Cloud 9fin

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.

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.

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!

Tommy Wong, a seasoned partner and portfolio manager at Oak Hill Advisors with over 20 years in the loan market, joins the conversation to dissect the current CLO landscape. He elaborates on the implications of macroeconomic shifts, such as rate easing and growth dynamics. Tommy shares insights on credit selection in a low-arb market and the impact of mergers and acquisitions on loan supply. He emphasizes a cautious investment mindset, highlighting the importance of practical trading strategies and sector risk management.

Betting on sports has been a huge engine of growth for LevFin gaming companies. But is sports contract betting a boom or bust moment for the industry?As apps like Robinhood and Kalshi make it possible to buy or sell contracts based on all kinds of binary events, some gaming companies are eyeing the potential windfall from bringing the same kind of contract trading to sports events.In this week’s episode of Syndication Nation, a podcast dedicated to all things leveraged finance-related, Peter Hammon, online gaming and sports betting lawyer and senior of counsel at Vela Wood, joins 9fin leveraged finance reporter Zoe Han to talk about the fast moving scene around sports contract betting, including the implications of the recently announced partnership between gaming company FanDuel and CME, one of the world’s biggest derivatives marketplaces.They discuss how contract betting could supercharge the next phase of growth for gaming credits — or leave them mired in regulatory red tape. Place your bets!Have any feedback about this episode? Send us a note at podcast@9fin.com. Thanks for listening!

Duane Loft, a partner at Pallas Partners specializing in litigation on aggressive transactions, and Denitsa Stoyanova, a senior distressed credit analyst at 9Fin, dive into the rising litigation against liability management exercises in Europe. They discuss the landmark Hunkemöller case and its implications for creditors. The conversation covers legal strategies, the differences in US and European practices, and how litigation can bolster negotiation positions. With insights on future trends in liability management, they offer practical advice for protecting creditor interests.

In this episode of Jane’s LME Addiction, 9fin’s head of LME coverage Jane Komsky brings in Shai Schmidt, a partner from Glenn Agre, to discuss how minority holders are thinking about LMEs. They discuss the best time to organize, when to negotiate and when to litigate, and tools and trends for minority holders to consider.Find all of our coverage on LME litigation on 9fin.Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

Private equity has made its way into nearly 23% of for-profit US hospitals, despite financial goals that can be at odds with the patient-oriented priorities in health systems.Distressed reporter Samantha Kroontje went to a new “healthcare desert” in Delaware County, Pennsylvania, to speak to some of the people impacted by the closure of its main health system, which came after years of debt-funded growth and dividends led by former private equity owner Leonard Green.In this week’s episode of Cloud 9fin, deputy distressed editor Rachel Butt spoke with Kroontje about the reporting process for a recent feature story on the fallout of Prospect Medical’s bankruptcy. It delves into the financial maneuvers of Prospect’s previous private equity owner that led to the company’s unravelling, the healthcare workers who were impacted, and the local vendors likely to get pennies on the dollar.Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

What happens when a banker gets fed up with outdated technology and decides to build something better?In this week’s episode of Cloud 9fin, we depart from our usual programming to share an interview produced by one of 9fin’s investors, redalpine. Co-founder Steven Hunter shares how he turned years of complaining about broken fintech into 9fin — a 357-person company that's disrupting global debt markets.Discover how he and his university roommate went from sketching company values on their kitchen table to growing rapidly in the US and UK, and why they chose to be "tech-first." Plus: his father's brutal advice about winning that drives everything 9fin does.For more info about 9fin, visit our Insights page. To get in touch about this episode or any other, reach out at podcast@9fin.com.

In this engaging discussion, Kate Stephenson and Kon Asimacopoulos, partners at Kirkland & Ellis, along with David Allison, barrister at South Square, dive into the evolving landscape of English restructuring plans. They examine the pivotal Court of Appeal decisions affecting fairness in distress cases, highlighting the complexities of stakeholder treatment. The trio shares insights on the need for clarity in legal guidance, the growing role of litigation in restructuring, and the significance of engaging junior creditors while balancing equitable distribution among all parties.