Cloud 9fin

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...

The collapse of UK mortgage bridge lender Market Financial Solutions has caused chaos across specialist lending. Mortgages are the heart of the securitised products business, and if you can’t trust mortgages, what can you rely on? 9fin broke the news of double pledging and shortfall in collateral found under its warehouse facilities. The fraud allegations are reminiscent of the recent cases of Fir...

Alternative internet providers swarmed the market during Covid-19 when internet usage became paramount to the shift of everyone suddenly having to work from home during lockdowns. In the UK we have over 100 altnet providers serving 16.4 million homes, according to a 2025 report by the Independent Networks Co-operative Association. This is up from 1.2 million homes in 2019. Investors were quick to...

In this episode of Jane’s LME Addiction , our head of LME coverage Jane Komsky brings in Debevoise's newest partners, Rachel Ehrlich Albanese, Sam Newman and Daniel Shamah to discuss the groups enhanced restructuring capabilities. They provide an overview of the LME and in-court landscape, and discuss what the year may bring by way of out-of-court vs in court transactions, sponsor and creditor inc...

Recent headlines suggest the private credit market is beginning to crumble; however, the asset class isn't a monolith. Look further downmarket, and a far more resilient story emerges. In this episode of Cloud 9fin , US private credit deputy editor Shubham Saharan is joined by Natalie Garcia, Deerpath 's head of underwriting, as well as Reed Van Gorden, Deerpath’s head of origination, to discuss ho...

Electronic Arts ’ proposed $55bn leveraged buyout has upended expectations for its 2031 and 2051 bonds. Instead of pricing in a straightforward 101% change-of-control payout, investors are weighing a tender offer and potential defeasance strategy that could strip covenants and lower the takeout cost. With a potential downgrade looming, bondholders must decide whether they can resist the maneuver o...

When traditional cashflow lending tightens, liquidity doesn’t always come from the usual places — sometimes lenders have to break companies into smaller, more financeable pieces. Carving out working capital assets, which involves isolating and valuing receivables and inventory in standalone structures, has emerged as a go-to strategy for borrowers looking to unlock incremental capital without refi...

Anyone who was in the LevFin market in 2022 may remember banks using term loan As to fill the financing gap when rising interest rates disrupted the syndicated loan market. That instrument has made a comeback — except this time, the TLA is no longer a back-up, but a tool to get larger financings done. In this episode, Cloud 9fin deputy LevFin editor Sasha Padbidri sat down with reporter Yiwen Lu a...

The leveraged finance markets saw a handful of leveraged buyouts keep pricing on their financing packages tight in January 2026. This was in spite of multiple geopolitical shocks and a sell-off in software loans as vibe coding comes into vogue. To put it all into perspective in this episode of Syndication Nation on Cloud 9fin , US LevFin reporter Dan Mika caught up with AGL Credit Management ’s Wy...

Ever signed up for a subscription, forgotten about it, and then been charged $100 a year later because it’s auto-renewed? Imagine doing the same, except add a few zeroes. In this episode of Cloud 9fin , David Hahn of Davis Polk talks to reporters Tom Quinn and Yiwen Lu about the emergence of snooze/lose clauses in the US credit market: how they work (and crucially, how they work differently to Eur...