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India’s private credit market is moving from IBC-era rescue finance to a broader asset class. Performing credit is hot, but complexity-driven capital remains scarce and potentially higher alpha. InCred Alternatives’ Ankur Jain, who is a managing director for private credit strategies, tells 9fin APAC reporter Rajhkumar Shaaw about a market that is still only about $25bn-$30bn in AUM, or 0.6% of GD...

A major theme of the first half of 2026 was Anthropic ’s Claude Code triggering a software sell-off that is still reshaping private credit, BSL and distressed debt. In the latest episode of Cloud 9fin Dan Mika, Anna Russi and Samantha Stokes unpack the first half of the year and what shocks await in the second half. The team reviews a volatile first half that began with optimism around M&A, Ho...

El Niño is back, and *Cloud 9fin’*s LatAm and CEEMEA editors see credit risks spreading across energy, agriculture and sovereign balance sheets. Deputy LevFin Editor Sasha Padbidri speaks with LatAm Editor Xochitl Herrera and CEEMEA Editor Dan Alderson on how worsening weather shocks are feeding into leveraged credit and emerging market risk. In Colombia, drought could cut hydropower output just a...

When an announcement was made last year that Universal Studios was making a movie about Archie Andrews produced by Hollywood heavyweights, it should have been a victory for one of comics’ most enduring franchises. Instead, it triggered a legal war which ties up a Beverly Hills mansion, accusations of threats fit for an “organized crime figure” and a much-awaited movie on the line. With a UCC forec...

Bitcoin Depot went from a $600m, publicly-traded business to bankrupt in a matter of months, but the story around the company and other crypto ATM providers has been brewing for years. We happen to have just the guy on staff to break it all down. In this episode of Cloud 9fin , head of bankruptcy Cat Corey talks with senior LevFin reporter Dan Mika about his previous reporting on the crypto ATM in...

In our latest episode of Syndication Nation , leveraged finance reporter Sunny Oh sits down with Mark Melchiorre, chief investment officer of Forza Investment Group , to discuss how insurance-focused asset managers are helping to finance America’s new “Manhattan Project” — the rapid buildout of tech and AI-driven digital infrastructure. Melchiorre discusses his journey through credit markets and t...

It seems that over the past few months, you could sum up the troubles facing private credit with one word : ‘illiquidity.’ This is a key tenet of the asset class, and it is often cited among the reasons for private credit’s premium. But it also can pose challenges , as seen through record redemption requests from non-traded BDCs and the dilemma of managing the tail end of a fund’s life. Two paths...

Sponsors Bain and Cinven are confident creditors will approve the A&E deal for Arxada , despite opposition from its senior unsecured bondholders. But is that confidence based on sunny optimism? 9fin sources say negotiations are ongoing with the SUNs in the background as the deadline to sign up for the deal is today (28 May). The company may look to extend by a day, Cinven partner Christopher A...

In our latest episode of Syndication Nation , US investment grade editor William Hoffman and senior leveraged finance reporter Sunny Oh discuss one of the hottest topics in corporate credit — data center bonds. With billions of dollars of fresh debt hitting both high-grade and high-yield markets to finance the AI infrastructure buildout, investors are being asked to underwrite these project financ...

In our latest episode of Syndication Nation , US investment grade editor William Hoffman and LevFin senior reporter Sunny Oh break down a complicated mess of debt headed for the primary in the back half of 2026 to fund the combination of Paramount Skydance and Warner Bros. Discovery . The debt stack is expected to include $32bn of existing bonds and $49bn of newly syndicated debt split across asse...

In this episode of Tranche Talk , *Cloud 9fin’*s CLO series, our global head of CLOs Tanvi Gupta, talks with Anjana Mohan Ravani, head of CLOs and corporate ABS at Redding Ridge Asset Management . They dive into infrastructure CLOs as an exciting growth area and discuss the value proposition for investors looking to underwrite the asset class and what the portfolio composition would look like for...

In this episode of Syndicated Nation , senior reporter Sunny Oh welcomes Lotfi Karoui, managing director and multi-asset credit strategist for Pimco , to discuss how corporate credit has managed to hold up in the face of geopolitical jitters from the Middle East and worries around the terminal value of software businesses. Karoui also addresses the relative liquidity between direct lending and 144...

