Cloud 9fin
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. Whether you’re tracking high-yield issuances, analyzing corporate debt, or uncovering distressed debt opportunities, we’ve got you covered.
Through its AI-powered data and analytics platform, 9fin provides everything you need to get your head around credit or win a mandate — all in one place. We help subscribers win business, outperform their peers and save time. Stay ahead in leveraged finance market trends—subscribe now for expert discussions on the forces moving global credit.
From credit risk assessment to institutional credit trends, each episode provides actionable intelligence for fund managers, institutional investors, and financial professionals. Whether you’re tracking high-yield issuances, analyzing corporate debt, or uncovering distressed debt opportunities, we’ve got you covered.
Through its AI-powered data and analytics platform, 9fin provides everything you need to get your head around credit or win a mandate — all in one place. We help subscribers win business, outperform their peers and save time. Stay ahead in leveraged finance market trends—subscribe now for expert discussions on the forces moving global credit.
Episodes
Mentioned books
5 snips
Jan 29, 2026 • 38min
Snooze/lose hits different in America
David Hahn, a Davis Polk partner who advises lenders on syndicated and private credit and restructurings, breaks down snooze/lose clauses and their rise from Europe to the U.S. He explains how they change voting mechanics and lender risks. He covers different clause formulations, tracking burdens for lenders, and complications for CLOs and private credit.
Jan 21, 2026 • 25min
Distressed Diaries — Ardagh CDS and the empty glass paradox
Dan Alderson, Editor at 9fin and CDS expert, dives deep into the complexities surrounding Ardagh's CDS and the contentious debate on deliverable obligations. He explains Arini's provocative argument that equitised SUNs should carry a zero outstanding principal balance. The discussion takes a twist with counterarguments from Tresidor and Laurion, highlighting the legal intricacies of binding restructuring. Alderson further analyzes the Determinations Committee's split decision and its implications for the future of credit default swaps and market predictability.
16 snips
Jan 19, 2026 • 18min
Venezuela — A change is gonna come, but who will collect?
Xóchitl Herrer, a seasoned Latin America editor and reporter, dives deep into Venezuela's tumultuous financial landscape. She discusses the aftermath of Nicolás Maduro's removal and the complex web of creditor groups, highlighting significant arbitration claims from companies like Conoco and Exxon. Xóchitl also explores the challenges of restructuring the country’s debts, potential funding pathways, and the crucial role of new leadership in these negotiations. Her insights illuminate the intricate dynamics of Venezuela’s financial future and recovery strategies.
Jan 13, 2026 • 25min
Jane’s LME Addiction — Co-Optimum — Navigating the Altice USA antitrust litigation
In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Josh Brody and Kenneth Reinker from Cleary Gottlieb to discuss the Optimum Communications fka Altice USA antitrust litigation related to cooperation agreements. They provide an overview of the litigation and discuss the likelihood of success, the pitfalls of certain arguments, and whether this litigation is likely to impact how co-ops are formed.Find all our coverage on co-ops and LMEs at 9fin.com.Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!
Jan 5, 2026 • 9min
Lion City’s CCCD provision is a roaring success
Welcome back, Cloud 9fin listeners! To bring in the new year, 9fin’s Asia editor Richard Macauley and US deputy editor Sasha Padbidri kick off our first-ever Asia podcast by unpacking the first successful use of the cross-class cramdown provision in GP APAC’s restructuring — a move that established a legal milestone for Singapore’s restructuring and insolvency framework.For more details, check out the full story here.Have any feedback for us? Send a note to podcast@9fin.com, or reach out to rich.macauley@9fin.com to learn more about our APAC offering!
Dec 29, 2025 • 22min
Syndication Nation — Looking ahead to 2026 with BlackRock’s Mitch Garfin
Mitch Garfin, co-head of leveraged finance at BlackRock, shares his insights on the evolving landscape of high-yield bonds and leveraged loans. He discusses the dominance of leveraged loans due to issuer preferences and refinancing activity. Mitch highlights the increasing role of private credit and the complexities of dual tracking deals. With a focus on monetary policy and inflation risks, he forecasts a busy year ahead for refinancing and M&A. Mitch also evaluates risks in data centers and AI's impact on software credits, offering invaluable tips for investors looking to navigate the market.
Dec 23, 2025 • 25min
Distressed Diaries — Ghost of restructurings past
Emmett Mc Nally, a managing distressed credit analyst at 9fin, and Luke Viner, a senior legal consultant specializing in UK restructuring plans, dive into a year-end recap of 2025’s significant restructuring events. They discuss the impact of aggressive liability management exercises and how out-of-money creditors are gaining a voice in court. With insights on the evolving co-op landscape, the pressures on the chemicals sector, and evolving legal trends, they provide a keen outlook on what to watch in 2026. Tune in for a blend of market analysis and intriguing case studies!
Dec 19, 2025 • 29min
Tranche Talk — Looking ahead to 2026 with BofA's Pratik Gupta
Pratik Gupta, CLO and RMBS researcher at Bank of America, shares his insights on the financial landscape as 2025 approaches. He argues that CLOs are poised to thrive in a rate-cutting environment and explores the dynamic demand from US and Japanese banks. Pratik addresses concerns surrounding private credit CLOs, revealing that many perform well despite media fears. He emphasizes the importance of cautious portfolio construction and highlights promising trading strategies for CLO managers aiming for differentiation in a competitive market.
Dec 17, 2025 • 14min
Private chat — Unlocking liquidity through private credit secondaries
Join Daniel Roddick, a secondaries market advisor specializing in private credit, and Francois Bouillon, who focuses on private markets dynamics, as they dissect the booming world of private credit secondaries. They explore the drivers behind this growth amid liquidity shortages and subdued M&A activity. Discover how GPs can effectively engage buyers, the differences between LP-led and GP-led transactions, and strategies for less sophisticated LPs to navigate the market. It's a deep dive into a complex but vital sector, offering invaluable insights for investors.
8 snips
Dec 9, 2025 • 34min
The In-Court Report with Cat Corey — The latest on backstop fees in rights offerings and DIP financings
Vince Buccola, a law professor at the University of Chicago specializing in financial distress, and Lara Sheikh, a bankruptcy legal analyst at 9fin, dive into the fascinating world of backstop fees in rights offerings and DIP financings. They dissect the implications of the ConvergeOne decision and reveal how backstop parties recover significantly more compared to non-participants. They also explore empirical research on backstop commitments, addressing valuation challenges and the surprising minimal risk faced by most backstops. It's an insightful session filled with vital trends and legal nuances!
