Lenders must be “hyper-vigilant” at the whiff of a liability management exercise (LME), as cooperation agreements forged in response by the largest lenders often shut off membership once critical majorities are reached, according to Beach Point Capital’s senior vice president Jordan Sauer. Jordan shared with Bloomberg Intelligence’s Noel Hebert and Phil Brendel how his initial legal work at Wachtell Lipton with lender documentation served him well in identifying credit-agreement vulnerabilities and managing investments amid the jungle of LMEs and coop groups (6:20). Prior to that, BI’s Noel Hebert and Phil discussed the implications of a historically low high yield spread for credit investors. The podcast concludes with BI’s Negisa Balluku joining Noel and Phil for a roundtable discussion covering Franchise Group, Hertz, Yellow, Spirit Airlines, J&J, Incora, and CommScope (1:06:30).