Cloud 9fin

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.

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.

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!

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!