapnil Sawant reveal the playbook of SPAC-era darling System1’s unique take o…

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Fundamentals of CLO fundraising 27:47

1M ago27:47

27:47

CLO captive equity funds have emerged as an important part of a manager’s toolkit, affording greater control over CLO issuance patterns. In this week’s episode of Cloud 9fin, MidOcean Partners’ Jamil Nathoo tells 9fin’s global head of CLOs Tanvi Gupta about the strengths and weaknesses of certain fund structures. They discuss new frontiers opening …

1
Dishing on DISH 31:27

1M ago31:27

31:27

Stop me if you’ve heard this one before but what the heck did DISH (Echostar) and DIRECTV just say they were going to do? And will it actually happen this time? In this week’s episode of Cloud 9fin, listen in as senior reporter William Hoffman sits down with 9fin credit analysts Kartik Dar and Daniel Stone to untangle the DISH and DIRECTV transacti…

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Deprivatizing private credit one quarter at a time 9:10

2M ago9:10

9:10

By nature, private credit is opaque. At least for now. But 9fin’s private credit team is hard at work building a data set that will help shed light on the trends and movements in the direct lending space. In this bonus episode of Cloud 9fin, private credit editor David Brooke invites private credit analyst Elijah Jackson to share his experience in …

1
Co-op agreements through the eye of American Needle 16:16

2M ago16:16

16:16

Cooperation agreements have taken the LME world by storm, foiling distressed companies' plans to play creditors off of one another to secure a better deal. But are these agreements anti-competitive? In this week's episode of Cloud 9fin, our global head of distressed and restructuring Max Frumes delves into this quandary with distressed legal analys…

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Getting real about synthetic PIKs 18:04

2M ago18:04

18:04

One of the strengths of private credit is its flexibility. And who doesn’t love to PIK and choose? In this week’s episode of Cloud 9fin, US private credit editor David Brooke asks senior reporter Shubham Saharan to add another contribution to the ever-evolving private credit glossary as they dive into the definition of synthetic PIKs. Listen in to …

1
The Zombie Apocalypse with Dr. Edward Altman 27:45

2M ago27:45

27:45

Zombie companies are businesses that, despite being insolvent, manage to survive for extended periods. Traditionally, these companies are defined by their inability to cover interest payments, but a more refined definition points to companies with low Z-scores, indicating a high probability of default. Over the past three decades, the prevalence of…

1
Switching over from Paramount 17:19

2M ago17:19

17:19

All eyes are on media giant Paramount Global and its $13bn debt stack, amid the threat of a downgrade to junk status. With streaming wars intensifying and cable subscribers slowly converting to Paramount Plus, many are left asking: Is Paramount’s debt heading for a rocky road, or is there still a way back to stability? Despite its challenges, Param…

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Private credit back to the future 10:57

3M ago10:57

10:57

Private credit funds are venturing back to their roots, embracing a strategy that blends the old with the new as hybrid deals are back in vogue. But is this a nostalgic trip down memory lane, or a calculated move with long-term implications? In this episode of Cloud 9fin, leveraged finance reporter Ryan Daniel and senior private credit reporter Syn…

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Hedging our debts 9:04

3M ago9:04

9:04

Hedge funds are making a bold push into the private credit arena, lured by the promise of higher returns. However, new territory is not without its hurdles, as these funds navigate a landscape already populated by established players. In this episode of Cloud 9fin private credit reporter Peter Benson and senior private credit reporter Shubham Sahar…

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Is private credit entering its Silver Fox era? 15:35

3M ago15:35

15:35

Private credit fundraising has been going through an inflection point in recent years, as high interest rates and geopolitical risk increasingly drive LPs to only the most established fund managers. The market shift has many wondering, is the sector leaving its “Golden Age” and entering its "Silver Fox era”? Despite these challenges, investors are …

1
Unjustice for all 28:32

3M ago28:32

28:32

The Supreme Court in a 5-4 decision on 27 June ruled that a bankruptcy court does not have the statutory authority to provide non-consensual third party releases. Such releases had been a crucial part of the Purdue Pharma Chapter 11 plan, among others, where the bankruptcy system was being employed to shield non-debtors from litigation without full…

