Afleveringen
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No one likes that feeling of being a little too thick in the middle. But finding the right balance of strength and cushion is no easy task. We’re talking about the middle office here, of course.
The middle office may not always be in the spotlight, but when loan data goes awry it’s the team that keeps the gears turning and numbers in check. In this episode, head of podcasts Chase Collum chats with Jared Vest, global co-head of middle office solutions at FIS, to break down the middle office's essential roles, risks, and evolving responsibilities. They explore how accurate data and strong operational support are critical to navigate today’s fast-paced loan market.
This episode was produced in partnership with FIS as part of a three-part series diving into the challenges facing middle office practitioners and users of global loan data sets.
Have any feedback for us? Send us a note at [email protected].
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In the credit markets, it’s important practitioners get their fax straight. No, you didn’t read that wrong — even in 2025, people still use fax machines to transmit some loans data.
In our latest Cloud 9fin episode, Chase Collum, head of podcasts, and private credit analyst Devin McGinley, sit down with John Smullen, product manager at FIS. They chat about how global data trends are shaping strategies in the leveraged finance world as private credit CLOs and direct lending gain ground.
This episode is part of a three-part series we’ll publish in partnership with FIS on Cloud 9fin, so look out for our next episode, coming next Thursday! Have any feedback for us? Send us a note at [email protected].
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Zijn er afleveringen die ontbreken?
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In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in global chair of Gibson Dunn’s restructuring group, Scott Greenberg, to discuss the evolution of cooperation agreements within liability management exercises. They discuss the different types of co-ops, why co-ops have become expected in US deals, their spread to the EU, and the validity of antitrust arguments.
Find all our coverage on co-ops at 9fin.com.
Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening! -
Three media companies, in vaguely the same vicinity, in fair debt markets where we lay our scene — where ancient business models encounter new scrutiny, and AI generates images you can’t unsee…
Valentine’s Day has been and gone, so why on earth are we besmirching Romeo and Juliet with terrible puns? You should listen to the episode for the full picture, but basically we’re discussing three recent debt transactions from X/Twitter, Snap, and Getty Images.
These deals might not seem immediately connected, but there’s a thread running through all three. In an age of political upheaval and rapid technological advancement, what do they tell us about the future of media? William Hoffman, David Bell and Will Caiger-Smith are here to discuss, and to crowdsource ideas for sponsored 9fin Snapchat filters.
Want to share feedback on this episode? Send us a note at [email protected]. -
In the private equity world, continuation vehicles have been a bit of a blockbuster, so can the structure's success transfer to private credit?
We have already seen BlackRock's $1.3bn continuation vehicle last year, and some market participants are expecting to see even more in 2025. On the other side however, this might not be as straight forward as in the PE world, and there is a growing pool of skeptics.
In this episode of Cloud 9fin, senior private credit reporter Synne Johnsson sits down with private credit reporter Jemima Denham, to discuss all things private credit continuation vehicles -- Why are they the current talk of the town? What are the challenges? And will they eventually take off?
Have a listen to hear this discussion on continuation vehicles in the private credit market. If you have any feedback for us, send us a note at [email protected]. Thanks for listening. -
We talk a lot about leverage at the 9fin office (it’s kind of the story behind our company name, in case you were wondering) so it should come as no surprise that we think it’s interesting. But in the world of Significant Risk Transfer, it’s especially fascinating — and controversial.
You may have caught the story that Celeste Tamers, part of our growing asset-based finance team, broke last week about Deutsche Bank pulling back from offering repo financing on SRT trades.
In this episode of Cloud 9fin, Celeste and our asset-based finance editor Owen Sanderson pick that story apart and use it to explore the history of SRT, to help listeners understand why regulators are raising their eyebrows at the recent growth of this important market.
Any feedback on this episode? Email us at [email protected]. -
Long live liability management.
In this episode of our new show Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Latham & Watkins partner George Klidonas and C Street founder and CEO Jon Henes, to discuss the Better Health transaction and its implications for future LMEs.
Also under discussion: how liability management has taken off as an industry, how law firms and advisors are adapting to this boom in business, and the creative moves market participants are making to ensure the LME space lives a lengthy and healthy life.
