Cloud 9fin

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...

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. Th...

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 standardizat...

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 e...

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 behi...

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 suppl...

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...

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...

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...

Private equity has made its way into nearly 23% of for-profit US hospitals, despite financial goals that can be at odds with the patient-oriented priorities in health systems. Distressed reporter Samantha Kroontje went to a new “healthcare desert” in Delaware County, Pennsylvania, to speak to some of the people impacted by the closure of its main health system, which came after years of debt-funde...

What happens when a banker gets fed up with outdated technology and decides to build something better? In this week’s episode of Cloud 9fin , we depart from our usual programming to share an interview produced by one of 9fin ’s investors, redalpine . Co-founder Steven Hunter shares how he turned years of complaining about broken fintech into 9fin — a 357-person company that's disrupting global deb...

The English courts have been called upon several times in the last few years to reevaulate what should be considered fair in Part 26A restructuring plans. Within 2025, the Court of Appeal handed down two key decisions on distressed utility company Thames Water and upstream energy engineering firm Petrofac ’s restructuring plans. Those decisions, combined with another Court of Appeal decision hande...

In this episode of Jane’s LME Addiction , *9fin’*s head of LME coverage Jane Komsky brings in Sound Point Capital Management managing director, Morgan O’Neill to discuss the intersection of private credit and LMEs. They discuss the red flags and green flags of whether a deal away is a real possibility or just there to threaten exiting lenders and how to tell if a LME will be built to last. Find al...

In this week’s episode of Syndication Nation, a podcast dedicated to all things leveraged finance, 9fin LevFin reporter Dan Mika talks with Barclays Head of US Credit Strategy Dominique Toublan about Barclays’ credit capitulation and complacency signals. What does the recent miss and revision in the US jobs report mean for lenders? What does it mean when credit spreads are getting tighter despite...

On Sunday 27 July, US and the EU have struck a deal to set at 15% tariffs on EU export to the US, which is not as high as president Donald Trump previously threatened, but can still impact Europe’s biggest car producer, Germany. Senior distressed reporter Bianca Boorer, host of this series , travelled to Munich to find out just how big the dent on the auto sector will be. She sits down with Hendri...

In this episode of Cloud9fin , our distressed debt editor Rachel Butt brings in Jonathan Foster, founder of Current Capital Partners , to discuss corporate governance in restructurings and bankruptcies. They delved into Jon’s career, his book On Board , and thorny topics including the so-called super repeaters trend and third party releases. Have any feedback on the podcast? Send us a note at podc...

In this episode of Jane’s LME Addiction, 9fin’s head of LME coverage Jane Komsky brings in Mudrick Capital Management founder, Jason Mudrick, and Akin Gump partners Dan Fisher and Jaisohn Im to discuss disqualified lender (DQ) lists. They discuss the the goal of DQ lists, whether they actually work (spoiler: they believe they do not), and the implications for sponsors and lenders involved. Find al...

Earlier in June, Ares priced its first direct lending CLO, the second of its kind of Europe, but with a twist — it is priced in sterling. The last 12 months have been a busy time for the private credit giant, as they also completed a €30bn fundraise in Europe and opened a new office in Milan. In this episode of Cloud 9fin , senior private credit reporter Synne Johnsson chats with Andrea Fernandez,...

In this episode of Jane’s LME Addiction , our head of LME coverage Jane Komsky brings in founding partner of Selendy Gay , Jennifer Selendy, to discuss LME litigation. They discuss the perspective of excluded lenders, when it makes sense to hold out, and why we have yet to find any certainty on the validity of specific LME tactics and debt document language. Find all our coverage on LME litigation...

It has been a busy month for the Significant Risk Transfer (SRT) market as investors returned from the Global ABS conference in Barcelona earlier this month to a flurry of new deals, 9fin’s Celeste Tamers reported . In this episode of Cloud 9fin, US distressed debt reporter Ayden Crosby is joined by David Lucking, a partner in Linklaters' US structured finance practice, to discuss the state of SRT...

In this episode of Cloud 9fin, Tanvi Gupta, global head of CLOs at 9fin , talks with Sumer Chopra, director at Alumia , to discuss how CLOs have gone from an exotic to an essential product in the eyes of institutional investors. They discuss what’s led to the boom of family offices allocating to CLOs, double-Bs and single-Bs outperforming CLO equity, and how some endowments still struggle with the...

We are back to France — the current epicentre of European credit stress — for our second episode of Distressed Diaries. Over the last few months, French lab company Cerba ’s debt has taken a beating as fears mount over its unsustainable €3.8bn capital. Most recently, 9fin reported that creditors have started to organise and appointed legal advisors in the lead up to possible debt negotiations. The...

President Donald Trump’s much anticipated ‘Liberation Day’ sent global markets into a tizzy in April, but how did private credit firms react? During what we have termed the ‘Deliberation Days’ of Q1, private credit investors were scrambling to mitigate potential tariff risks as best they could but they were also on the offensive. Elijah Jackson’s latest quarterly report on the state of the market,...

In this week’s episode of Syndication Nation, a podcast dedicated to all things leveraged finance-related, 9fin deputy editor Sasha Padbidri and head of legal James Wallick have put together a terrible headline and a great conversation on the emergence of President Donald Trump’s tariff language in new issue debt documents. For more details (and terrible headlines), check out our reporting on Span...

In this episode of Jane’s LME Addiction , our head of LME coverage Jane Komsky brings in Rachel Murray, a managing director at Moelis, to discuss how today’s restructuring environment compares to the Covid era and how that experience can guide clients. They discuss what makes an LME effective, in addition to current trends and techniques that are shaping the space. Check out all of our LME coverag...