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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

13:29

Lend and let lend

Cloud 9fin ·

2024/08/14

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 legal analyst Jane Komsky, and private credit reporter Sami Vukelj walk through the world of liability management.The discussion covers the

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11:39

LBO volumes warm up in the summer sun

Cloud 9fin ·

2024/08/07

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 this improvement in deal activity significant enough to satisfy investor demand for paper?In this week’s episode of Cloud 9fin — recorded

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39:22

When one door opens another one CLOs, with Napier...

Cloud 9fin ·

2024/07/31

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 head of CLOs, Tanvi Gupta, for a granular look at mezzanine and equity tranches, how to evaluate CLO positions and how shopping for CLOs can be a

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31:19

BONUS: Has our Thames Water broke?

Cloud 9fin ·

2024/07/29

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 happens next?To answer that question, 9fin editor Dan Alderson, senior distressed reporter Will Macadam and ABS editor Owen Sanderson hit the studio

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25:22

Doctor Who?

Cloud 9fin ·

2024/07/24

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 for Hospital Medicine and Critical Care during the rapid shuttering of American Physician Partners.In this interview with 9fin deputy distressed

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13:55

Knowing your place, with Hayfin's Carlos Pla

Cloud 9fin ·

2024/07/17

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 differs from the US market and what it takes to succeed in the various European jurisdictions.Carlos is a portfolio manager for Hayfin's special

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20:51

The dawn of the audit bro

Cloud 9fin ·

2024/07/10

Shout if you’ve heard this one before: a CPA and an MD walk into a bar. The MD says, “Plz Fix,” and the CPA says, “sure, but I’ll need three forms of ID and an engagement letter first.” In response to which the MD, of course, literally explodes.Not heard it? Well you may soon, because, because private equity ownership of auditing firms is causing concern in the wake of deals like the New Mountain Capital acquisition of Grant Thornton earlier this year.In this week’s episode of Cloud 9fin,

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13:08

A Texas Shaw-down

Cloud 9fin ·

2024/07/03

Overheard in the Southern District of Texas: Don’t be a meanie! Ok, we may be paraphrasing here a bit, but taking the decision in Robertshaw and the anticipated Incora decision together, the court may be signaling that lenders need to stop being so Incora-gible and tone down the violence.In this week’s episode of Cloud 9fin, reporter Max Reyes digs into these decisions with legal analysts Jane Komsky and Cat Corey, looking at how they contrast with one another and prior case law in the

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11:51

It Hertz you to see it

Cloud 9fin ·

2024/06/26

When it emerged from bankruptcy in 2021, Hertz was something of a success story. Everyone involved who wasn’t named Carl Icahn made out OK. But here it is again, challenged by an overstep into EVs and loaded up with pricey new debt.In this week’s episode of Cloud 9fin, global head of distressed and restructuring Max Frumes breaks it all down with distressed credit analyst Larry Feldman and senior reporter Sasha Padbidri. How did Hertz get back into trouble? How grim is the path ahead? How

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22:54

Hold my rate, bro

Cloud 9fin ·

2024/06/19

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 the UK?In this week’s episode of Cloud 9fin, editor Dan Alderson and distressed debt reporter Will Macadam delve into all of this and more. For

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15:06

Alas, poor EDVA, we knew thee well

Cloud 9fin ·

2024/06/12

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.Read Jane’s full write-up for more on why she thinks the decision sets a bad precedent here. And watch 9fin.com this Friday, June 14, for full

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36:40

The ABCs of private credit LMEs, with Freshfields

Cloud 9fin ·

2024/06/07

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 place in the (supposedly) quieter and more genteel world of private credit?For this week’s episode of Cloud 9fin, our host Will Caiger-Smith hits

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19:52

The rise and rise of SRT with Matthew Moniot of Man...

Cloud 9fin ·

2024/05/30

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? We’d love to hear from you at podcast@9fin.com.

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13:49

What does the UK election mean for credit?

Cloud 9fin ·

2024/05/24

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 odds of a Tory defeat are so strong that some of the impact is already priced in, there are still some important implications for the credit

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16:28

Talking SaaS with Thoma Bravo, feat. Oliver Thym

Cloud 9fin ·

2024/05/16

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 Thym, a partner on Thoma Bravo’s private credit platform, drill down into the value proposition of enterprise software and explain why private

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10:13

The Steward situation is batsh*t crazy

Cloud 9fin ·

2024/05/09

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 Steward’s bankruptcy filing and the many challenges that the company, its management and its landlord — and lender — Medical Properties Trust will have

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15:06

Navigating the new paradigm with Rob Fawn of PGIM

Cloud 9fin ·

2024/05/02

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 Fawn, a portfolio manager in the European leveraged finance team at PGIM Fixed Income, to talk about how this new era is creating new challenges and

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21:39

Managing messaging with Jude Gorman of Collected...

Cloud 9fin ·

2024/04/25

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 episode of Cloud 9fin, our global head of distressed debt and restructuring, Max Frumes, sat down with Jude Gorman, the co-founder of communications

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16:17

SBTi U-turn rocks world of sustainable finance

Cloud 9fin ·

2024/04/18

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 decision.We’ll take a closer look at the uproar that followed the SBTi’s flip of the script and shine a light on the governance concerns raised

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21:10

Intrum in the red

Cloud 9fin ·

2024/04/11

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 Intrum mulls its restructuring options.Their discussion covers the potential for the company to follow Altice’s lead on drop-downs, and the

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226 results

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