Cloud 9fin

Harrison Connery, an asset-backed finance reporter covering securitization and music royalties, explores the revival of music royalty ABS. He traces the market from Bowie Bonds to today’s data-driven deals, examines institutional buyers and coveted catalogs, and considers how generative AI could reshape legacy music values. Plus, the surprising story behind Kygo’s “Higher Love” remix.

Mark Bickerstaffe, Hayfin’s head of direct lending and a veteran European private credit investor, discusses the firm’s remarkable €15bn fundraising haul. They explore shifting investor capital toward Europe, the impact of US BDC redemptions, portfolio resilience, AI risks, and looming 2028-29 refinancing needs. The conversation also covers software, capital solutions, asset-backed lending, and cautious optimism for deal activity in late 2026.

Over the last decade, household name and beloved yogurt brand Chobani has evolved from a capacity-constrained yogurt producer into a credit market darling.But tighter debt pricing is now prompting some of its longtime lenders to walk way even as they praise the business for its success.In this episode of Cloud 9fin’s Syndication Nation, US LevFin reporter David Westenhaver unpacks the interesting backstory behind Chobani with deputy LevFin editor Sasha Padbidri, including its history in the credit market and the impact of the protein-maxxing trend on the business.Since recording this podcast, the company has issued an additional $600m in debt to finance the purchase of a Pennsylvania production facility with an expected $1.2bn price tag.Have any feedback for us? Send us a note at [email protected]. Thanks for listening!

Javier Milei’s privatization push is reopening Argentina’s infrastructure to private capital. But turning investor interest into long-term financing hinges on credible contracts, predictable tariffs and stable foreign-exchange rules.In this first episode of a two-part series, 9fin senior credit analyst Marina Varady joins Jimena Vega Olmos, a partner at Beccar Varela, Gonzalo Santamaría, a partner at Marval, and Gustavo Kopyto, a board member at TGN, to assess opportunities across privatizations, concessions and new projects.Oil, gas and mining are top of mind for investors, with export revenues and RIGI protections helping mitigate Argentine risk. The discussion also covers AySA, road concessions and planned high-voltage transmission tenders.Kopyto draws on TGN’s experience with frozen peso tariffs and dollar-linked debt to explain why respecting contracts matters. Vega Olmos outlines the return of project finance, where repayment depends on project cash flows, long-term offtake agreements and robust security packages rather than primarily on a sponsor’s balance sheet. Santamaría, in turn, highlights opportunities in export-oriented oil, gas and mining projects, while emphasizing the need for regular tariff adjustments and predictable regulation to sustain public utilities.The Vaca Muerta Sur pipeline provides a financing precedent, combining sponsor equity with a bank consortium loan involving JP Morgan, Citi and Santander. The guests discuss how capital markets, sponsor support and multilateral guarantees could fund larger developments, drawing lessons from RenovAr and Genneia. They also examine why regulated utilities require stronger protections against tariff intervention, and why local participation in Transener need not signal foreign investor retreat: domestic investors can demonstrate confidence before international capital follows.Thanks for listening and watching. If you have any feedback on this episode send us a note at [email protected]. Look out for the second episode, which delves deeper into RIGI, among other things, in the near future!

William D. Cohan, former investment banker, bestselling author, and Puck News founder, explores Apollo’s origins and the personalities behind private credit’s rise. He recounts Leon Black’s ambitions, Marc Rowan and Josh Harris’s ascent, and the influence of Michael Milken. The conversation also probes Black’s $158 million paid to Jeffrey Epstein, Apollo’s succession battles, and the hidden risks of insurance-backed lending.

Bill Derrough, Managing Director and Chairman of Capital Structure Solutions at Jefferies with 30+ years and 600+ restructurings, shares his approach to durable restructurings. He explains pitfalls of short-term liquidity fixes and non-pro rata deals. He outlines tactics for high creditor participation, engagement strategies like co-ops and NDAs, and when an LME is or is not the right tool.

Sasha Padbidri, deputy LevFin editor who covers cannabis, debt markets and regulation, explores cannabis rescheduling. She breaks down what moving recreational product to Schedule III could mean for taxes, collateral and lending. She outlines timelines, who currently finances cannabis and how federal changes might open mainstream debt and intellectual property as collateral.

Owen Ormond, a restructuring partner who helps navigate football takeovers and insolvencies, and Aditya Anand Kumar, a distressed debt reporter who tracks club finances. They explore soaring player costs, inflated transfer fees and amortisation tricks. They unpack new regulation, private credit’s role and real-world takeovers and rescues in European football.

Tom Quinn, 9fin reporter on leveraged finance and litigation, and David Karp, Polsinelli restructuring chair, unpack a high-stakes Bank of America v. Black Diamond litigation. They map the failed loan trade, opaque DQ lists, KYC flags, voting and lender-of-record stakes. Short, sharp scenes explore why the dispute escalated, what the court must decide and possible market ripple effects.

Eliza Hollander, a debt finance lawyer skilled in creditor-side liability management, and Rachel Strickland, a restructuring lawyer experienced in LMEs and in-court restructurings, unpack Serta, Del Monte and American Tire. They compare in‑court versus out‑of‑court rulings. They dissect pro rata clause mechanics, DIP carveouts, roll‑ups, open‑market purchases and damages risk. They debate market fatigue and likely drafting fixes.