Listeners might notice a bit of background noise because this episode is also recorded in video format! Find it on YouTube here! Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening! -
Publicly traded leveraged debt issuers are facing a collective maturity wall of $219 billion in the coming years. But unlike the Chiefs' offensive line in the Super Bowl, credit market watchers aren't expecting that wall to collapse.
In this episode of Cloud 9fin, US managing editor Bill Weisbrod sits down with credit analyst Ben Dickerman and leveraged finance reporter Dan Mika about their recent piece looking at how the 2026-27 maturity wall in the US is shaping up.
Among the highlights: how issuers are hanging on to cheap debt costs, how a leveraged finance market starved for new-money deals is giving BB-rated companies plenty of time to refinance, the uncertainties surrounding Trump administration’s economic policies, and how this story was powered by Dan’s love of drum and bass music.
As always, if you have any feedback for us, send us a note at [email protected] -
With Super Bowl Sunday upon us, much like over a third of the US, we thought we’d focus on sports.
Private credit has been circling sports for some time as an investment opportunity. Many regulatory changes in the past year and an increasing number of emerging sports leagues have brought it back into view to begin this year.
In this episode of Cloud 9fin, senior reporter Peter Benson sits down with Aaron Kless, managing partner and CIO at Andalusian Credit Partners, to discuss all things private credit and sports.
The discussion topics include the institutionalization of the sports market, how credit works with sports franchises and other areas of the sporting world that are ripe for credit investment.
As always, if you have any feedback for us, send us a note at [email protected] -
People love to talk about the battle between banks and private credit firms in leveraged debt markets. And at a high level, it’s true that the dealflow has bounced back and forth between the two over recent years — but markets are a lot more complex than a game of table tennis.
In this episode of Cloud 9fin, Synne Johnsson sits down with Soren Christensen, partner and head of capital markets at Cinven, and Amit Bahri, co-head of European direct lending at Goldman Sachs, to break down how private credit’s role has evolved over the years.
Among the highlights: how sponsors have adapted to embrace private credit, what the return of the BSL market means for direct lender strategies, the attraction of junior PIKs, and predictions for 2025.
As always, if you have any feedback for us, send us a note at [email protected]. -
The full extent of the damage from this season’s California wildfires is yet to be determined, but one thing that is certain is that some leveraged credits are starting to feel the heat.
In this week’s episode of Cloud 9fin, US managing editor Bill Weisbrod and deputy leveraged finance editor Sasha Padbidri survey the extent of the damage and discuss which industries are among the most impacted.
Find Sasha’s latest report about the wildfires’ impact on leveraged credits here. If you have any feedback or want to get in touch, send us a note at [email protected]. Thanks for listening! -
After years of growth and positive sentiment, 2024 saw private credit’s smallest fundraising haul since 2019. But the year-on-year drop in capital raised was far less significant than the drop in the number of funds that were closed.
In this week’s episode of Cloud 9fin, US private credit editor David Brooke and reporter Anna Russi discuss the latest results in private credit fundraising and how LPs are consolidating around their favorite firms. The conversation walks through how investors are feeling about the asset class and whether the incoming Trump administration can help or hinder funds on the road next year. Read Anna and David's article diving into these trends here.
Have any questions or feedback for us? Want to join us on the podcast? Send a note to [email protected] to get in touch. Thanks for listening! -
For this week’s Cloud 9fin episode, we’re launching a new monthly recurring series: Jane’s LME Addiction, in which distressed legal analyst Jane Komsky dives into the latest news in liability management. Joined by 9fin global head of distressed and restructuring Max Frumes and 9fin head of legal James Wallick, Jane walks through the landmark decision out of the Fifth Circuit Court of Appeals in the Serta Simmons case and what it means for LMEs going forward.
Find all our coverage on Serta at 9fin.com, including our latest stories on the contours of potential uptiering transactions in 2025 and the evolution from Serta blockers to “Fifth Circuit blockers.”
If you have any feedback for us, send us a note at [email protected]. Thanks for listening.
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A record breaking year comes to an end. What could possibly come next? How about another?
