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
Jul 10, 2024 • 21min
The dawn of the audit bro
Shout if you’ve heard this one before: a CPA and an MD walk into a bar. The MD says, “Plz Fix,” and the CPA says, “sure, but I’ll need three forms of ID and an engagement letter first.” In response to which the MD, of course, literally explodes.Not heard it? Well you may soon, because private equity ownership of auditing firms is causing concern in the wake of deals like the New Mountain Capital acquisition of Grant Thornton earlier this year.In this week’s episode of Cloud 9fin, our LevFin editor David Bell and senior reporter Sasha Padbidri look into this rising trend and how it’s being received by the debt market.Then, Sasha speaks to Dr Steven Mintz, a professor of accounting at California Polytechnic State University, author of two books and a popular blog Ethics Sage. They talk about how the entrance of PE into the audit business is sparking concerns both new and familiar.
Jul 3, 2024 • 13min
A Texas Shaw-down
Overheard in the Southern District of Texas: Don’t be a meanie! Ok, we may be paraphrasing here a bit, but taking the decision in Robertshaw and the anticipated Incora decision together, the court may be signaling that lenders need to stop being so Incora-gible and tone down the violence.In this week’s episode of Cloud 9fin, reporter Max Reyes digs into these decisions with legal analysts Jane Komsky and Cat Corey, looking at how they contrast with one another and prior case law in the district.Find our reporting on the Robertshaw decision here and follow this thread to stay up to date on the latest with Incora here at 9fin.com.
Jun 26, 2024 • 12min
It Hertz you to see it
Global head of distressed and restructuring Max Frumes, distressed credit analyst Larry Feldman, and senior reporter Sasha Padbidri discuss Hertz's return to financial trouble due to EV investments and new debt. They explore the challenges faced by Hertz, including their transition to EVs, disputes over warrant issuance, and the uncertainties surrounding the company's turnaround plan.
Jun 19, 2024 • 23min
Hold my rate, bro
Editor Dan Alderson and distressed debt reporter Will Macadam discuss the consequences of higher-for-longer, rate cuts by the Open Markets Committee, and rate trends in Europe and the UK. They explore the nervousness around rising costs, effects on market borrowers, company strategies like aggressive liability management, and the impact of fluctuating interest rates on defaults, negotiations, and borrower psychology. They also touch on power dynamics in borrowing markets, potential rate cuts, and economic speculations amidst distressed land and political changes.
Jun 12, 2024 • 15min
Alas, poor EDVA, we knew thee well
Lawyers might finally be done filing large, complex Chapter 11s in the Eastern District of Virginia.In this week’s episode of Cloud 9fin, our very own global head of distressed and restructuring Max Frumes digs into the shocking denial of Vinson & Elkins’ retention application in the Enviva proceedings with distressed legal analyst Jane Komsky.Read Jane’s full write-up for more on why she thinks the decision sets a bad precedent here. And watch 9fin.com this Friday, June 14, for full coverage of Vinson & Elkins’ motion to reconsider its retention as debtors’ counsel in the Enviva bankruptcy.
7 snips
Jun 7, 2024 • 37min
The ABCs of private credit LMEs, with Freshfields
The podcast delves into 'lender-on-lender violence' in private credit, discussing how companies, sponsors, and lenders navigate liability management. Legal experts explore the evolving market dynamics, the impact of debt restructurings, and the importance of aligning incentives in private credit transactions. The episode highlights the complexity of the private credit market, including the influence of opportunistic funds, evolving lender protections, and the emergence of bespoke solutions tailored to companies' unique challenges.
4 snips
May 30, 2024 • 20min
The rise and rise of SRT with Matthew Moniot of Man Group
Matthew Moniot, co-head of credit risk sharing at Man Group, brings extensive expertise in significant risk transfer markets. He delves into the mechanics of SRTs and how they're reshaping U.S. credit markets. Moniot contrasts European and U.S. financial regulations, highlighting unique challenges and opportunities. He also discusses the evolution of banking post-crisis, emphasizing the balance between risk and regulatory measures. New investors learn the importance of documentation and data reliability in navigating the SRT landscape.
May 24, 2024 • 14min
What does the UK election mean for credit?
It’s happening! Voters in the UK will head to the polls in just over a month, and most polls forecast a resounding victory for Keir Starmer and the Labour Party. Notwithstanding multiple reshuffles under the Conservatives over recent years, this would be the first proper regime change in the UK since 2010.So it’s kind of a big deal — and while the odds of a Tory defeat are so strong that some of the impact is already priced in, there are still some important implications for the credit markets.For this week’s episode of the podcast, our host Will Caiger-Smith sits down with 9fin leveraged finance reporter Ryan Daniel to discuss the implications of the election for the markets we cover.
May 16, 2024 • 16min
Talking SaaS with Thoma Bravo, feat. Oliver Thym
Oliver Thym, Partner on Thoma Bravo's private credit platform, discusses the impact of AI on software companies, the growth outlook in the enterprise software sector, and why private credit investors are drawn to SaaS. Topics include evaluating software as a credit investment, the stability of investing in software companies, current trends in the software industry, and the resilience of software companies amidst economic uncertainty.
May 9, 2024 • 10min
The Steward situation is batsh*t crazy
Rachel Butt, Deputy distressed editor at 9fin, uncovers the chaotic saga of Steward Health's bankruptcy. From bizarre bat infestations in Florida hospitals to allegations of money laundering in Malta, the narrative unfolds dramatically. The discussion dives into the complexities of Steward’s unique financial structure, its tangled relationships with creditors, and the political controversies surrounding its management. Listen as Rachel sheds light on the regulatory challenges and the fight to protect jobs and patient care amid financial turmoil.