In this episode of Jane’s LME Addiction , our head of LME coverage Jane Komsky welcomes back Jon Henes, founder and CEO of strategic communications firm C Street to discuss the market’s shift from the technical "how-to" of liability management transactions to the fundamental "why." Jon addresses the growing skepticism surrounding the efficacy of these deals, the strategic vision behind C Street’s...

While the software sell-off was the story of the markets in January, the war between the US and Iran has dominated headlines since the end of February. Back in September, 9fin highlighted a closure of the Strait of Hormuz as a black swan event that would shock the oil markets. When that scenario moved from a remote possibility to an impending risk, the team revisited the situation and outlined the...

The HALO (heavy assets, low obsolescence) trade has gained traction in recent months — particularly in the equity markets — as investors turn away from software businesses amid AI displacement concerns. In this week’s episode of Syndication Nation , 9fin’s podcast on all things leveraged finance, LevFin reporter David Westenhaver joins US deputy editor Sasha Padbidri in unpacking HALO for our side...

Everyone remembers their first car… lead-acid battery supplier bankruptcy. For Max Frumes, 9fin ’s global head of distressed debt and LevFin, that situation was Exide Technologies . It was the first full cycle of distress, bankruptcy and emergence that he covered in his storied career. And George Schultze, founder and CEO of Schultze Asset Management and author of The Art of Vulture Investing , wa...

We’re kicking off a new podcast series, LME Doomscrolling with Laurie , where 9fin ’s senior LME lawyer Laurie Tomassian unpacks the impact, risks and incentives of the evolving landscape of liability management exercises. In this inaugural episode, Laurie sits down with Professor Mark Roe and researcher Vasile Rotaru of Harvard Law School to explore their new study which measures how non-pro rata...

The recent sell-off in software has sparked a broader reassessment of risk across private credit. But are managers pulling back from risk, or just recalibrating how they price it? In this episode of Cloud 9fin , private credit reporter Anna Russi sits down with Patrick Warren, head of private credit research at MSCI , to unpack what’s driving the shift. Drawing on new data, they explore where sign...

In this episode of Syndication Nation , 9fin’s podcast on all things leveraged finance, LevFin reporter David Westenhaver joins US deputy editor Sasha Padbidri to discuss his recent reporting on the wild ride that is Six Flags . Fresh off the heels of a major refinancing, the company offloaded a handful of parks with the goal of deleveraging and focusing investment on a smaller portfolio. But will...

The Chemicals sector has been suffering from geopolitical tensions since Russian invaded Ukraine four years ago. Now with US President Donald Trump’s war in Iran and ongoing worldwide tariffs, volatility is higher than ever. In this episode of Distressed Diaries, our host senior reporter Bianca Boorer sits down with Kunal Shah, the founder and chief investment officer of London-based hedge fund PV...

In this episode of Tranche Talk, Cloud 9fin ’s CLO series, our global head of CLOs, Tanvi Gupta, talks with Alex Navin, managing director at Performance Trust Capital Partners. They discuss how CLO tranches are trading in this macro backdrop, triple-A liquidity, the influence of vintage on CLO trading, relative value between the US and Europe and how this pocket of volatility is different to anyth...

In this episode of Syndication Nation, 9fin ’s podcast on all things leveraged finance, US LevFin reporter Zoe Han joins US managing editor Bill Weisbrod to discuss her recent reporting on the explosive growth of prediction markets — and whether credit investors are actually all in or just hedging their bets. Are prediction markets a legitimate “truth machine” for LevFin dealmakers? Listen in and...

This article is part of our new APAC coverage, which will ultimately require a separate subscription to view. For more info on this product, contact subscriptions@9fin.com A big change is coming for the Indian banking system. Starting 1 April, India’s central bank will allow domestic banks to fund mergers and acquisitions. It’s a change to long-held rules barring lenders from the Indian M&A ma...

The 2017 NYDJ Apparel ( nee Not Your Daughter’s Jeans) transaction pre-dated Serta as the original “uptier” liability management deal in which lenders holding a majority of the loan amended the waterfall to uptier their existing holdings plus new money, subordinating minority lenders holding the same loans. In a conversation with 9fin ’s Global Head of Distressed & LevFin Max Frumes, Debevoise...