Cloud 9fin

Repricing deals have flooded the European market over the past few weeks, with many companies taking advantage of lower interest rate forecasts and tighter high yield credit spreads. But is this trend set to last?For this week’s podcast, Alessandro Albano, financial journalist at 9fin, sat down with host Sammy Cole to talk about the repricing wave. We discussed examples of companies that have repriced deals recently, lender responses, and delve into Alessandro’s predictions for the year ahead.Click here to find out more about our US CLO Database

US leveraged loan borrowers are repricing their debt at a frenetic pace, and it’s starting to hurt — in some credits, they’re testing the base limits of the CLO managers holding their debt.Himani Trivedi, head of structured credit at Nuveen Asset Management, has seen a lot of history in the CLO market, so she’s perfectly placed to put this intense period of repricing in historical context.How are managers coping, and what does this trend mean for syndicated loan issuance this year?For this week’s podcast, she sat down with our US managing editor Will Caiger-Smith to talk about the repricing wave, as well as delving into captive equity funds, CLOs versus private equity and private credit, and the promise of ETF structures.

Cross-border recognition is where every good restructuring deal hopes to end. Recognition was historically a more clearcut part of a restructuring process, but in a post-Brexit world, with the advent of restructuring plans (in the UK and across Europe), and the rule in Gibbs potentially in doubt, the apple-cart may have been upset.In this week’s podcast, Cloud 9fin sits down with 9fin senior legal consultant (and restructuring lawyer) Freddie Doust and the eminently qualified South Square barrister Riz Mokal for an (admittedly meaty) discussion on the ideas critical to the outbound recognition of English restructuring processes, and inbound recognition of US and European processes in the UK.Strap yourself in, it's a thrilling ride!

Loan repricings came thick and fast in the US market this week, with borrowers looking to slash their borrowing costs on more than $30bn of debt — but bonds are also coming back in a big way.Companies such as Hilton and Chobani highlighted the compelling value on offer in the high yield bond market, which could help define the shape of some hefty debt syndications that are waiting in the wings.In this week’s episode of the podcast, our US managing editor Will Caiger-Smith and deputy editor David Bell peek under the hood of the primary markets.

German medical diagnostics provider Synlab answered investors’ Christmas wishes for another big European LBO deal by coming to market with €1.5bn in bonds and loans in early December. The funding was used to finance UK private equity fund Cinven’s acquisition of a majority stake in the company.For our first podcast of 2024, Cloud9fin sits down with 9fin Levfin reporter Ryan Daniel and credit analyst Ameeq Singh to talk through Synlab’s rise in importance during Covid-19, it’s long lasting relationship with Cinven and their LBO debt syndication journey. The late-in-the year deal launch begs the question will there be more LBO activity to come in 2024?

The collapse of wood pellet producer Enviva last month was swift and brutal. The story’s not over yet for all of the company’s investors (for an extremely thorough analysis, check out our distressed team’s deep-dive report) but it is for at least one of them: Inclusive Capital.Founded just a few short years ago to great fanfare, Jeff Ubben’s much-vaunted ESG activism fund closed its doors around the same time that Enviva’s capital structure fell apart. What can the implosion of these two entities tell us about the state of ESG in America?For this week’s episode of Cloud 9fin, our US managing editor Will Caiger-Smith quizzes senior reporter Sasha Padbidri on these interlinked stories. Listen now to end the year on a cheery note.

Looking back on 2023, we’ve seen financial markets tested by ongoing geopolitical upheaval. We sit down with 9fin’s CEO Steven Hunter to take us through the highs and lows of the year as well as our company’s growth story.Also tune in to find out how Steven unwinds in his spare time and what he thinks about pints in New York!

“9fin AI enables our users to find and process the information they need quicker. Speed is essential in financial markets and debt is no exception.”9fin has been leveraging AI since the company was founded back in 2016, but we’ve recently stepped-up our game.‘9fin AI’ allows subscribers to ask questions about companies within debt capital markets and receive high quality answers in real time.For this episode of the podcast, we sat down with 9fin’s Sean Löfgren and Hannes Kindbom to talk us through the exciting new project, their thoughts on future opportunities and their stance on potential risks linked to generative AI.

Commercial real estate is in crisis — specifically, office buildings.The pandemic unleashed an unpredictable torrent of changes in how people work and live, and the dramatic rise in interest rates over recent months has broken funding models for many property owners.That’s extremely bad news for a lot of investors in the real estate market, but it also creates opportunities for savvy lenders. On this week’s podcast, Will Caiger-Smith asks Rich Byrne, president of Benefit Street Partners, what we can learn from the distress in CRE.

German real estate is very in vogue in distressed land. In keeping with that trend, German real estate investment firm Corestate Capital is trying to turn its ill fate around through asset sales after finally completed its debt restructuring three months ago. The restructuring deal took a whole year to push through after a lot of back and forth with its bondholders and shareholders.The deal was implemented consensually with a large majority of its bondholders and shareholders agreeing to the deal, which involved a 78% haircut in exchange for the noteholders taking over 80% of the company. The reinstated debt was extended to mature in 2026.However, it was not entirely straightforward. After a deal was agreed at the end of last year, the company struggled to find an auditor. It also needed to raise more bridge financing to keep afloat as the restructuring completion took longer than expected.Corestate’s legal advisors Sven Pruefer and Hauke Sattler from Allen & Overy talk us through what landed the company in this mess, the proposals exchanged and what caused the delay in closing the deal.