Cloud 9fin

9fin sits down with Ben Thompson, JP Morgan's Head of EMEA Leveraged Finance Debt Capital Markets on 24 April 2023. He gives us his insights into how the traditional debt capital markets soldiers on despite the recent banking crisis and what he sees coming in the pipeline in 2023. 

The 9fin team takes a look into Adler’s restructuring in the UK High Court with Chris Haffenden. Brian Dearing takes us through a report on 2022 covenant trends and Jennifer Munnings and Dan Power discuss insights into our ESG data and what they indicate for LevFin.

Convertible bonds, a hybrid debt-equity investment, are making a comeback. They offer attractive financing for tech companies. Rising interest rates impact the growth stock market. Convertible debt affects credit profiles and some companies buy back discounted securities. Regular corporate convertibles are preferred over bank convertibles for their features. The hosts express gratitude to the guest for their insights.

Andy Hagan, Tom Richards, and Gilles Teerlinck from Weil, Gotshal & Manges discuss liability management in today's credit markets. They cover confronting volatility, equity injections, and executing amend-and-extends when CLOs are out of reinvestment. Other topics include refinancing debts, loan consent techniques, and the push and pull dynamics of liability management in 2021.

Unlike liquid leveraged loans, private debt is not frequently traded (although there are signs that this might be changing) and thus can be hard to value.But the funds that hold those private loans still have to find a way to value their books. How do they make their marks?In this episode of our Cloud 9fin podcast, deputy editor Bill Weisbrod sits down with Brian Garfield, a managing director in Lincoln International’s valuations and opinions practice, who helps private credit funds value their holdings in illiquid debt instruments.What’s the process for valuing an illiquid private loan? How are rising rates impacting private credit borrowers? And what does the rest of the year hold for asset performance?

9fin sits down with Boris Okuliar, portfolio manager and co-head of Global Liquid Credit in the Ares Credit Group. He gives us his opinions on the state of the market and discusses where he see value.

As Mike Tyson once said, everyone has a plan until they get punched in the mouth. Who knew he was predicting the policy response to the first big bank failures since the 2008 financial crisis?Some of us at 9fin are old enough to remember the alphabet soup of rules and specially designed capital instruments that was cooked up in the wake of the GFC, to ensure that banks could melt down in an orderly fashion and without regulatory intervention. So: what on earth happened to the plan?!In this week's episode of our Cloud 9fin podcast, editors Will Caiger-Smith and Owen Sanderson do their best to explain the fallout from the recent drama at Silicon Valley Bank and Credit Suisse, and what it might mean for credit markets going forward.

Katharine Hidalgo sits down with two debt advisers from Alvarez & Marsal to discuss what they foresee for the market. Tim Metzgen, Managing Director and EMEA Head of Debt Advisory and Senior Director Tom Paterson give us some insight into how borrowers are managing a more challenging environment and what lenders are asking for in 2023.

Everyone knows interest rates are higher than they were last year. No-one can say for sure where they’ll be this time next year, but people have a fairly good idea.Given those expectations, it’s no surprise that some brokerage companies are using rate-related adjustments to boost their EBITDA. But is there a way these adjustments could go awry?This week, Will Caiger-Smith and Emily Fasold dig into Cetera Financial’s latest loan deal, and the add-backs the company is using to flatter its credit profile.

The 9fin editorial team ask where are the deals? Securitisation reporter and acting levfin editor Owen Sanderson discusses CLO trends in 2023 and demand for new issuance.