Episoder
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Batten down the hatches, because the cost of environmental damage continues to rise.
Hurricanes and natural disasters pose a threat to leveraged credits. This yearās Atlantic hurricane season, which runs from June to November, has caused significant physical and financial damage to borrowers and civilians located mainly in the southeastern part of the US. Damages from hurricanes Helene and Milton, specifically, are estimated by published reports to be around $50bn each, ranking them among the costliest disasters in recent history.
In this weekās episode of Cloud 9fin hosted by leveraged finance editor David Bell, senior reporter Sasha Padbidri talks to Karen Clark, a Nobel Prize-winning pioneer in the catastrophe modeling space. Clark was also the subject of Michael Lewisā 2007 article In Natureās Casino for The New York Times Magazine, which examines the topic of catastrophe modeling in great detail.
Together, they discuss how the technology of catastrophe modeling has advanced since the 1980s and why understanding these risks are critical for company executives and insurers as natural disasters continue to reshape the financial landscape.
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Even with competition heating up, the direct lending market is ripe with opportunity.
In this weekās episode of Cloud 9fin, Fin Strathern interviews Bill Ammons, founding partner and portfolio manager at AlbaCore Capital.
They discuss the evolution of leveraged finance as direct lending develops, and the importance of providing flexibility and optionality. Bill shares insights from his extensive career, emphasizing the importance of credit selection and AlbaCoreās mission to adapt to market demands.
Have any feedback for us? Send us an email at [email protected]. Thanks for listening! -
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Every now and then a situation comes around that stretches the limits of possibility. System1 is just such a situation, and private credit investors should take note.
In this weekās episode of Cloud 9fin, distressed legal analyst Jane Komsky and distressed credit analyst Swapnil Sawant reveal the playbook of SPAC-era darling System1ās unique take on a liability management exercise that highlights a novel approach asset stripping.
Read more about the mechanics of this deal in Swapnilās analysis on 9fin.com. To get involved in the podcast, drop us a line at [email protected]. -
CLO captive equity funds have emerged as an important part of a managerās toolkit, affording greater control over CLO issuance patterns. In this weekās episode of Cloud 9fin, MidOcean Partnersā Jamil Nathoo tells 9finās global head of CLOs Tanvi Gupta about the strengths and weaknesses of certain fund structures.
They discuss new frontiers opening up in the Middle East and South America amid increasing appetite for CLOs and how this poses its own challenges, as well as how to compete with private credit fundraising. This is a conversation you wonāt want to miss.
If you have any feedback or would like to get involved in the CLO series on Cloud 9fin, reach out to us at [email protected]. Thanks for listening.
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Stop me if youāve heard this one before but what the heck did DISH (Echostar) and DIRECTV just say they were going to do? And will it actually happen this time?
In this weekās episode of Cloud 9fin, listen in as senior reporter William Hoffman sits down with 9fin credit analysts Kartik Dar and Daniel Stone to untangle the DISH and DIRECTV transactions and debt exchanges and speculate on the merger's antitrust prospects.
Find Danās latest piece on the path to regulatory approval for the DISH-DIRECTV merger here, and find Kartikās latest analysis on the deal here. Another worthy read is this piece by our distressed team, co-authored by William, Kartik and our deputy distressed editor Rachel Butt.
If you have any feedback for the team or would like to learn more about how to get involved, send a note to [email protected]. Thanks for listening. -
By nature, private credit is opaque. At least for now. But 9finās private credit team is hard at work building a data set that will help shed light on the trends and movements in the direct lending space.
In this bonus episode of Cloud 9fin, private credit editor David Brooke invites private credit analyst Elijah Jackson to share his experience in building the inaugural 9fin private credit report.
To learn more about our private credit data platform and how to access Elijahās report, email [email protected]. And as always, if you have any feedback on this episode or any other, send us a note at [email protected]. Thanks for listening.
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Cooperation agreements have taken the LME world by storm, foiling distressed companies' plans to play creditors off of one another to secure a better deal. But are these agreements anti-competitive?
In this week's episode of Cloud 9fin, our global head of distressed and restructuring Max Frumes delves into this quandary with distressed legal analyst Jane Komsky. They compare the use of co-op agreements to a US Supreme Court case that pitted an apparel supplier against the NFL, and look into whether co-op agreements could be considered a Sherman Act violation.
