The LFI Levered Lines Podcast

Season 2, Episode 3 On this episode of LFI Levered Lines, host Steve Miller speaks with Nassau Global Credit CIO Jonathan Insull about developing the next generation of loan market talent and evolving buy-side skills in a data-driven world. Jonathan shares lessons from bank credit training, restructurings, and early CLOs; the shift in bank-to-buy-side pipelines; and today’s hiring table stakes - case studies, data fluency, and real-time communication. They discuss balancing macro analysis with “read the docs,” using AI without losing judgment, and why mentorship, modeling behavior, and teaching the “why” are critical amid a more competitive, fee-compressed market.

Jim Schaeffer, Global Head of Leveraged Finance at Aegon Asset Management, dives into the complexities of today's credit markets. He discusses the surprising tight loan spreads amid rising inflation and borrower pressures. Jim explains the nuances of liability management exercises, contrasting cooperative strategies with coercive structures in lending. He emphasizes the importance of early decisions and scale in influencing outcomes while offering insights into the evolving landscape that creates opportunities for distressed investors.

Season 2, Episode 01 On this episode of LFI Levered Lines, host Kerstin Kubanek sits down with ARES Management’s Andrea Fernandez, Head of Product Management & Investor Relations, and Mike Dennis, Co-Head of European Credit, for a deep dive into the evolution of the European mid-market CLO space. Kerstin and her guests explore how the European direct lending market is catching up to the US, and what it will take for CLOs to become a mainstream source of capital in Europe. They unpack the challenges of building diverse, single-currency portfolios and the hurdles posed by multi-currency risks, while sharing insights on investor demand—from insurance companies seeking bespoke structures to North American and Middle Eastern investors chasing higher yields. Andrea and Mike discuss the latest trends in private credit pricing, the rebound in M&A activity, and why Italy is emerging as a key market for deal flow. They break down the impact of macroeconomic shifts, US tariffs, and interest rate movements, and debate the convergence of public and private credit as European capital markets reopen. With candid analysis on sector and geographic trends, and predictions for market evolution, this episode is essential listening for anyone following private credit, CLO innovation, or the future of European direct lending. If you’re tracking shifts in investor appetite, the rise of scale managers, or the next wave of private credit deals in Europe, tune in for expert perspectives and actionable takeaways from the heart of the market.

Bill Housey, Head of Fixed Income at First Trust, discusses his journey in the leveraged loans market, including his innovative work over 15 years. He highlights the explosive growth of ETFs and how technology like AI is reshaping credit analysis. The duo delves into recent BSL activity and the revival of M&A, emphasizing the need for transparency and active management in a volatile market. Housey also shares insights on the intersection of private credit and syndicated markets, offering valuable perspectives for all investors.

Season 1, Episode 18 This week on the LFI Levered Lines podcast, David Graubard, Senior Reporter for US CLOs at LFI, sits down with Adrienne Butler, Head of Global CLOs at Barings, and Steve Page, Managing Director and Structured Credit Trader, for an in-depth look at the evolution and technical dynamics of the CLO market. Adrienne and Steve share their unique journeys into the world of leveraged loans and structured credit, charting the rise of Barings’ $50 billion global CLO platform. Together, they break down the distinctions between broadly syndicated loan (BSL) CLOs and middle market CLOs, discuss the latest demand drivers, and offer high-level technical insights into why CLOs remain a central pillar of institutional portfolios. Whether you’re new to CLOs or a seasoned investor, this episode offers expert perspective on how one of the industry’s largest issuers and investors is navigating today’s market and preparing for the next phase of growth.

Join Kerstin Kubanek as she interviews James Reynolds, Global Co-Head of Private Credit at Goldman Sachs Asset Management, about the evolving direct lending and private credit landscape. James discusses the resurgence of M&A activity, the ongoing convergence between direct lending and BSL markets, and why direct lending remains a reliable financing solution in all market conditions. He addresses large-cap versus mid-market dynamics, the value of long-term relationships and local expertise, and Goldman Sachs’ strategic activity across Europe—including Italy. James also delves into current trends in pricing, sector opportunities, private equity partnerships, and the themes driving the market such as infrastructure, energy transition, and digitalization. Tune in for an engaging discussion on how Goldman Sachs is navigating challenges and capturing opportunities in private credit.

Join Kerstin Kubanek as she interviews Tara Moore, Head of European Originations at Golub Capital, about the firm’s rapid European expansion and the evolving private credit landscape. Tara discusses Golub’s relationship-led growth across key regions and sectors, the ongoing convergence between private credit and the BSL market, and the importance of adaptability amid volatility. She also addresses sector competition, margin compression, and the valuation gap in private equity, while outlining Golub’s plans for continued European growth. Tune in for an engaging discussion on the future of private credit and the opportunities it presents.

In this week's episode of LFI’s Levered Line, Steve Miller welcomes Jeff Bracchitta, JP Morgan’s head of Private Credit Origination. In a wide-ranging discussion, Jeff details: How the levfin private credit has matured and taken shape in recent years The main investor constituencies and how each play in the space JP Morgan’s approach to private credit How the recent volatility in the markets have impacted private credit The relative position of private credit and BSL in today’s credit landscape The state of covenants for private credit loans with an eye on deal size The nascent move toward trading and liquidity for private credits

Matthew Cestar from Arini joins the discussion about an innovative partnership with Lazard aimed at servicing Europe’s underserved middle market. They delve into the advantages of non-sponsored credit deals and how geopolitical shifts are reshaping investment landscapes. Cestar emphasizes the importance of strong relationships and risk management in a competitive market. The conversation highlights the increasing need for tailored financing in family-run businesses and the exciting prospects that lie beyond traditional U.S. markets.

Tim Donahue, Vice Chairman at Lazard and former CFO at Alterra Mountain Company, shares insights from his impressive finance career. He discusses the transformative shift in capital markets, highlighting the merging of public and private realms. The conversation touches on how distressed investors are evolving into comprehensive solution providers, adapting to new financial landscapes. Tim reflects on the growing importance of private capital, emphasizing innovative strategies for restructuring and mergers in a fluctuating economy.