Best 9fin Podcasts (2024)

1
Hold my rate, bro 22:54

22h 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…

1
Alas, poor EDVA, we knew thee well 15:06

8d 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…

1
The ABCs of private credit LMEs, with Freshfields 36:40

13d 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

21d 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

27d 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

1M 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…

1
The Steward situation is batsh*t crazy 10:13

1M 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…

1
Navigating the new paradigm with Rob Fawn of PGIM 15:06

2M 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…

1
Managing messaging with Jude Gorman of Collected Strategies 21:39

2M 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…

1
SBTi U-turn rocks world of sustainable finance 16:17

2M 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

2M 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

3M 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…

1
Tailoring to the thesis with David Leland of BC Partners 12:30

3M 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…

1
Who watches the Weight Watchers? 11:25

3M 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…

1
The best and worst of high yield bond covenants 21:13

3M 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…

1
IWD Edition — Breaking through the bottleneck 16:02

3M 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’…

1
Restructuring reflections with Chris Schubert, Alcentra 23:14

4M 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…

1
Big shrimpin' 20:31

4M 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

4M 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…

1
It’s raining repricings in Europe 10:40

5M 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…

1
Riding the repricing wave, with Himani Trivedi of Nuveen 25:15

5M 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…

1
A deep dive on cross-border recognition with Riz Mokal 49:43

5M 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…

1
Bonds are back, baby! 16:34

5M 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 …

1
Cinven answers investors’ LBO Christmas wishes with Synlab takeover 11:19

6M 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…

1
What the collapse of Enviva and Inclusive means for ESG 16:17

6M ago16:17

16:17

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-…

1
2023 review with CEO Steven Hunter 16:36

6M ago16:36

16:36

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!…

1
The release of ‘9fin AI’, GPT for LevFin 16:01

7M ago16:01

16:01

“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…

1
Rich Byrne of BSP on why CRE lending is the real deal 34:55

7M ago34:55

34:55

Commercial real estate is in crisis — specifically, office buildings. The pandemic unleashed an unpredictable torrent of changes in how people work and live, and the dramatic rise in interest rates over recent months has broken funding models for many property owners. That’s extremely bad news for a lot of investors in the real estate market, but i…

1
Corestate’s lawyers on its protracted “alternative” restructuring 25:00

7M ago25:00

25:00

German real estate is very in vogue in distressed land. In keeping with that trend, German real estate investment firm Corestate Capital is trying to turn its ill fate around through asset sales after finally completed its debt restructuring three months ago. The restructuring deal took a whole year to push through after a lot of back and forth wit…

1
What's next for Adler's Restructuring Plan 27:19

8M ago27:19

27:19

On 21 April this year, the High Court sanctioned Adler Group's UK Restructuring Plan, enabling the group to pursue a solvent wind-down of operations and sale of assets over a two-year period. But one group of creditors was pretty peeved by the plan (understatement of the century). In this week's episode of our Cloud 9fin podcast, 9fin editor Chris …

1
Bonus Episode — Talking ESG with lawyers, Sukhvir Basran and Alex Smith 32:38

8M ago32:38

32:38

ESG has had a rocky ride in 2023, so how is the legal sector responding? This week, 9fin’s Head of ESG, Jack David talks with prominent sustainability-focused lawyers Sukhvir Basran from Cadwalader and Alex Smith from Eversheds about the evolving world of ESG and sustainability from a legal perspective. We cover the US backlash, the ins and outs of…

1
It's a Wonderful Life Settlement 12:39

8M ago12:39

12:39

Life insurance, on the face of it, is not the most exciting industry. The secondary market for life insurance policies, however, presents the perfect subject for a spooky Halloween special edition of Cloud 9fin. On this week’s episode, Will Caiger-Smith quizzes Sami Vukelj — who explains how and why private credit firms are buying life insurance po…

1
Q&A with Mike Scott, Man GLG 20:52

8M ago20:52

20:52

The new high interest rate environment poses a huge challenge for companies with debt maturing in the next two years. What risks and opportunities do investors see in the current debt market? For this week’s episode of Cloud 9fin Bianca Boorer sits down with Mike Scott, Head of Global High Yield & Credit Opportunities at Man GLG. Scott discusses ho…

1
Debt purchasers in the spotlight 17:40

9M ago17:40

17:40

Debt purchasers must soon decide how they plan on addressing upcoming maturity walls, but they are facing scrutiny over their business models. For this week’s episode of our podcast, host Sammy Cole sits down with 9fin’s Nathan Mitchell and Matthew Hughes to talk through debt purchaser predicaments, their options and predictions for the years ahead…

1
The right place with Jess Larsen, Briarcliffe Partners 30:48

9M ago30:48

30:48

Jess Larsen is in the right place at precisely the right time: after a tough period last year, investor interest in private credit is exploding once again, and his placement agency Briarcliffe Partners is perfectly positioned to benefit from this surge in popularity. The denominator effect is easing, and LPs are once again finding room for private …

1
Bonus Episode — The short seller's guide to credit, with Carson Block 38:26

9M ago38:26

38:26

Carson Block is not an unfamiliar name, at least in the equity markets. He and his short-activism fund Muddy Waters Research have been at the center of many notable trades in recent years — so notable, in fact, that the SEC began investigating him last year. He’s talked publicly about the covert techniques he and his colleagues use to uncover fraud…