For more detail on this topic, read Jane's analysis and our follow-up Default Notice newsletter on 9fin.com. If you have any feedback for us about this episode, or requests to get involved in the podcast, email us at [email protected]. Thanks for listening. -
One of the strengths of private credit is its flexibility. And who doesnāt love to PIK and choose?
In this weekās episode of Cloud 9fin, US private credit editor David Brooke asks senior reporter Shubham Saharan to add another contribution to the ever-evolving private credit glossary as they dive into the definition of synthetic PIKs. Listen in to learn about what these instruments are, how theyāre being used by the industry, and whether theyāre likely to become a passing trend or an emerging staple.
If you have any feedback for us, send us a note at [email protected]. -
Zombie companies are businesses that, despite being insolvent, manage to survive for extended periods. Traditionally, these companies are defined by their inability to cover interest payments, but a more refined definition points to companies with low Z-scores, indicating a high probability of default. Over the past three decades, the prevalence of zombie companies has surged, especially in the US, leading to concerns about their broader impact on the economy.
The growing number of zombie companies contributes to the misallocation of resources, disinflation, and reduced productivity. Although zombie companies are inefficient, they continue operating for years due to financial and structural support.
In this episode of Cloud 9fin, distressed debt reporter Max Reyes sits down with Dr. Edward Altman, professor emeritus at the NYU Stern School of Business and famous for developing the Altman Z-Score, to talk about what defines zombie companies, their prevalence and the negative effects they have on the economy.
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All eyes are on media giant Paramount Global and its $13bn debt stack, amid the threat of a downgrade to junk status. With streaming wars intensifying and cable subscribers slowly converting to Paramount Plus, many are left asking: Is Paramountās debt heading for a rocky road, or is there still a way back to stability?
Despite its challenges, Paramount holds a strong liquidity position with $2.3 billion in cash and $3.5 billion in undrawn revolver capacity. However, with debt maturing soon and uncertainty surrounding the Skydance acquisition, the stakes are high as Paramount works to balance leverage and boost cash flow amid a shifting media landscape.
For this week's episode of Cloud 9fin, senior reporter William Hoffman and credit analyst Dan Stone explore the drama unfolding at Paramount, the implications of its potential downgrade, and whether other media giants like Warner Bros. Discovery could be next in line.
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Private credit funds are venturing back to their roots, embracing a strategy that blends the old with the new as hybrid deals are back in vogue.
But is this a nostalgic trip down memory lane, or a calculated move with long-term implications?
In this episode of Cloud 9fin, leveraged finance reporter Ryan Daniel and senior private credit reporter Synne Johnsson discuss this trend, the driving forces behind this shift and ponder the future of private credit in this evolving market.
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Hedge funds are making a bold push into the private credit arena, lured by the promise of higher returns. However, new territory is not without its hurdles, as these funds navigate a landscape already populated by established players.
In this episode of Cloud 9fin private credit reporter Peter Benson and senior private credit reporter Shubham Saharan discuss the complexities of this market shift and the different strategies hedge funds are using to gain a foothold in private credit.
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Private credit fundraising has been going through an inflection point in recent years, as high interest rates and geopolitical risk increasingly drive LPs to only the most established fund managers. The market shift has many wondering, is the sector leaving its āGolden Ageā and entering its "Silver Fox eraā?
Despite these challenges, investors are finding new opportunities as they adapt to the changing landscape.
For this week's episode of Cloud 9fin, private credit reporters Peter Benson and Fin Strathern discuss the evolving world of private credit fundraising, the rise of more niche strategies, and the use of perpetual capital vehicles.
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The Supreme Court in a 5-4 decision on 27 June ruled that a bankruptcy court does not have the statutory authority to provide non-consensual third party releases. Such releases had been a crucial part of the Purdue Pharma Chapter 11 plan, among others, where the bankruptcy system was being employed to shield non-debtors from litigation without full creditor consent.
The decision coincided with the timely publication of Unjust Debts by UNC law professor Melissa Jacoby, which provides a critical history of how the use of Chapter 11 has expanded far beyond the initial scope laid out in the Bankruptcy Code enacted in 1978.
