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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

20:08

US Edition — Artificial analysts aren't at all amazing

Cloud 9fin ·

2023/05/25

Ever pulled an all-nighter to prepare a pitch, or had your weekend ruined by a last-minute fire drill from your MD? Imagine if artificial intelligence could crunch the numbers and format the slidedeck for you. What would you do with the extra free time?But also, what valuable, formative experiences might you miss out on if you could outsource rote tasks to technology? And how might that change the culture of your institution?Everyone’s talking about AI, and how it could revolutionize

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12:05

Drop-downs, the Lycra variant

Cloud 9fin ·

2023/05/18

Announcing a refinancing on the day your debt matures is an unusual move — and indeed, Lycra’s refinancing stretched some boundaries. But it’s also a great example of how not all drop-down transactions are the same.For this week’s episode of Cloud 9fin, Bianca Boorer sat down with Brian Dearing to discuss Lycra’s last minute refi of its 2023 notes. The company’s innovative variation on the infamous drop-down mechanism provides food for thought on flexible liability management techniques.

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14:03

US Edition — Focus and Foresight

Cloud 9fin ·

2023/05/11

When is a change in control not a change of control? That is the question some Focus Financial lenders are asking after the company managed to finance its $7bn buyout without refinancing its existing debt.It all hinges on the wording of the credit agreement — so for this week’s episode of Cloud 9fin, Will Caiger-Smith sat down with 9fin’s debt covenant expert James Wallick to talk about this strange situation and its possible implications.

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16:07

Benteler, private take-privates and SFDR updates

Cloud 9fin ·

2023/05/04

The 9fin team explores the influence of Benteler’s debut bond deal with Josh Latham. Josie Shillito guides us through the growing trend of private take-privates and Jennifer Munnings discusses the recent clarifications from the European Commission on the Sustainable Finance Disclosure Regulation (SFDR).

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20:14

US Edition — Q&A with Tim Lyne of Antares Capital

Cloud 9fin ·

2023/04/27

These days, private credit is becoming so popular that you could be forgiven for thinking it was a recent invention.But some people were doing private credit before it was cool. Tim Lyne is one of those people — when he and a group of colleagues founded Antares Capital back in the nineties, the idea of a jumbo unitranche must have seemed like a pipe dream.For this week’s episode of the Cloud 9fin podcast, our private credit editor David Brooke sat down with Tim to discuss the growth of the

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31:00

Ben Thompson, JP Morgan

Cloud 9fin ·

2023/04/25

9fin sits down with Ben Thompson, JP Morgan's Head of EMEA Leveraged Finance Debt Capital Markets on 24 April 2023. He gives us his insights into how the traditional debt capital markets soldiers on despite the recent banking crisis and what he sees coming in the pipeline in 2023.

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26:08

Adler, 2022 Covenant Trends and ESG within LevFin

Cloud 9fin ·

2023/04/20

The 9fin team takes a look into Adler’s restructuring in the UK High Court with Chris Haffenden. Brian Dearing takes us through a report on 2022 covenant trends and Jennifer Munnings and Dan Power discuss insights into our ESG data and what they indicate for LevFin.

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18:15

US Edition — Preaching to the unconverted

Cloud 9fin ·

2023/04/13

It’s kind of debt, and kind of equity. It’s been around for decades, but has recently come back into fashion.What is it? It’s convertible debt.Convertible bonds are a clubby and often overlooked corner of the corporate finance world. Last year, plunging equity valuations made for some notable horror stories — like Peloton, Ocado and Affirm — but in recent months the market has become popular once again.For this week’s episode of Cloud 9fin, our US managing editor Will Caiger-Smith sat down

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22:17

Liability Management with Andy Hagan, Tom Richards...

