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
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!
Dec 8, 2025 • 34min
Distressed Diaries — Weil we have your attention, what is fair?
Join Daniel Bayfield, a barrister at South Square, and Lois Deasey and Matt Benson, restructuring partners at Weil, as they dissect the evolving landscape of European restructuring. They explore fairness in recent UK appeals involving Thames Water and Petrofac, shedding light on creditor treatment. The discussion highlights a shift towards out-of-court resolutions and the growing influence of private credit in distressed situations, along with legal challenges and the implications of lender interventions.
5 snips
Dec 3, 2025 • 32min
What makes the middle market?
Matt Harvey, Executive Managing Director at PGIM Private Capital, shares his expertise in middle-market direct lending with over two decades of experience. He discusses the evolving definition of the middle market and points out the challenges facing borrowers and lenders. Matt explains the factors behind recent price compression and contrasts today’s underwriting standards with the high-yield 'golden vintage.' He also highlights the opportunities in non-sponsor lending, especially with family-owned companies, while addressing retail access issues in private credit.
Nov 26, 2025 • 16min
Syndication Nation — Credit and the Cosmos
Join Sasha Padbidri, a savvy journalist and deputy editor focused on leveraged finance and tech, as she explores the fascinating realm of space-based data centers. She discusses how these futuristic facilities could revolutionize data storage by harnessing unlimited solar energy and reducing cooling complexities. Learn about key players like NVIDIA, Amazon, and SpaceX, their ambitious timelines, and how existing data center financing may adapt to these cosmic innovations. Expect some surprising insights into the realistic plans motivating this next frontier!
4 snips
Nov 25, 2025 • 27min
Navigating downturns with Hilco’s Jamie Sprayregen
Jamie Sprayregen, Vice Chairman of Global Strategy and Growth at Hilco Global, shares his insights from decades in restructuring law and rescue finance. He discusses how AI is reshaping the market and the rise of asset-backed securities from stressed issuers as creative restructuring tools. Jamie reflects on the fraud risks highlighted by the downfall of First Brands and emphasizes the need for improved diligence. He also addresses the potential impacts of tariffs and government shutdowns on the economy, while predicting a steady pace of restructurings leading into 2026.
