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Leveraged finance, distressed debt, and private credit drive today’s markets. Cloud 9fin delivers expert insights on high-yield bonds, syndicated loans, direct lending, and debt restructuring. Join top analysts and investors as we explore credit markets, special situations, and private debt strategies shaping the industry. From credit risk assessment to institutional credit trends, each episode provides actionable intelligence for fund managers, institutional investors, and financial profess ...
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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 le…
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Generally speaking, lenders don’t lend money to companies with the intention of ending up as equity owners. But things don’t always go to plan. And anyone who’s been there can tell you that the hard truth for certain companies is that no plan could have ever saved it — or as Jon Weber would say: “If the baby’s ugly, the baby’s ugly.” In this week’s…
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A seemingly endless cycle of tariff pronouncements and delays has been sending stocks and liquid debt markets on a roller coaster ride in recent weeks. But what does ever-changing US tariff policy and associated market volatility mean for private credit firms? How do direct lenders keep protect themselves from the fallout and what are the key point…
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In this episode of Cloud 9fin, Tanvi Gupta, global head of CLOs at 9fin, talks with Carlyle’s Lauren Basmadjian, global head of liquid credit, and Matt Maxwell, head of US loans, to discuss how CLO managers are positioning themselves in the current tariff induced volatility. They talk about taking advantage of the dislocation in the market, sector …
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In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in founder and board member of Creditor Rights Coalition, Dan Kamensky, to discuss treatment for similarly situated creditors within liability management exercises. They discuss when disparity in treatment becomes an issue, lender tools to fight back, and where adv…
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On why some lower middle market lending specialists like to stay investing in companies with a sub-$50m EBITDA, they like to joke that it is because they like covenants. With some larger private credit managers jostling for deals at the upper end of the middle market, a larger number are sticking to their knitting in focusing on financing those sma…
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Was Ardagh's carve-out of its metal packaging business in 2021 an early example of a European LME before LMEs went global? Call it what you will, the troubled packaging conglomerate is getting a taste of both the potential upside and the backlash caused by these controversial financial maneuvers. In this episode, 9fin's global head of restructuring…
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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…
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AI is eating the world, or so the headlines say. But what does this really mean for debt markets? Where does AI truly excel, and what limitations persist? What implications does this technological shift hold for analysts' jobs? And how is 9fin deploying AI to address specific challenges confronting debt market professionals? Sujeet Indap, Wall Stre…
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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 ch…
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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…
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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 pic…
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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 …
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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 g…
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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…
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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 leve…
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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 Clou…
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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 Chri…
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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 discu…
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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 late…
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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 decisi…
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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…
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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 …
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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 elev…
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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 competi…
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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 …
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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…
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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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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…
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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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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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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…
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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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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 …
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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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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 …
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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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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 …
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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…
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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 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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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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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 …
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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…
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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 …
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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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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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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…
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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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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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