
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. 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.
Latest episodes

8 snips
Apr 23, 2025 • 15min
Private credit terms in the time of tariffs
Sheel Patel, a partner and head of New York private credit at Mayer Brown, dives into the current landscape of private credit amidst fluctuating US tariff policies. He discusses how these changes lead to more borrower-friendly credit terms and the evolving dynamics between lenders and sponsors. Patel emphasizes the importance of Payment-in-Kind flexibility for direct lenders and outlines strategies to navigate risks associated with distressed portfolio companies. His insights shed light on adapting lending practices in a volatile market.

11 snips
Apr 15, 2025 • 26min
Tariff volatility offers opportunities for CLOs
In this insightful discussion, Matt Maxwell, Head of US Loans at Carlyle, and Lauren Basmadjian, Global Head of Liquid Credit at Carlyle, share their expertise in navigating the complexities of tariff-induced market volatility. They explore how CLO managers can capitalize on dislocation opportunities and sector-specific risks. Insights on picking the right assets amidst LME risk, as well as strategies for mitigating vulnerabilities in retail and auto sectors, offer a fresh perspective on turning turbulence into opportunity.

6 snips
Apr 10, 2025 • 22min
Jane’s LME Addiction — Dan Kamensky will Fight for Your Right(s)
Dan Kamensky, founder of the Creditor Rights Coalition and NYU professor, dives into the intricacies of creditor rights in liability management. He emphasizes the need for fair treatment among creditors and discusses the perils of overreach in financial agreements. The conversation highlights the crucial role of no action clauses and their impact on minority lenders. Kamensky also sheds light on the evolution of market norms and the balance of power in restructuring, advocating for transparency and stability in financial markets.

Apr 7, 2025 • 19min
In private credit, smaller is sometimes better
Bill Sacher, a Partner and the head of private credit at Adams Street, delves into the fascinating world of private credit investing focused on the core middle market. He discusses the appeal of smaller companies with sub-$50 million EBITDA, where covenant structures remain robust. As larger managers compete for deals, Sacher highlights the optimism around recovering deal flow despite challenges like inflation and geopolitical risks. The conversation also touches on the pressures of pricing in this dynamic landscape and the resurgence of fundraising efforts amidst evolving investor demands.

8 snips
Apr 1, 2025 • 19min
The Ardagh LME origin story
Emmet McNally, a European senior distressed credit analyst at 9fin, shares insights on the tumultuous past of Ardagh's metal packaging carve-out in 2021. He and Max Frumes discuss its implications for creditor negotiations and the ensuing lawsuits over alleged value extraction. The duo delves into the complex dynamics between the company and its unsecured bondholders, exploring how to bridge the gap between competing proposals. Listeners get a peek into the intricate world of finance, navigating litigation and restructuring challenges in Ardagh's ambitious journey.

Mar 27, 2025 • 28min
Mastering middle office data and decisions
No one likes that feeling of being a little too thick in the middle. But finding the right balance of strength and cushion is no easy task. We’re talking about the middle office here, of course.The middle office may not always be in the spotlight, but when loan data goes awry it’s the team that keeps the gears turning and numbers in check. In this episode, head of podcasts Chase Collum chats with Jared Vest, global co-head of middle office solutions at FIS, to break down the middle office's essential roles, risks, and evolving responsibilities. They explore how accurate data and strong operational support are critical to navigate today’s fast-paced loan market.This episode was produced in partnership with FIS as part of a three-part series diving into the challenges facing middle office practitioners and users of global loan data sets.Have any feedback for us? Send us a note at podcast@9fin.com.

Mar 20, 2025 • 39min
AI fireside with Steven Hunter and Sujeet Indap
Steven Hunter, CEO of 9fin, and Sujeet Indap, Wall Street editor at the Financial Times, delve into the profound implications of AI on debt markets. They discuss how AI enhances efficiency in credit investing but also acknowledges its limitations and the ongoing need for human analysts. The conversation highlights AI's transformative role in drafting legal documents and the varying rates of AI adoption worldwide. They explore the balance between technology and essential interpersonal skills in finance careers, reflecting on the challenges and opportunities ahead.

7 snips
Mar 6, 2025 • 21min
Bringing loan data from fax to the future
John Smullen, a product manager at FIS with expertise in loan data technology, shares fascinating insights into the world of loan data management. He discusses the surprising persistence of fax machines in 2025 and the crucial trends shaping the credit markets. The conversation dives into the growing importance of AI in transforming loan data processing and the need for standardization to improve efficiency and accuracy. Smullen highlights how firms are outsourcing data management to address transparency and operational challenges in private credit.

8 snips
Mar 5, 2025 • 28min
Scott Greenberg wants your cooperation
Scott Greenberg, global chair of Gibson Dunn’s restructuring group, dives deep into the world of liability management and cooperation agreements. He explains how cooperation agreements have evolved to become standard in U.S. deals and their growing presence in European markets. Greenberg highlights the shift of CLO managers from passive roles to proactive players in managing distressed assets. The conversation also touches on negotiating dynamics, antitrust considerations, and the necessity for collaboration among lenders to navigate the competitive financial landscape.

7 snips
Feb 26, 2025 • 23min
Getty-ing back with your X, on Snapchat
Uncover the intriguing connections between media giants X, Snap, and Getty Images as they navigate debt and advertising challenges. Discover how Musk influenced Twitter's financial recovery post-acquisition and learn about Snap's innovative strategies to thrive in social media. The discussion also delves into AI's impact on stock photography, highlighting the merger dynamics at Getty. Tune in for a fresh perspective on the future of media amid rapid technological advancements and shifting investor sentiments.
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