For this week's episode of Cloud 9fin, global head of distressed and restructuring Max Frumes discusses this refreshing and crucial snapshot of bankruptcy law that is both technical and accessible with Professor Jacoby, and how current events might further shape the bankruptcy courts around the country.
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Not all liability management deals are "violent"; in fact the majority of deals in 2024 have allowed for participation by non ad hoc group lenders who in the past had been entirely cut out of the economics of non pro rata priming transactions.
For this week's episode of Cloud 9fin, global head of distressed and restructuring Max Frumes, distressed legal analyst Jane Komsky, and private credit reporter Sami Vukelj walk through the world of liability management.
The discussion covers the benefits and limitations of this kinder, gentler LME trend, with a focus on the Pluralsight and AMC Entertainment transactions.
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US leveraged buyout volumes are slowly starting to improve, with the likes of Apollo, Thoma Bravo, CD&R and TowerBrook making moves. This comes after a long period where buyers and sellers struggled to find common ground in valuations and could bring a welcome shot of new debt issuance for investors that are eager to lend. So what changed? And is this improvement in deal activity significant enough to satisfy investor demand for paper?
In this weekās episode of Cloud 9fin ā recorded before the recent spike in market volatility ā US LevFin editor David Bell sits down with senior reporter Sasha Padbidri and credit analyst Alec Keblish to unpack the hottest themes of recent LBO activity.
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The credit markets are constantly evolving, and CLOs are no exception. As hopeful new managers enter, less successful platforms fall away. This keeps the market healthy, says Napier Parkās global head of the CLO management platform Serhan Secmen. But what makes a manager successful?
In this weekās episode of Cloud 9fin, Serhan joins our own global head of CLOs, Tanvi Gupta, for a granular look at mezzanine and equity tranches, how to evaluate CLO positions and how shopping for CLOs can be a lot like buying a new car.
Follow all of Tanviās coverage of the CLO market here on the 9fin dashboard.
Have any feedback for us? Send us a note at [email protected].
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Tumultuous waves have long beset Thames Water, but last week a massive one hit the imperiled UK utility company head on as Moody's cut its opco debt to junk.
With too much debt, poor quality assets from decades of under investment, and a plan the water regulator rejected, Thames's opco downgrade was widely expected across the market. But what happens next?
To answer that question, 9fin editor Dan Alderson, senior distressed reporter Will Macadam and ABS editor Owen Sanderson hit the studio just after the downgrade was announced. The resulting bonus episode of Cloud 9fin is packed with insights and constructive speculation about what Thames's fallen angel status, license challenges and a new UK government entail for the uncharted waters ahead.
Find all of our coverage of Thames Water here on the 9fin dashboard. Have any feedback for us? Send us a note at [email protected].
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For the vendors and firms owed money by a bankrupt company, the primary motivation to join an Unsecured Creditorsā Committee is often simple: maximize economic recoveries. But Doctor Dennis Deruelle had other priorities.
Listen as Dennis recounts the struggles faced by hospital staff and patients from his viewpoint as the Executive Medical Director for Hospital Medicine and Critical Care during the rapid shuttering of American Physician Partners.
In this interview with 9fin deputy distressed debt editor Rachel Butt, Dennis lays out the concerns he had during the process and why he joined the UCC as part of the company's bankruptcy proceedings. He shares what his experience was like as the only true clinician on the committee, and what he thinks healthcare vendors and the credit industry can learn from the APP process. -
In the realm of private credit, thinking local is a must. Which means knowing your place can determine whether an investment will succeed or generate losses.
For this week's episode of Cloud 9fin, senior reporter Bianca Boorer sits down with Hayfin's Carlos Pla. They talk about the nuance of private credit special situations in Europe, how it differs from the US market and what it takes to succeed in the various European jurisdictions.
Carlos is a portfolio manager for Hayfin's special opportunities strategy and chairman of the investment committee for the special opportunities, tactical credit, healthcare and private equity solutions strategies.
Find all of our coverage of Hayfin's latest market moves here on the 9fin dashboard.Got any feedback for us? Send us an email at [email protected].
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