Season 2, Episode 7 

On this episode of LFI Levered Lines, host Krista Giovacco, Senior Editor at LevFin Insights, speaks with Tim Kleiman, Managing Director at Golub Capital, about the firm’s unique approach to philanthropy and impact investing. Tim discusses Golub Capital’s Nonprofit Board Fellows Network, which brings together 17 of the top 25 U.S. business schools to train the next generation of nonprofit board directors. The conversation covers the importance of board leadership, the value business schools provide in developing future leaders, and the collaborative power of the Board Fellows program.

Tim highlights the measurable impact of the initiative, including increased nonprofit board participation among alumni and strengthened connections between universities and local communities. The episode also delves into the scaling of Golub’s philanthropic efforts, the experimental nature of their Social Impact Labs, and the role of partnership in driving sector-wide effectiveness. 

Season 2, Episode 6

On this episode of LFI Levered Lines, host Steve Miller speaks with Soo Kim, Partner at Anchorage Capital Advisors leading the firm's global performing credit business and CLO platform, about Liability Management Transactions reshaping the leveraged loan market. Soo contrasts traditional payment defaults from prior cycles (2001, 2008-09, COVID-19) with today's "premeditated orchestrated defaults" designed to provide liquidity and deleveraging. She explains how the 2021-2022 era—characterized by low rates, elevated valuations, and frenzied LBO activity—collided with rapid rate increases to create over-levered balance sheets requiring restructuring.

The conversation explores various LMT structures (up-tiers, drop-downs, double-dips), the critical importance of documentation features like voting rights thresholds, and which constituencies benefit most. Soo shares practical insights on positioning strategies, noting that selling 12-18 months ahead typically preserves the most value, and discusses how LMTs are reshaping assumptions around default rates, recovery rates, and CLO modeling for the leveraged finance market.

Season 2, Episode 6

The conversation explores various LMT structures (up-tiers, drop-downs, double-dips), the critical importance of documentation features like voting rights thresholds, and which constituencies benefit most. Soo shares practical insights on positioning strategies, noting that selling 12-18 months ahead typically preserves the most value, and discusses how LMTs are reshaping assumptions around default rates, recovery rates, and CLO modeling for the leveraged finance market.

Season 2, Episode 5 

On this episode of LFI Levered Lines, host Steve Miller speaks with Chris Bonner, Partner and Head of LevFin Americas at Goldman Sachs, about the evolving leveraged finance landscape. Chris discusses sponsor M&A activity, the return of large public-to-private deals, and corporate carve-outs, with sectors like TMT (especially AI infrastructure), consumer retail, healthcare, and industrials showing renewed momentum. He highlights the competitive dynamics between corporates and sponsors, noting corporates’ attractive cost of capital and more balanced auction processes. The conversation explores the private credit revolution, emphasizing the complementary nature of broadly syndicated and private credit markets and the rise of "lightly syndicated" private credit.

Season 2, Episode 4 

On this episode of LFI Levered Lines, host Tom Davidson speaks with Investcorp Global Co-Head of Liquid Credit Corey Geis about today’s US loan market, CLO mechanics, and navigating spread compression. Corey shares takeaways from bank credit training, global trading, and building Marble Point through its sale to Investcorp; the internal leadership handoff; and staying active with refinancings, resets, and selective new issues. They discuss the BSL–private credit pendulum, a modest but healthy market pullback, and how rate cuts and narrowing bid-ask gaps could revive LBO/M&A. They balance macro with “read the docs,” governance diligence informed by First Brands, and early action on LMEs and tail risk. The conversation covers portability provisions, why lenders prefer change-of-control reevaluation, and CLO equity math when assets price at SOFR+150–175 - plus how refinancings and resets offset asset spread tightening and extend reinvestment. 

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.

Season 2, Episode 2

Jim traces his path from distressed debt to leading global lev fin, and explains how a “downside-first” mindset and all-weather discipline shape his team’s approach. He breaks down why spreads remain tight despite persistent macro headwinds, where the 6–10% of challenged credits are clustering, and how recurring LME waves are resurfacing as higher-for-longer rates, inflation pressures, and input costs continue to weigh on borrowers.

The conversation dives deep into LME mechanics - what “good business, bad balance sheet” really looks like, why scale and speed determine who influences outcomes, and how cooperation agreements can curb lender-on-lender violence. Jim contrasts collaborative, broad-support transactions with more coercive, document-driven structures that re-tier lenders and spark litigation, offering telltale signs to spot each path early.

Season 2, Episode 01

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.

Season 1, Episode 19

Season 1, Episode 18