Cloud 9fin

Debt purchasers face scrutiny over their business models; Nathan Mitchell and Matthew Hughes discuss debt purchaser predicaments, options, and predictions for the years ahead. They explore the impact of rising interest rates, financial challenges faced by Interim and AFE, and ESG risks in debt purchases.

Jess Larsen, founder of Briarcliffe Partners, discusses the surge in investor interest in private credit. Topics covered include the easing denominator effect, underperformance of private equity, challenges in asset-based lending, competition and differentiation in direct lending, adapting to the growing market, and the role of high net worth individuals and retail investors.

Experienced short seller Carson Block shares insights on shorting credit, discusses techniques to uncover fraud, and reflects on past successes and setbacks. The podcast explores the differences between shorting credit and equity, challenges in evaluating credit risk, and manipulation tactics used by companies to appear less leveraged. Additionally, there is a fun comparison between short sellers and the New York Jets' challenges.

In this episode of the podcast, Josie Shillito interviews Christine Ferris from JP Morgan about the rise of private credit CLOs in Europe. They discuss the increase in middle-market CLO issuance, the potential for private credit CLOs in Europe, and reflections on starting a career in finance. They also touch on the challenges of balancing work and motherhood.

Eric Muller of Oak Hill Advisors discusses the constraints holding banks back from competing with private credit, increased regulatory scrutiny, the clampdown on 'season and sell' structures, the quest for a $10bn unitranche, and private lenders taking the keys to struggling companies.

Podcast hosts Alice Holian and Olivia Mantock cover the ins and outs of J Crew blockers, exploring their strengths, weaknesses, and limited scope. They discuss the importance of strong formulations and analyze bond deals utilizing the J Crew blocker as a protective provision for material assets.

It’s been a hot and heavy summer, and the pipeline is looking encouragingly full for next month — especially compared to this time last year.For this week’s episode of the podcast, Will Caiger-Smith and William Hoffman take a tour through the primary calendar and evaluate each deal’s chances for a smooth syndication.Featuring: Worldpay, Vistra, Syneos Health, Simon & Schuster…and many more. Check out our piece from earlier this week for the full slate.

ESG investing has come under increased scrutiny for its ability to effect change in recent months, following the controversial Sustainable Finance Disclosure Regulation in Europe and rising political pushback against the movement in the US.For this week’s episode of the podcast, our host Jennifer Munnings sat down with Rupert Davies, a sustainable finance specialist with over eight years of experience, to have a frank discussion about the state of ESG.Is ESG just a box-ticking exercise for asset managers, or can it have a real world impact? Will the US ever align with Europe, when it comes to the depth and breadth of reporting that is needed to inform investors?

Casino operator Penn Entertainment is betting that a $2bn partnership with ESPN will supercharge the company’s foray into the online sports wagering market.It could be an expensive gamble: online sportsbooks have been a hotspot of growth in the US gambling industry, but competitors such as DraftKings and FanDuel are already starting to pivot to profitability from a “growth by any means” mentality after spending big to take market share.Will Penn’s investors have the patience for another growth story? And how could a regulatory backlash against online gambling impact the industry?On this week’s US edition of Cloud 9fin, US deputy editor David Bell quizzes senior reporter William Hoffman on Penn’s new tie-up with ESPN and what it means for leveraged credits in the sector.

German wire and cables manufacturer Leoni is in the process of implementing its restructuring plan, approved by the Nurembourg court under the new German bankruptcy regime StaRUG. It is the first big test of the new framework, which proved useful for cramming down dissenting minority shareholders and getting an agreement in place with several stakeholders in time to save the group from insolvency.9fin sat down with Marlene Ruf, restructuring partner from Kirkland & Ellis, who represented a group of creditors holding its €750m revolving credit facility (RCF I) which was due to mature two months ago. Marlene takes us through what a StaRUG process entails, how it helped with Leoni’s restructuring plan as well as the precedent this case sets for future restructurings under the regime.