Cloud 9fin ·

2023/04/06

Primary markets are not as simple as they used to be. How can borrowers navigate the choppy waters of today’s credit markets to manage their liabilities?In this week’s episode of the Cloud 9fin podcast, Brian Dearing chats to Andy Hagan, Tom Richards and Gilles Teerlinck of Weil, Gotshal & Manges to get the lowdown on how companies are dealing with a challenging market backdrop.They discuss confronting volatility, the ins and outs of equity injections, and the difficulty of executing

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24:57

US Edition — Making marks in private credit

Cloud 9fin ·

2023/03/30

Unlike liquid leveraged loans, private debt is not frequently traded (although there are signs that this might be changing) and thus can be hard to value.But the funds that hold those private loans still have to find a way to value their books. How do they make their marks?In this episode of our Cloud 9fin podcast, deputy editor Bill Weisbrod sits down with Brian Garfield, a managing director in Lincoln International’s valuations and opinions practice, who helps private credit funds value

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14:30

Boris Okuliar, Ares

Cloud 9fin ·

2023/03/23

9fin sits down with Boris Okuliar, portfolio manager and co-head of Global Liquid Credit in the Ares Credit Group. He gives us his opinions on the state of the market and discusses where he see value.

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27:11

US Edition — Bank runs, bailouts and Basel

Cloud 9fin ·

2023/03/16

As Mike Tyson once said, everyone has a plan until they get punched in the mouth. Who knew he was predicting the policy response to the first big bank failures since the 2008 financial crisis?Some of us at 9fin are old enough to remember the alphabet soup of rules and specially designed capital instruments that was cooked up in the wake of the GFC, to ensure that banks could melt down in an orderly fashion and without regulatory intervention. So: what on earth happened to the plan?!In this

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19:06

Tim Metzgen and Tom Paterson, A&M

Cloud 9fin ·

2023/03/09

Katharine Hidalgo sits down with two debt advisers from Alvarez & Marsal to discuss what they foresee for the market. Tim Metzgen, Managing Director and EMEA Head of Debt Advisory and Senior Director Tom Paterson give us some insight into how borrowers are managing a more challenging environment and what lenders are asking for in 2023.

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9:37

US Edition — The Fed, add-backs, et Cetera

Cloud 9fin ·

2023/03/02

Everyone knows interest rates are higher than they were last year. No-one can say for sure where they’ll be this time next year, but people have a fairly good idea.Given those expectations, it’s no surprise that some brokerage companies are using rate-related adjustments to boost their EBITDA. But is there a way these adjustments could go awry?This week, Will Caiger-Smith and Emily Fasold dig into Cetera Financial’s latest loan deal, and the add-backs the company is using to flatter its

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13:08

CLO demand

Cloud 9fin ·

2023/02/23

The 9fin editorial team ask where are the deals? Securitisation reporter and acting levfin editor Owen Sanderson discusses CLO trends in 2023 and demand for new issuance.

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17:50

US Edition — Optimus Subprime

Cloud 9fin ·

2023/02/16

The US auto lending industry is a finance juggernaut, but not all auto loans are made equal. In this episode of Cloud 9fin, Will Caiger-Smith sits down with reporter William Hoffman to dig into two of the high yield market's best known subprime auto lenders. What does the future have in store for these companies as consumer credit quality teeters on the brink of a downturn?

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19:39

Ceconomy, 2022 covenants, ESG database

Cloud 9fin ·

2023/02/09

The 9fin team takes a look into Ceconomy and its oversold risks with Emmet McNally. Brian Dearing gives us a preview into a report on 2022 covenant trends and Tom Hudson discusses the pitfalls and obstacles his engineering team faced when building 9fin's ESG company database.

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11:16

US Edition — Tried so hard, and got SOFR...

Cloud 9fin ·

2023/02/03

...but in the end, does it even really matter? Leveraged loan investors are railing against suboptimal credit-spread adjustments as borrowers transition their coupons away from Libor to SOFR. Some of them are even considering legal action. Do they have a case? Will Caiger-Smith and David Bell dive into the niche administrative issue that suddenly became a new battleground in leveraged credit.

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17:53

Stuart Brinkworth, Mayer Brown

Cloud 9fin ·

2023/01/26

Katharine Hidalgo sits down with Stuart Brinkworth to discuss private credit's latest trends. We discuss documentation, the impact of rising interest costs on businesses and what to expect from 2023. Brinkworth is Mayer Brown's head of Leveraged Finance in Europe and a partner in the Banking & Finance practice of the London office.

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17:57

US Edition — New beginnings, old problems

Cloud 9fin ·

2023/01/19

It's our first US episode of 2023, and January is off to a flying start — at least for the high yield bond market. But what about loans, where bankers are still stuck with billions of hung bridge debt and private credit continues to eat up would-be syndicated supply? Will Caiger-Smith dials up deputy editor David Bell to decode the year so far.

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223 results

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