Afleveringen
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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 Fawn, a portfolio manager in the European leveraged finance team at PGIM Fixed Income, to talk about how this new era is creating new challenges and new opportunities for leveraged finance teams. -
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 episode of Cloud 9fin, our global head of distressed debt and restructuring, Max Frumes, sat down with Jude Gorman, the co-founder of communications firm Collected Strategies, to find out.
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Zijn er afleveringen die ontbreken?
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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 decision.
We’ll take a closer look at the uproar that followed the SBTi’s flip of the script and shine a light on the governance concerns raised by SBTi insiders. We’ll also cover the issues that have plagued carbon markets in recent years and underline why it’s crucial to establish robust and verifiable offset standards.
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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 Intrum mulls its restructuring options.
Their discussion covers the potential for the company to follow Altice’s lead on drop-downs, and the various ramifications if a restructuring happens in the Swedish, English or US courts.
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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 Osbourne and Freddie Doust, and distressed credit analyst Nathan Mitchell walk through the knowns and unknowns of Altice.
The discussion covers some of the ways the Altice situation is both familiar and novel, nuances of the French jurisdiction, and the many potential pitfalls that management and investors could face along the path to deleveraging the Altice capital structure.
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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 reporter Bianca Boorer sits down with David Leland, partner and head of capital markets at BC Partners, to discuss the recent refinancing wave, managing portfolio companies through crises, and how to determine the right blend of private credit and leveraged loans for a portfolio company.
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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 bad set of earnings. What use are health shakes when you can take a pill to slim down?
Listen as our US deputy distressed editor Rachel Butt and senior reporter William Hoffman talk about these stories, and how Oprah Winfrey is at the center of it all. -
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 documentation from last year.
In this week’s episode of Cloud 9fin, our host Jennifer Munnings digs into the report’s findings with our senior legal consultant Chris Osborne, who co-authored the report with Alice Holian.
They also discuss our recent piece about EG Group’s recent dividend blockers, which you can read here.
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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’s Day by examining how far the industry has come in terms of gender balance — and how far it still has to go.
Join our co-hosts Shubham Saharan and Sasha Padbidri as they speak with Erika Morris, head of US CLOs at Tikehau Capital, and Nadja Marcoz, a partner at Napier Park who heads up the firm’s institutional relationships.
And if you want to read more personal stories about women in credit, and some information on how various firms are trying to advance gender equality, check out the deep dive article on this issue that we published last year.
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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 nuances of the German distressed market. -
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 a new group dedicated to it?
We answer all these questions and many more in the latest episode of our Cloud 9fin podcast. Come for the silly headline, stay to meet the leaders of our new US distressed team: Max Frumes and Rachel Butt.
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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 Jennifer Munnings sat down with Kristina Wyatt, former senior counsel for climate and ESG at the SEC, to take a deep dive into what the Californian regulations and the proposed SEC rules indicate for ESG in the US.
We talk about everything from the ability for US companies to remain competitive in markets that are ever more focused on sustainability, to the potential impact of the upcoming elections on ESG in the US.
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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. We discussed examples of companies that have repriced deals recently, lender responses, and delve into Alessandro’s predictions for the year ahead.
Click here to find out more about our US CLO Database
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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 period of repricing in historical context.
How are managers coping, and what does this trend mean for syndicated loan issuance this year?
For this week’s podcast, she sat down with our US managing editor Will Caiger-Smith to talk about the repricing wave, as well as delving into captive equity funds, CLOs versus private equity and private credit, and the promise of ETF structures.
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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 podcast, Cloud 9fin sits down with 9fin senior legal consultant (and restructuring lawyer) Freddie Doust and the eminently qualified South Square barrister Riz Mokal for an (admittedly meaty) discussion on the ideas critical to the outbound recognition of English restructuring processes, and inbound recognition of US and European processes in the UK.
Strap yourself in, it's a thrilling ride!
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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 debt syndications that are waiting in the wings.
In this week’s episode of the podcast, our US managing editor Will Caiger-Smith and deputy editor David Bell peek under the hood of the primary markets.
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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 with 9fin Levfin reporter Ryan Daniel and credit analyst Ameeq Singh to talk through Synlab’s rise in importance during Covid-19, it’s long lasting relationship with Cinven and their LBO debt syndication journey. The late-in-the year deal launch begs the question will there be more LBO activity to come in 2024?
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The collapse of wood pellet producer Enviva last month was swift and brutal. The story’s not over yet for all of the company’s investors (for an extremely thorough analysis, check out our distressed team’s deep-dive report) but it is for at least one of them: Inclusive Capital.
Founded just a few short years ago to great fanfare, Jeff Ubben’s much-vaunted ESG activism fund closed its doors around the same time that Enviva’s capital structure fell apart. What can the implosion of these two entities tell us about the state of ESG in America?
For this week’s episode of Cloud 9fin, our US managing editor Will Caiger-Smith quizzes senior reporter Sasha Padbidri on these interlinked stories. Listen now to end the year on a cheery note.
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Looking back on 2023, we’ve seen financial markets tested by ongoing geopolitical upheaval. We sit down with 9fin’s CEO Steven Hunter to take us through the highs and lows of the year as well as our company’s growth story.
Also tune in to find out how Steven unwinds in his spare time and what he thinks about pints in New York!
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“9fin AI enables our users to find and process the information they need quicker. Speed is essential in financial markets and debt is no exception.”
9fin has been leveraging AI since the company was founded back in 2016, but we’ve recently stepped-up our game.
‘9fin AI’ allows subscribers to ask questions about companies within debt capital markets and receive high quality answers in real time.
For this episode of the podcast, we sat down with 9fin’s Sean Löfgren and Hannes Kindbom to talk us through the exciting new project, their thoughts on future opportunities and their stance on potential risks linked to generative AI.
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