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PODCAST

Cloud 9fin

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 professionals

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All Episodes

30:48

US Edition — Jess Larsen, Briarcliffe Partners

Cloud 9fin ·

2023/09/28

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 credit. The asset class gives investors an attractive way to benefit from higher interest rates, but its popularity is also to do with the

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38:26

Bonus Episode — The short seller's guide to credit,...

Cloud 9fin ·

2023/09/25

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, and about the impacts of short selling on his health. Amongst his successes have been some setbacks, like when Chinook was acquired by Novartis

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28:09

Private credit CLOs — they’re coming our way

Cloud 9fin ·

2023/09/21

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 Christine Ferris, head of JP Morgan's global CLO primary business on this opportunity.Is Europe ready? And what would it do to the private credit

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35:16

US Edition — Eric Muller, Oak Hill Advisors

Cloud 9fin ·

2023/09/14

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 lending market but also of the banking industry.Along the way, we quizzed him about increased regulatory scrutiny of private credit firms, the

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10:26

A new dawn for J Crew Blockers? Strong formulations...

Cloud 9fin ·

2023/09/07

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 take off? Or will blockers become increasingly limited in scope?

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20:43

US Edition — The pipe is ripe

Cloud 9fin ·

2023/08/31

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, Syneos Health, Simon & Schuster…and many more. Check out our piece from earlier this week for the full slate.

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25:26

ESG specialist Rupert Davies — setbacks and...

Cloud 9fin ·

2023/08/24

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 finance specialist with over eight years of experience, to have a frank discussion about the state of ESG.Is ESG just a box-ticking exercise for

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9:12

US Edition — Penn raises the sports betting stakes...

Cloud 9fin ·

2023/08/17

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 profitability from a “growth by any means” mentality after spending big to take market share.Will Penn’s investors have the patience for another

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15:27

Q&A with Marlene Ruf, on Leoni’s restructuring

Cloud 9fin ·

2023/08/10

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 stakeholders in time to save the group from insolvency.9fin sat down with Marlene Ruf, restructuring partner from Kirkland & Ellis, who

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34:59

US Edition — Talking junior capital with Chris Wright...

Cloud 9fin ·

2023/08/04

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 this week, tapping third parties for instruments such as preferred equity and holdco PIK debt has become an increasingly popular strategy for

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24:43

German Real Estate Special Report

Cloud 9fin ·

2023/07/27

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 discount to book value?For this week’s podcast, Chris Haffenden, Editor at 9fin, sits down with Senior Distressed Analyst Emmet Mc Nally and Credit

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16:57

US Edition — The rulemaker that wants to be a rating...

Cloud 9fin ·

2023/07/20

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 instead of relying on the big three agencies.The plans were already controversial within the CLO industry. But in a recent update, the NAIC has

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16:38

Will Thames Water stay afloat?

Cloud 9fin ·

2023/07/13

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.

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22:52

US Edition — Securitize for a J.Crew reprise

Cloud 9fin ·

2023/07/06

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 allow borrowers to securitize assets like intellectual property.How realistic is this idea, and what can people do about it? Will Caiger-Smith

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17:15

Pemberton’s Cassandra Fahy talks ESG in private credit

Cloud 9fin ·

2023/06/29

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 Asset Management, to discuss some of them.How has the approach to ESG evolved over time? What challenges come up when collecting data from borrowers

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18:29

US Edition — Talking Libor transition with Dan Ko,...

Cloud 9fin ·

2023/06/22

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 over the compensation offered to loan investors to swap into the lower-yielding SOFR benchmark.In this week’s edition of Cloud 9fin, US deputy

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17:55

SBB’s fall from grace

Cloud 9fin ·

2023/06/15

Samhallsbyggnadsbolaget (SBB) has had a tough couple of months, after losing its investment grade rating and with some bondholders now arguing the company has breached a key covenant under its bond documentation.For this week’s episode of Cloud9fin, Bianca Boorer sits down with Hazik Siddiqui and David Orbay-Graves to look into the Swedish real estate firm’s recent accounting revisions, ways it can address its bloated capital structure and thoughts on recoveries.

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27:21

US Edition — Q&A with Craig Packer of Blue Owl

Cloud 9fin ·

2023/06/08

Private credit is attracting plenty of new faces these days, but as we wrote in this week’s Unicrunch newsletter, a handful of household names dominate fundraising and dealmaking.Craig Packer is one of those names. Owl Rock, the direct lending firm he co-founded back in 2016, was already a power player in direct lending before it merged with Dyal Capital in 2021 to create Blue Owl; he’s now at the helm of one of private credit’s biggest brands, as investor interest in the sector is going

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14:45

Pizza Express started a record label

Cloud 9fin ·

2023/06/01

Why is Pizza Express getting into the music business? Well, these plans have been in the works for a while, and they actually make more sense than you might think.That doesn’t mean this venture is without risk — especially as the company’s margins are deteriorating, and it’s had some troublesome relations with hourly workers over the past few months.So how does PX Records, the group’s new jazz-focused music imprint, fit into the broader business plan? For this week’s episode of the podcast,

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16:21

Bruno Cova, Greenberg Traurig

Cloud 9fin ·

2023/05/30

9fin’s distressed reporter Bianca Boorer travels to Milan to sit down with Bruno Cova, Partner and European co-chair of restructuring and insolvency at law firm Greenberg Traurig.Cova takes us through his illustrious career so far, from working for the Italian government, on Parmalat, Europe’s largest fraud case, to moving into private practice and working on big restructuring cases such Moby and Maccaferri.He gives his insights into the benefits and drawbacks of the recent reform in the

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223 results

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