1
Lend and let lend 13:29

3M ago13:29

13:29

Not all liability management deals are "violent"; in fact the majority of deals in 2024 have allowed for participation by non ad hoc group lenders who in the past had been entirely cut out of the economics of non pro rata priming transactions. For this week's episode of Cloud 9fin, global head of distressed and restructuring Max Frumes, distressed …

1
LBO volumes warm up in the summer sun 11:39

3M ago11:39

11:39

US leveraged buyout volumes are slowly starting to improve, with the likes of Apollo, Thoma Bravo, CD&R and TowerBrook making moves. This comes after a long period where buyers and sellers struggled to find common ground in valuations and could bring a welcome shot of new debt issuance for investors that are eager to lend. So what changed? And is t…

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When one door opens another one CLOs, with Napier Park's Serhan Secman 39:22

4M ago39:22

39:22

The credit markets are constantly evolving, and CLOs are no exception. As hopeful new managers enter, less successful platforms fall away. This keeps the market healthy, says Napier Park’s global head of the CLO management platform Serhan Secmen. But what makes a manager successful? In this week’s episode of Cloud 9fin, Serhan joins our own global …

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BONUS: Has our Thames Water broke? 31:19

4M ago31:19

31:19

Tumultuous waves have long beset Thames Water, but last week a massive one hit the imperiled UK utility company head on as Moody's cut its opco debt to junk. With too much debt, poor quality assets from decades of under investment, and a plan the water regulator rejected, Thames's opco downgrade was widely expected across the market. But what happe…

1
Doctor Who? 25:22

4M ago25:22

25:22

For the vendors and firms owed money by a bankrupt company, the primary motivation to join an Unsecured Creditors’ Committee is often simple: maximize economic recoveries. But Doctor Dennis Deruelle had other priorities. Listen as Dennis recounts the struggles faced by hospital staff and patients from his viewpoint as the Executive Medical Director…

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Knowing your place, with Hayfin's Carlos Pla 13:55

4M ago13:55

13:55

In the realm of private credit, thinking local is a must. Which means knowing your place can determine whether an investment will succeed or generate losses. For this week's episode of Cloud 9fin, senior reporter Bianca Boorer sits down with Hayfin's Carlos Pla. They talk about the nuance of private credit special situations in Europe, how it diffe…

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The dawn of the audit bro 20:51

4M ago20:51

20:51

Shout if you’ve heard this one before: a CPA and an MD walk into a bar. The MD says, “Plz Fix,” and the CPA says, “sure, but I’ll need three forms of ID and an engagement letter first.” In response to which the MD, of course, literally explodes. Not heard it? Well you may soon, because private equity ownership of auditing firms is causing concern i…

1
A Texas Shaw-down 13:08

5M ago13:08

13:08

Overheard in the Southern District of Texas: Don’t be a meanie! Ok, we may be paraphrasing here a bit, but taking the decision in Robertshaw and the anticipated Incora decision together, the court may be signaling that lenders need to stop being so Incora-gible and tone down the violence. In this week’s episode of Cloud 9fin, reporter Max Reyes dig…

1
It Hertz you to see it 11:51

5M ago11:51

11:51

When it emerged from bankruptcy in 2021, Hertz was something of a success story. Everyone involved who wasn’t named Carl Icahn made out OK. But here it is again, challenged by an overstep into EVs and loaded up with pricey new debt. In this week’s episode of Cloud 9fin, global head of distressed and restructuring Max Frumes breaks it all down with …

1
Hold my rate, bro 22:54

5M ago22:54

22:54

Last week at the Fed, nothing happened. Usually when nothing happens, we don’t report on it, but in this case it got us thinking. What are the consequences of higher-for-longer? Did the Open Markets Committee leave themselves a trapdoor to push through a series of rate cuts across the back half of the year? And what’s up with rates in Europe and th…

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Alas, poor EDVA, we knew thee well 15:06

5M ago15:06

15:06

Lawyers might finally be done filing large, complex Chapter 11s in the Eastern District of Virginia. In this week’s episode of Cloud 9fin, our very own global head of distressed and restructuring Max Frumes digs into the shocking denial of Vinson & Elkins’ retention application in the Enviva proceedings with distressed legal analyst Jane Komsky. Re…

