Cloud 9fin

High-profile US bankruptcies, First Brands and Tricolor have sent warning signals to regulators about the dangers of opaque financings, shining a light on private credit.

Are these cases one offs, given allegations of fraud, or will there be more cockroaches to follow?

In this episode of Distressed Diaries, 9fin’s senior distressed reporter Bianca Boorer sat down with senior distressed reporter Alessia Argentieri and private credit reporter Gregory Rosenvinge to talk about risks lurking in private credit.

We address some defaults, recent takeovers by private credit funds and lessons learned from the First Brands case.

We also touch on some new tools the private credit market is employing to increase its liquidity further.

As private credit continues to grow, it is constantly looking for new ways to deploy the mountain of capital it has raised. Now that the market is of scale, it has begun to look at investment grade credit as another avenue on which to make deals.

In this episode of Cloud 9fin, senior private credit reporter Peter Benson sits down with Ryan Schwartz, managing director in Brookfield Asset Management’s credit group to discuss the burgeoning asset class. They discuss what IG private credit is, how deals can be structured, and why IG private credit makes sense for investors.

Have any feedback for us on the podcast? Send a note to [email protected]. Thanks for listening!

In this episode of Tranche Talk, Cloud 9fin’s CLO series, our global head of CLOs Tanvi Gupta, talks with Edwin Wilches, Co-head of Securitized Products at PGIM.

They talk about how securitization is the key component in Europe’s growth agenda, how more work needs to be done for Solvency II, the evolution of insurance demand, relative value and the impact on liquidity from recent regulations. They also delve into the unintended consequences of putting out a clarification in the middle of summer and the art of staying zen.

Have any feedback for us on the podcast? Send a note to [email protected]. Thanks for listening!

In this episode of Tranche Talk, Cloud 9fin’s CLO series, our global head of CLOs, Tanvi Gupta, talks with Saffet Ozbalci, global head of structured credit at BlackRock.

They talk about the nuances of investing in CLOs with a backdrop of dramatic bankruptcies, relative value in CLO tranches in a new rate regime, what’s next in structural innovation in the capital stack, the need for standardization of docs and, most importantly, the (unlikely) outcome of the UEFA Champions League.

Have any feedback for us on the podcast? Send a note to [email protected]. Thanks for listening!

In this episode of Jane’s LME Addiction, 9fin’s head of LME coverage Jane Komsky sits down with 9fin private credit reporters Shubham Saharan and Tom Quinn, to discuss how sponsors are adding the ability to veto their portfolio companies’ creditors’ choice of law firm. They discuss the how these provisions came about, what iterations have passed into the market, and whether these provisions are ethical.

Find all of our coverage on LME litigation on 9fin.

Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening!

An old adage is proving true in the private credit markets: it takes money to make money. Or maybe more accurately in this case, it takes billable hours to make money.

In this episode of Cloud 9fin, head of private credit Josie Shillito digs into Dominus Capital’s buyout of Creative Outdoor Advertising with reporters Tom Quinn and Anna Russi. They unpack their recent article, which gives a behind-the-scenes view into how the sponsor front-loaded a negotiated credit agreement with Twin Brook before entering exclusivity with the seller.

It’s another example of an emerging strategy to win deals on speed and certainty in a tight lower middle market. They discuss what the bold move signals for lenders, lawyers, and future auctions.

Have any feedback for us? Send us a note at [email protected]. Thanks for listening!

In this episode of Cloud 9fin, our global head of CLOs, Tanvi Gupta, returns for her ongoing series, Tranche Talk. This time, she’s joined by Oak Hill Advisors’ portfolio manager Tommy Wong.

They dive into the forces shaping today’s CLO market — including macroeconomic drivers, asset allocation strategies, credit selection in a low-arb environment, as well as the effects of M&A on loan supply.

Have any feedback for us? Send a note to [email protected].

Betting on sports has been a huge engine of growth for LevFin gaming companies. But is sports contract betting a boom or bust moment for the industry?

As apps like Robinhood and Kalshi make it possible to buy or sell contracts based on all kinds of binary events, some gaming companies are eyeing the potential windfall from bringing the same kind of contract trading to sports events.

In this week’s episode of Syndication Nation, a podcast dedicated to all things leveraged finance-related, Peter Hammon, online gaming and sports betting lawyer and senior of counsel at Vela Wood, joins 9fin leveraged finance reporter Zoe Han to talk about the fast moving scene around sports contract betting, including the implications of the recently announced partnership between gaming company FanDuel and CME, one of the world’s biggest derivatives marketplaces.

They discuss how contract betting could supercharge the next phase of growth for gaming credits — or leave them mired in regulatory red tape. Place your bets!

Have any feedback about this episode? Send us a note at [email protected]. Thanks for listening!

Litigation against aggressive liability management exercises in Europe is on the rise as creditors fight back against sponsor’s tactics to prime minority creditors.

Back in November a group of primed creditors in Dutch lingerie maker Hunkemoller filed a lawsuit in New York against US hedge fund Redwood after it uptiered its portion of the debt.

Redwood implemented the same tactic in another uptier transaction with UK carpet maker Victoria PLC’s notes, which primed minority holders.

More recently, in August a minority creditor in Swiss vending machine provider Selecta filed an appeal against its restructuring in a Dutch court.

In this episode of Distressed Diaries, 9fin’s senior distressed reporter Bianca Boorer sat down with Duane Loft, partner at Pallas Partners, who is representing the primed holders in Hunkemoller, and 9fin senior distressed credit analyst Denitsa Stoyanova CFA.

We discuss the Hunkemoller case, provide updates on the litigation process, and examine potential outcomes if Victoria's transaction faces legal challenges.

We also delve into what creditors should consider when deciding whether to litigate, how litigation can help with negotiations, and compare litigation practices in the US versus Europe. And for more background see here our three-part series on the Americanisation of European LMEs.

In this episode of Jane’s LME Addiction, 9fin’s head of LME coverage Jane Komsky brings in Shai Schmidt, a partner from Glenn Agre, to discuss how minority holders are thinking about LMEs. They discuss the best time to organize, when to negotiate and when to litigate, and tools and trends for minority holders to consider.

Find all of our coverage on LME litigation on 9fin.

Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening!