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
Nov 26, 2025 • 16min
Syndication Nation — Credit and the Cosmos
It’s not every day that we get to talk about something that’s quite literally out of this world.We’re referring to space-based data centers, which billionaire tech titans and startups alike are racing to build out as AI fever grips Wall Street and Silicon Valley. Proponents argue that space data centers offer substantial benefits versus their terrestrial counterparts, including freedom from natural disaster risks, access to unlimited free solar power and elimination of complex cooling requirements.Global head of Distressed & LevFin Max Frumes sat down with LevFin deputy editor Sasha Padbidri to unpack what this means for existing data center infrastructure and the billions of dollars of debt financing already raised by giants like Meta, CoreWeave and Amazon to fund those buildouts.Have any feedback about this episode? Send us a note at podcast@9fin.com. You can also check out our feature on space data centers here.
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.
Nov 14, 2025 • 11min
Syndication Nation — Education borrowers taken to task
Sunny Oh, a senior reporter focused on U.S. leveraged finance and education-sector borrowers, tackles the challenges facing private equity-owned education companies. She reveals how the expiration of the $190 billion ESSER funding has created a significant financial gap, prompting investors to reevaluate risks associated with firms like Houghton Mifflin. Oh also highlights the impact of falling school enrollment, trade war-related cost increases, and the potential for future restructuring in a tightening market.
6 snips
Nov 13, 2025 • 27min
Jane’s LME Addiction — Are lender voting and concentration caps the new and improved DQ lists?
Brian Resnick, a restructuring partner at Davis Polk, specializes in liability management, while Hilary Dengel focuses on sponsor finance and distressed financings. They dive into the nuances of voting and concentration caps in credit agreements, discussing their potential to revolutionize creditor organization. The duo explores whether these new provisions can outshine traditional DQ lists, and assess the impact of caps on co-op formation. With practical insights into legal drafting and market acceptance, this conversation offers a fresh perspective on evolving lending landscapes.
18 snips
Nov 6, 2025 • 25min
Distressed Diaries — More private credit cockroaches crawling out?
Join Alessia Argentieri, a senior distressed reporter at 9fin with a keen focus on European restructurings, and Gregory Rosenvinge, who analyzes private credit trends. They explore alarming trends in the private credit market, triggered by high-profile bankruptcies like First Brands. Alessia discusses the shift of private credit funds into ownership roles, while Gregory highlights new liquidity tools emerging in this space. They also delve into rising distress factors and the implications of recent regulatory scrutiny, revealing the intricate landscape of private credit.
Oct 29, 2025 • 16min
Private credit goes up a grade
Ryan Schwartz, Managing Director at Brookfield Asset Management, dives into the booming world of investment-grade private credit. He explains how this asset class offers flexible capital solutions tailored for credit-worthy companies. Ryan discusses the complexity of bespoke structures and why IG firms prefer private capital for M&A and liquidity. He forecasts significant growth in the sector, highlighting that education will be key for C-suites adopting these innovative financing options.
11 snips
Oct 27, 2025 • 50min
Tranche Talk — Navigating CLO demand through regulatory changes with PGIM’s Edwin Wilches
Edwin Wilches, Co-head of Securitized Products at PGIM with over 20 years of experience, shares insights on CLOs and securitization's critical role in Europe's growth. He discusses the implications of Solvency II on demand for AAA tranches and the market's adaptation to recent regulatory changes. Edwin also highlights innovations driven by insurance, the resilience of portfolios during corporate bankruptcies, and the contrasting risks between single-asset CMBS and diversified securitization. Stay informed about relative value opportunities across the CLO capital stack!
Oct 14, 2025 • 32min
Tranche Talk — CLO investing in a new regime with BlackRock’s Saffet Ozbalci
Saffet Ozbalci, Global Head of Structured Credit at BlackRock, shares insights on CLO investing amid recent bankruptcies and market shifts. He emphasizes the need for due diligence on managers and discusses the evolving landscape of CLO ETFs, highlighting their growth and retail appeal. Ozbalci explores the challenges of structural innovation and the importance of standardizing documentation to enhance efficiency. He also addresses the impact of monetary policy on ETF flows and playfully reflects on his favorite football team's prospects in the Champions League.
Oct 7, 2025 • 23min
Jane’s LME Addiction — Let’s veto that law firm
Shubham Saharan, a reporter in 9fin's private credit team, dives into the controversial practice of law firm DQ provisions, focusing on how sponsors are targeting particular firms. He discusses the mixed reactions within the market and dissect the ethical implications of restricting counsel choice. Shubham explains different DQ language iterations and raises concerns about potential loopholes, all while exploring whether these provisions truly give sponsors leverage or if law firms will find ways to adapt.
Sep 30, 2025 • 10min
How a private credit agreement was negotiated before exclusivity
An old adage is proving true in the private credit markets: it takes money to make money. Or maybe more accurately in this case, it takes billable hours to make money.In this episode of Cloud 9fin, head of private credit Josie Shillito digs into Dominus Capital’s buyout of Creative Outdoor Advertising with reporters Tom Quinn and Anna Russi. They unpack their recent article, which gives a behind-the-scenes view into how the sponsor front-loaded a negotiated credit agreement with Twin Brook before entering exclusivity with the seller.It’s another example of an emerging strategy to win deals on speed and certainty in a tight lower middle market. They discuss what the bold move signals for lenders, lawyers, and future auctions.Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!