1
Private credit CLOs — they’re coming our way 28:09

9M ago28:09

28:09

When JP Morgan priced Ivy Hill XXI in July it marked the bank's entry into middle-market CLO arranging and underlined the expansion of the mid-market CLO industry. That deal also re-sparked the inevitable question of whether now is the right time for private credit CLOs in Europe. For this week’s episode of our podcast, Josie Shillito quizzes Chris…

1
Banks push back on private credit with Eric Muller, Oak Hill Advisors 35:16

9M ago35:16

35:16

Can banks really compete with the big guns of private credit? Many are trying — but there are multiple constraints holding them back, from regulation all the way through to organizational structure and culture. This is just one of the topics we discussed in our podcast with Eric Muller of Oak Hill Advisors, a seasoned veteran not just of the direct…

1
A new dawn for J Crew Blockers? Strong formulations we’ve seen in 2023 10:26

10M ago10:26

10:26

Lenders tend to feel reassured knowing their docs have a J Crew blocker, but not all J Crew blockers offer the protection they might expect. For this week’s episode of our podcast, Alice Holian and Olivia Mantock cover the ins and outs of J Crew blockers and run through some novel formulations they’ve seen in 2023. Is the ‘Dechra standard’ going to…

1
The pipe is ripe 20:43

10M ago20:43

20:43

It’s been a hot and heavy summer, and the pipeline is looking encouragingly full for next month — especially compared to this time last year. For this week’s episode of the podcast, Will Caiger-Smith and William Hoffman take a tour through the primary calendar and evaluate each deal’s chances for a smooth syndication. Featuring: Worldpay, Vistra, S…

1
ESG specialist Rupert Davies — setbacks and opportunities 25:26

10M ago25:26

25:26

ESG investing has come under increased scrutiny for its ability to effect change in recent months, following the controversial Sustainable Finance Disclosure Regulation in Europe and rising political pushback against the movement in the US. For this week’s episode of the podcast, our host Jennifer Munnings sat down with Rupert Davies, a sustainable…

1
Penn raises the sports betting stakes with ESPN deal 9:12

10M ago9:12

9:12

Casino operator Penn Entertainment is betting that a $2bn partnership with ESPN will supercharge the company’s foray into the online sports wagering market. It could be an expensive gamble: online sportsbooks have been a hotspot of growth in the US gambling industry, but competitors such as DraftKings and FanDuel are already starting to pivot to pr…

1
Q&A with Marlene Ruf, on Leoni’s restructuring 15:27

11M ago15:27

15:27

German wire and cables manufacturer Leoni is in the process of implementing its restructuring plan, approved by the Nurembourg court under the new German bankruptcy regime StaRUG. It is the first big test of the new framework, which proved useful for cramming down dissenting minority shareholders and getting an agreement in place with several stake…

1
Talking junior capital with Chris Wright of Crescent 34:59

11M ago34:59

34:59

Sometimes it feels like the next wave of distress in the debt markets is always two quarters away. What if it’s already here — less of a tsunami and more of a gradual rise in the sea level? Chris Wright runs the private markets group at Crescent Capital, and has plenty of experience as a junior capital provider to stressed credits. As we reported t…

1
German Real Estate Special Report 24:43

11M ago24:43

24:43

Recent developments in the German Real Estate industry have attracted significant attention due to controversial governance and questionable transactions, which were further exacerbated by a series of short-seller attacks. However, are these factors solely responsible for their bonds trading at distressed levels and the equity at a considerable dis…

1
The rulemaker that wants to be a rating agency 16:57

11M ago16:57

16:57

Credit ratings are one of the foundations of modern credit markets — and the National Association of Insurance Commissioners wants in on the action. Several months ago, the regulatory association announced plans to adjust the capital charges for insurance companies investing in CLO debt and equity, by developing an in-house rating methodology inste…

1
Will Thames Water stay afloat? 16:38

11M ago16:38

16:38

Will Thames Water’s overflowing £14bn debt pile lead to its downfall? Or should everyone pipe down? Bianca Boorer sits down with Owen Sanderson to discuss the media storm around Thames Water over the last two weeks, dispelling misguided views on its liquidity while going through potential obstacles down the stream.…

1
Securitize for a J.Crew reprise 22:52

12M ago22:52

22:52

The infamous J.Crew maneuver was a bombshell, setting a blueprint for contentious liability management deals and sparking a wave of efforts to block such maneuvers. Now, some direct lenders are worried they've found a way around those blockers. As we wrote earlier this week, securitization baskets in some credit agreements could be loose enough to …

1
Pemberton’s Cassandra Fahy talks ESG in private credit 17:15

12M ago17:15

17:15

Thanks to rising scrutiny from investors, ESG is no longer just a second thought in private credit dealmaking. It’s now a must-have. Private funds are using a variety of methods to integrate ESG considerations into their decision-making: for this week’s episode, our host Sammy Cole sat down with Cassandra Fahy, a managing director at Pemberton Asse…

1
Talking Libor transition with Dan Ko, Eagle Point Credit Management 18:29

12M ago18:29

18:29

The end of Libor is a little over a week away, and some US corporate borrowers are still racing to switch their floating rate loans to SOFR ahead of the 30 June deadline. The loan market’s transition away from the old reference rate has been slow, but increasingly contentious in recent months. Borrowers, lenders and financial sponsors have tussled …

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