Cloud 9fin

The conversation dives into the rise of private credit continuation vehicles, emphasizing their appeal in today's M&A landscape. It touches on BlackRock's substantial launch and the expectations for growth in 2025. However, challenges abound, including liquidity issues in a high interest rate environment and difficulties attracting limited partners. The discussion also tackles the dynamics of selling performing loans at discounts and the critical role of relationships in navigating asset transitions.

Celeste Tamers, a senior reporter at Nightfin specializing in SRT, and Owen Sanderson, a securitization expert, dive into the intricate world of Significant Risk Transfer. They discuss the evolving regulatory landscape, highlighting how banks manage credit risks while navigating challenges. The duo explores how private credit firms are rising in influence, the implications of SRT leverage on market dynamics, and the historical context shaping these transformations. Their insights reveal the delicate balance between financial opportunities and systemic stability.

Jon Henes, founder of C Street Advisory Group, and George Klidonas, restructuring partner at Latham & Watkins, dive into the dynamic world of liability management. They discuss the transformative Better Health transaction and how it shapes future leverage market trends. The conversation highlights the evolution of capital structures and the vital role of strategic communication amid financial restructuring. The duo also explores the intricacies of navigating Chapter 11 amidst economic uncertainties, shedding light on the necessity for clear communication in complex situations.

Publicly traded leveraged debt issuers are facing a collective maturity wall of $219 billion in the coming years. But unlike the Chiefs' offensive line in the Super Bowl, credit market watchers aren't expecting that wall to collapse.In this episode of Cloud 9fin, US managing editor Bill Weisbrod sits down with credit analyst Ben Dickerman and leveraged finance reporter Dan Mika about their recent piece looking at how the 2026-27 maturity wall in the US is shaping up.Among the highlights: how issuers are hanging on to cheap debt costs, how a leveraged finance market starved for new-money deals is giving BB-rated companies plenty of time to refinance, the uncertainties surrounding Trump administration’s economic policies, and how this story was powered by Dan’s love of drum and bass music.As always, if you have any feedback for us, send us a note at podcast@9fin.com

With Super Bowl Sunday upon us, much like over a third of the US, we thought we’d focus on sports.Private credit has been circling sports for some time as an investment opportunity. Many regulatory changes in the past year and an increasing number of emerging sports leagues have brought it back into view to begin this year.In this episode of Cloud 9fin, senior reporter Peter Benson sits down with Aaron Kless, managing partner and CIO at Andalusian Credit Partners, to discuss all things private credit and sports.The discussion topics include the institutionalization of the sports market, how credit works with sports franchises and other areas of the sporting world that are ripe for credit investment.As always, if you have any feedback for us, send us a note at podcast@9fin.com

Soren Christensen, partner at Cinven with extensive experience in leveraged finance, and Amit Bahri, co-head of European Direct Lending at Goldman Sachs, dive into the evolving world of private credit. They explore the shifting dynamics between banks and private credit firms, highlighting changing borrower preferences and strategies. The duo discusses the implications of the returning BSL market, the appeal of junior PIKs, and what the next few years might hold for M&A activity and lending trends as market conditions stabilize.

Southern California wildfires are wreaking havoc on leveraged finance, with estimated insured losses surpassing $20 billion. Industries are bracing for impact, especially utilities facing liabilities, which could strain fire insurance funds. The media sector, however, shows surprising resilience amid the challenges. Dive into the financial ramifications and learn about tools like wildfire trackers for staying informed.

In the current landscape, private credit fundraising has hit a low, yet investor optimism remains strong. There's a notable consolidation, with capital flowing to established managers while newer firms struggle. The impact of rising interest rates and potential banking deregulation poses both challenges and opportunities for these asset managers. The discussion also hints at how political shifts, like a new administration, might influence this space in the coming year.

For this week’s Cloud 9fin episode, we’re launching a new monthly recurring series: Jane’s LME Addiction, in which distressed legal analyst Jane Komsky dives into the latest news in liability management. Joined by 9fin global head of distressed and restructuring Max Frumes and 9fin head of legal James Wallick, Jane walks through the landmark decision out of the Fifth Circuit Court of Appeals in the Serta Simmons case and what it means for LMEs going forward.Find all our coverage on Serta at 9fin.com, including our latest stories on the contours of potential uptiering transactions in 2025 and the evolution from Serta blockers to “Fifth Circuit blockers.”If you have any feedback for us, send us a note at podcast@9fin.com. Thanks for listening.

Pratik Gupta, Head of CLO and RMBS research at Bank of America, shares insights on the thriving CLO market. He highlights the record-breaking performance of CLO BBs and AAA markets, with returns soaring since 2022. Gupta discusses the rising appeal of AAA CLOs among investors, strategic shifts by U.S. banks, and the influence of Japanese buyers. He also delves into the complexities of Loan Market Exchange structures and how CLO managers can navigate the evolving landscape of 2025. Expect more growth and strategic depth ahead!