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The ABCs of private credit LMEs, with Freshfields 36:40

5M ago36:40

36:40

In recent years, the term ‘lender-on-lender violence’ has become a popular way to refer to deals that are more politely known as ‘liability management exercises’. Both terms are euphemistic — so what are we actually talking about here? And what happens when these often quite bruising battles between companies, their sponsors and their lenders, take…

1
The rise and rise of SRT with Matthew Moniot of Man Group 19:52

6M ago19:52

19:52

At what point does a trend become a megatrend? In this week’s episode of Cloud 9fin, our very own ABS editor Owen Sanderson is joined by Matthew Moniot, co-head of credit risk sharing at Man Group, in a conversation about Significant Risk Transfers (SRTs) and their potential to reshape the US credit markets. Have any questions or feedback for us? W…

1
What does the UK election mean for credit? 13:49

6M ago13:49

13:49

It’s happening! Voters in the UK will head to the polls in just over a month, and most polls forecast a resounding victory for Keir Starmer and the Labour Party. Notwithstanding multiple reshuffles under the Conservatives over recent years, this would be the first proper regime change in the UK since 2010. So it’s kind of a big deal — and while the…

1
Talking SaaS with Thoma Bravo, feat. Oliver Thym 16:28

6M ago16:28

16:28

Enterprise software is a sector with a lot to love if you’re a private credit investor: long-term contracts and sticky customers. But how will AI impact software companies? And what is the growth outlook in the sector, which has had a tough time over recent years? In this week’s episode of Cloud 9fin, private credit reporter Peter Benson and Oliver…

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The Steward situation is batsh*t crazy 10:13

6M ago10:13

10:13

From a colony of bats plaguing one of its hospitals in Florida to an alleged connection to money laundering in Malta, Steward Health‘s descent into bankruptcy is anything but ordinary. In this week’s episode of Cloud 9fin, global head of distressed debt reporting Max Frumes and deputy distressed editor Rachel Butt walk through the lead-up to Stewar…

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Navigating the new paradigm with Rob Fawn of PGIM 15:06

7M ago15:06

15:06

The current interest rate environment is driving a rise in downgrades, special situations and liability management exercises. But how to know which of the increasing number of stressed and distressed credits are worth adding to — or keeping in — the portfolio? In this week’s episode of Cloud 9fin, senior reporter Bianca Boorer sits down with Rob Fa…

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Managing messaging with Jude Gorman of Collected Strategies 21:39

7M ago21:39

21:39

Finance is about money, obviously, but it’s also about narratives. That’s especially true in the world of activist investing and proxy battles, and in the high-stakes arena of distressed debt. In an age where news travels faster — and through more channels — than ever before, how do companies and investors manage their messaging? For this week’s ep…

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SBTi U-turn rocks world of sustainable finance 16:17

7M ago16:17

16:17

The SBTi’s sudden change in stance on the use of carbon credits came as a shock in the world of sustainable finance last week. In this episode, our hosts Sammy Cole and Oliver Wise, unpack the latest events and talk to Nawar Alsaadi, the CEO and founder of Kanata Advisors, a sustainable fintech advisory firm based in Toronto, to get his take on the…

1
Intrum in the red 21:10

7M ago21:10

21:10

The end of cheap borrowing is showing its true colors — and for Intrum it’s a deep shade of red as the Swedish debt collector faces its own credit crisis. Following our deep dive into Altice last week, 9fin analyst Jennifer Munnings, distressed debt reporter Will Macadam and senior legal consultant Freddie Doust decipher the writing on the wall as …

1
Control, Altice, Delete 34:58

8M ago34:58

34:58

What do you get when a builder basket just keeps building, and building and building? You get a whole basketful of lenders caught off-guard by the massive amount of capacity that Altice France has to designate its subsidiaries as unrestricted, that’s what. In this week’s episode of Cloud 9fin, editor Dan Alderson, senior legal consultants Chris Osb…

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Tailoring to the thesis with David Leland of BC Partners 12:30

8M ago12:30

12:30

The question on everyone’s lips these days seems to be: are you going BSL, or are you going direct? But when private equity sponsors are building out their portfolio companies’ capital structures, their first concern is often whether the instruments they’re employing are a fit for the business at hand. In this week’s Cloud 9fin episode, 9fin senior…

