Cloud 9fin
9fin
Leveraged finance, distressed debt, and private credit drive today’s markets. Cloud 9fin delivers expert insights on high-yield bonds, syndicated loans, direct lending, and debt restructuring. Join top analysts and investors as we explore credit markets, special situations, and private debt strategies shaping the industry.
From credit risk assessment to institutional credit trends, each episode provides actionable intelligence for fund managers, institutional investors, and financial professionals. Whether you’re tracking high-yield issuances, analyzing corporate debt, or uncovering distressed debt opportunities, we’ve got you covered.
Through its AI-powered data and analytics platform, 9fin provides everything you need to get your head around credit or win a mandate — all in one place. We help subscribers win business, outperform their peers and save time. Stay ahead in leveraged finance market trends—subscribe now for expert discussions on the forces moving global credit.
From credit risk assessment to institutional credit trends, each episode provides actionable intelligence for fund managers, institutional investors, and financial professionals. Whether you’re tracking high-yield issuances, analyzing corporate debt, or uncovering distressed debt opportunities, we’ve got you covered.
Through its AI-powered data and analytics platform, 9fin provides everything you need to get your head around credit or win a mandate — all in one place. We help subscribers win business, outperform their peers and save time. Stay ahead in leveraged finance market trends—subscribe now for expert discussions on the forces moving global credit.
Episodes
Mentioned books
5 snips
Jan 8, 2025 • 17min
Introducing Jane's LME addiction: The bookends of the Serta era
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.
32 snips
Dec 18, 2024 • 32min
More tailwinds than headwinds for CLOs in 2025
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!
17 snips
Dec 11, 2024 • 36min
How to fix a broken balance sheet
Mike Harmon, a Stanford lecturer and managing partner at Gaviota Advisors, shares insights from his book on fixing broken balance sheets. He likens corporate debt dynamics to treating sick patients, explaining how even giants like Twitter can fall prey to high debt. The conversation explores the impact of meme stocks on vulnerable companies, while also discussing strategies for restructuring that highlight the balance between vision and practical tools. Harmon emphasizes the need for adaptability in today’s financial landscape, filled with challenges and opportunities.
Dec 4, 2024 • 47min
On becoming the voice of Europe's buyside
After a great run co-founding and helping to build up the European Leveraged Finance Association, Sabrina Fox is putting ELFA on the shelf to focus on her work at Fox Legal Training and Good Girl to Goddess.In this episode of Cloud 9fin, ESG analyst Jennifer Munnings sits down with Sabrina to explore how ELFA has shaped buyside engagement and elevated standards in credit markets. From the rise of J.Crew blockers and their impact on covenant protections to ELFA’s efforts to foster transparency and innovation in ESG practices, Sabrina offers a front-row perspective on the evolving landscape of leveraged finance. They also discuss the challenges of balancing incumbent flexibility with investor safeguards and what lies ahead for the industry as Sabrina embarks on her next chapter.Have any feedback on this episode? Send us a note at podcast@9fin.com. Thanks for listening.
7 snips
Nov 27, 2024 • 14min
The case for lower middle market lending
Michelle Handy, Chief Investment Officer of Direct Lending at First Eagle Alternative Credit, shares her expertise in lower middle market lending. She discusses the challenges of intensifying competition and a complex macroeconomic landscape. Handy highlights asset-based lending as a promising strategy and emphasizes the critical role of strong sponsor relationships during turbulent times. Additionally, she dives into the nuances of covenant negotiations and the impact of retail capital on the lower middle market, shedding light on investment prospects and risks.
5 snips
Nov 25, 2024 • 13min
Lycra stretches out for private credit
Stakeholders face tough choices as Lycra navigates a complex balance sheet while considering a private credit option. The podcast delves into the strategic dynamics of financing in tight markets, where private credit is becoming increasingly appealing. Listeners learn about the intricate negotiations and conflicts among bondholders and financial players involved in restructuring. Additionally, it highlights the risks and challenges of refinancing, showcasing the changing landscape of private credit that adapts to current economic pressures.
10 snips
Nov 20, 2024 • 36min
What could go wrong in the 'golden age' of private credit?
Dan Zwirn, Co-founding CEO and CIO of Arena Investors, delves into the complexities of the private credit market. He challenges the notion that we are in a 'golden age,' addressing the oversaturation and risks tied to direct lending. Zwirn discusses how monetary policies may impact investments and the rising bankruptcies in the space. He highlights the challenges faced by both General Partners and Limited Partners, along with strategies to navigate this evolving landscape, emphasizing a cautious yet opportunistic approach.
Nov 13, 2024 • 12min
Two continents divided by the same numbers
Private credit in both the US and Europe has faced a great deal of pressure from bank lenders in 2024. But despite a slow start, the asset class is holding its ground on a year-to-date basis.In this week’s episode of Cloud 9fin, private credit editor David Brooke digs into the data with analysts Devin McGinley and Elijah Jackson. They chat through the trends, diving into their respective Q3 2024 private credit reports. You can read both reports here and here.To learn more about 9fin’s private credit reports, send a note to the team at private-credit@9fin.com. For feedback on the podcast, or to learn how to get involved, send a note to podcast@9fin.com.Thanks for listening!
Nov 8, 2024 • 10min
Red dawn
The recent election results are reshaping the financial landscape, influencing equities and bond yields. Tariffs and inflation effects loom large, especially for retailers reliant on imports. Political changes are creating divergent impacts across sectors like metals and renewable energy. ESG perspectives show stark contrasts between the US and Europe. Additionally, the private prison sector is witnessing a revival as the political climate shifts, highlighting the complex ties between business and politics.
Nov 6, 2024 • 11min
How funds are NAVigating the M&A lull
Peter Benson, a private credit reporter at 9fin, dives into the intricacies of NAV loan structures during a challenging M&A environment. He discusses the shift toward NAV lending as a flexible liquidity solution amid low deal activity. Expect insights on how NAV loans compare to traditional financing methods and the evolving role of private credit firms in this landscape. Benson also highlights the implications of Federal Reserve policies on future M&A activity and the structural challenges private equity sponsors face in adapting to current financial realities.
