Cloud 9fin

It's our first US episode of 2023, and January is off to a flying start — at least for the high yield bond market. But what about loans, where bankers are still stuck with billions of hung bridge debt and private credit continues to eat up would-be syndicated supply? Will Caiger-Smith dials up deputy editor David Bell to decode the year so far.

The 9fin editorial team discusses trends they expect to see in 2023 in the leveraged finance, restructuring and CLO spaces.

The holidays are upon us, but sanctions never sleep. This week, 9fin's Bianca Boorer has been in court covering Veon's creative use of UK restructuring law to pay down its Russian bondholders and cut ties with VimpleCom, its Moscow subsidiary. She explains this complex transaction for Will Caiger-Smith.

The 9fin editorial team has been with you all year to discuss the major trends affecting the leveraged finance industry. In this 2022 wrap up we discuss the Russia-Ukraine war's impact on the industry, inflation and how the sellside tackled its hung pipeline. We don't go so far as to predict 2023 trends just yet, but we reckon A&Es will play a big part. Thanks to all our listeners and contributors and we look forward to speaking to you next year!

What does MFN stand for? Why does it appear in corporate credit agreements? Why would borrowers try to get around it and what happens when they succeed? And what does all of this mean for the private credit market after years of hot dealmaking? Will Caiger-Smith and Bill Weisbrod break it all down.

In this special episode the Cloud 9fin team discusses their experience of the PRI In Person conference in Barcelona and speaks to delegates from Neuberger Berman, Alliance Bernstein, BNP Paribas and Circle Economy.

It's Thanksgiving week in the US, which normally means the beginning of the end for the year's primary issuance — but this year might not follow the normal rules. We round up recent primary market news, explain the deteriorating outlook in the building products and software sectors, and unpack some new data around investor-facing hires on the buyside.

The 9fin content and analytics team wrap up the week's activity and co-head of European loans research Jainisha Amin discusses structural adjustments. ESG analyst Sammy Cole does a second part on new developments in SFDR and editor Chris Haffenden and distressed debt reporter Bianca Boorer talk Orpea's new restructuring plan.

The primary market is back open (for now) but there's a slow squeeze happening in secondary. Liquidity is poor, and lower-rated credits are underperforming — and it's going to get worse before it gets better. Will Caiger-Smith sits down with Emily Fasold to talk about the reinvestment crunch.

The 9fin content and analytics team wrap up the week's activity and senior legal analyst Alice Holian discusses dangerous covenant pitfalls with regard to Envision. ESG analyst Sammy Cole talks about new developments in SFDR and credit analyst Josh Latham and loans reporter Laura Thompson discuss European high-yield's upcoming maturity wall.