In this week's episode of Cloud 9fin, Tanvi Gupta, global head of CLOs at 9fin, talks with Pratik Gupta, head of CLO and RMBS research at Bank of America, to discuss the outlook for 2025. They talk about ETFs, performance across the CLO capital structure, LMEs, co-op agreements, HY bond buckets and why 2025 might match the record breaking levels of issuance we've seen in 2024.
Have any feedback on the episode? Send us a note at [email protected]. Thanks for listening. -
Who is more invested in a breakfast of eggs and bacon — a chicken or a pig? And what does this have to do with leveraged finance?
Find out in this week’s episode of Cloud 9fin as global head of distressed debt and restructuring Max Frumes talks with Mike Harmon about his forthcoming book The Financial Restructuring Tool Set: How to Fix Your Broken Balance Sheet. They talk about the various ways that a company can restructure in and out of court, the evolution of the distressed debt playbook, and what restructuring has in common with Lewis Carroll’s Alice in Wonderland.
Mike Harmon is a lecturer in management at the Stanford Graduate School of Business, managing partner of Gaviota Advisors, LLC who spent 21 years in the special situations and global principal groups at Oaktree Capital Management.
Have any feedback for us? Send us a note at [email protected]. Thanks for listening. -
After a great run co-founding and helping to build up the European Leveraged Finance Association, Sabrina Fox is putting ELFA on the shelf to focus on her work at Fox Legal Training and Good Girl to Goddess.
In this episode of Cloud 9fin, ESG analyst Jennifer Munnings sits down with Sabrina to explore how ELFA has shaped buyside engagement and elevated standards in credit markets. From the rise of J.Crew blockers and their impact on covenant protections to ELFA’s efforts to foster transparency and innovation in ESG practices, Sabrina offers a front-row perspective on the evolving landscape of leveraged finance. They also discuss the challenges of balancing incumbent flexibility with investor safeguards and what lies ahead for the industry as Sabrina embarks on her next chapter.
Have any feedback on this episode? Send us a note at [email protected]. Thanks for listening. -
Are you a business owner and now looking to retire? Not to worry, because as private equity sponsors fund that move to Florida, their acquisitions are made possible by the private credit firms which have cultivated a lower middle market lending strategy.
But lower middle market lending is, of course, not without its challenges. Intensifying competition from firms honing in on the space and a complicated macroeconomic picture have pushed pricing down to levels last seen in the giddy days of 2021.
In the latest episode of Cloud 9fin Michelle Handy, chief investment officer of First Eagle Alternative Credit’s Direct Lending business, joins 9fin senior reporter Shubham Saharan to talk about that corner of the private credit world.
They unpack the opportunities and obstacles in lower middle market lending, the benefits of having a large existing portfolio, while also touching on the growing asset-based lending market (not to be confused with asset-backed lending!).
For feedback on the podcast, or to learn how to get involved, send a note to [email protected]. Thanks for listening! -
More and more, the lines are blurring between our private credit and distressed coverage.
In this episode of Cloud 9fin, private credit editor David Brooke mines the reportage of Bianca Boorer, senior distressed debt reporter, and Shubham Saharan, senior private credit reporter.
They talk about the challenge Lycra’s stakeholders face in navigating the company’s balance sheet, and why the company is considering a private credit option, even if it wouldn’t provide it with all the liquidity — or should we say elasticity — it needs to tackle its entire capital stack.
Do listen in to find out why private credit has the leg(ging) up on the competition!
Follow all of 9fin’s coverage of the Lycra situation here. If you have any feedback for us, send us a note at [email protected]. Thanks for listening.
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Not all that glitters is gold. And not everyone agrees that the recent era for private credit should be called “the golden age.”
In this week’s episode of Cloud 9fin, produced in partnership with Arena Investors, senior private credit reporter Peter Benson sits down with Arena co-founding CEO and CIO Dan Zwirn to talk through his latest white paper. He takes a contrarian look at the direct lending space, and considers whether this high-rate environment will turn out to be as fruitful for late adopters as the hype would lead one to believe.
Have any feedback for us? Please send us a note at [email protected]. Thanks for listening! -
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 the trends, diving into their respective Q3 2024 private credit reports. You can read both reports here and here.
To learn more about 9fin’s private credit reports, send a note to the team at [email protected]. For feedback on the podcast, or to learn how to get involved, send a note to [email protected].
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