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Who watches the WeightWatchers? 11:25

8M ago11:25

11:25

The Ozempic effect is coming for more than just your wardrobe! Last week, 9fin reported that a group of lenders to Weight Watchers parent WW International organized with law firm Gibson Dunn as the company loses subscribers to weight loss drugs. On a somewhat related note, 9fin also reported that Herbalife is facing challenges of its own after a ba…

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The best and worst of high yield bond covenants 21:13

8M ago21:13

21:13

European bond investors: your restricted payment builder baskets are under threat! But also, you’re probably better protected against being J.Screwed than you were in the past. Those are just two insights from 9fin’s European High Yield Bonds Covenants Report, which provides a deep dive on the state of high yield bond covenants, based on documentat…

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IWD Edition — Breaking through the bottleneck 16:02

8M ago16:02

16:02

Everybody knows that finance is a male-dominated industry, and there are plenty of initiatives to change that. But when you look at the numbers, it can be quite staggering to realize that, for example, just one in 10 senior portfolio managers in private credit is a woman. For this week’s episode of Cloud 9fin, we’re celebrating International Women’…

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Restructuring reflections with Chris Schubert, Alcentra 23:14

9M ago23:14

23:14

9fin sits down with Chris Schubert, executive director in special situations at Alcentra, to talk about his expectations for the distressed market this year. We take a look back at restructurings he’s been involved in including Ideal Standard and lessons he’s learned from these cases. Schubert also goes into challenges posed by whitelists and the n…

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Big shrimpin' 20:31

9M ago20:31

20:31

Who could have imagined that Red Lobster’s endless shrimp promotion might have unintended financial consequences? Does distress at retailers like Express, Jo-Ann’s and The Children’s Place mean the US consumer is in trouble? Is ‘liability management’ a better term than ‘credit-on-creditor violence’? And why is communications firm C Street starting …

1
ESG regulations ramp up in the US 19:14

9M ago19:14

19:14

In November 2023, California circumvented the US Securities and Exchange Commission and released two regulations aimed at increasing climate disclosures for US companies. The SEC initially proposed its now twice delayed climate disclosures in 2022, but the regulations are expected to be released early this year. In this Cloud 9fin episode, host Jen…

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It’s raining repricings in Europe 10:40

10M ago10:40

10:40

Repricing deals have flooded the European market over the past few weeks, with many companies taking advantage of lower interest rate forecasts and tighter high yield credit spreads. But is this trend set to last? For this week’s podcast, Alessandro Albano, financial journalist at 9fin, sat down with host Sammy Cole to talk about the repricing wave…

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Riding the repricing wave, with Himani Trivedi of Nuveen 25:15

10M ago25:15

25:15

US leveraged loan borrowers are repricing their debt at a frenetic pace, and it’s starting to hurt — in some credits, they’re testing the base limits of the CLO managers holding their debt. Himani Trivedi, head of structured credit at Nuveen Asset Management, has seen a lot of history in the CLO market, so she’s perfectly placed to put this intense…

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A deep dive on cross-border recognition with Riz Mokal 49:43

10M ago49:43

49:43

Cross-border recognition is where every good restructuring deal hopes to end. Recognition was historically a more clearcut part of a restructuring process, but in a post-Brexit world, with the advent of restructuring plans (in the UK and across Europe), and the rule in Gibbs potentially in doubt, the apple-cart may have been upset. In this week’s p…

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Bonds are back, baby! 16:34

10M ago16:34

16:34

Loan repricings came thick and fast in the US market this week, with borrowers looking to slash their borrowing costs on more than $30bn of debt — but bonds are also coming back in a big way. Companies such as Hilton and Chobani highlighted the compelling value on offer in the high yield bond market, which could help define the shape of some hefty …

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Cinven answers investors’ LBO Christmas wishes with Synlab takeover 11:19

11M ago11:19

11:19

German medical diagnostics provider Synlab answered investors’ Christmas wishes for another big European LBO deal by coming to market with €1.5bn in bonds and loans in early December. The funding was used to finance UK private equity fund Cinven’s acquisition of a majority stake in the company. For our first podcast of 2024, Cloud9fin sits down wit…

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