Shows
Fixed + Floating - The Credit Podcast$40B in Software Loans Below 80 - Who Survives AI? | Alec Keblish & Matthew Hughes (9fin) #08940 billion of software loans are now trading below 80 cents — up from $25 billion a month ago. The AI sell-off isn't just an equity story.Alec Keblish and Matthew Hughes, senior credit analysts at 9fin, join Josef Pschorn to walk through the mechanics of how AI is reshaping software credit risk: why margin compression is non-linear in its leverage impact, which SaaS companies have structural moats versus existential exposure, and where the real winners of this transition sit in the capital stack. From the SaaS P&L line by line to a 2×2 credit framework for classifying eve...
2026-02-241h 28Fixed + Floating - The Credit PodcastBDCs Deep Dive: Seaport's John Giordano on Redemptions, PIK Risks & BlackRock MarksBANKS FLED - BDCs TOOK OVER: Why Private Credit Exploded to $534B Josef Pschorn interviews John Giordano (Seaport Global Co-Head Credit Research) on BDCs' 15-year explosion from $0 → $534B - and whether BlackRock TCP markdowns + Blue Owl 18% redemptions represent systemic risk.Born from the Small Business Act, these tax pass-throughs exploded from $0 to $534B in 15 years as banks retreated.The mechanics:89% first-lien, 5.6x leverage targeting $200M EBITDA companiesPerpetuals ($277B AUM): Monthly dividends, 5% quarterly gates—half the marketPIK breakdown: 7.55% public vs 3.93% perpetuals. "Play with PIK... but pay the pipe...
2026-02-1052 minFixed + Floating - The Credit PodcastWhy 7.9% Returns Beat 13.9% Yields: The "Fool’s Yield" Trap | Greg Obenshain (Verdad Capital)𝗪𝗵𝘆 𝗱𝗼 𝟭𝟯.𝟵% 𝗯𝗼𝗻𝗱𝘀 𝗿𝗲𝘁𝘂𝗿𝗻 𝗟𝗘𝗦𝗦 𝘁𝗵𝗮𝗻 𝟳.𝟵% 𝗯𝗼𝗻𝗱𝘀? 📉 Greg Obenshain (Partner at Verdad Capital) reveals the "Fool’s Yield" trap and why reaching for yield structurally destroys credit portfolios.In this episode of Fixed + Floating, Josef Pschorn sits down with Greg Obenshain to deconstruct the quantitative reality of the high-yield market. Greg explains his transition from a fundamental PM at Apollo to building a systematic process that proves why credit should be treated as a savings vehicle, not "equities in drag."They unpack why Total Assets is the #1 predictor of default resilience, the "inversion" of factors needed to solve the Biotech sector, and why Duration is actually a form of known credit leverage.𝗞𝗲𝘆 𝗯𝗿𝗲𝗮𝗸𝗱𝗼𝘄𝗻𝘀:• 𝗧𝗵𝗲 𝟭𝟯𝟬𝗯𝗽𝘀 𝗔𝗻𝗼𝗺...
2026-01-271h 05Fixed + Floating - The Credit PodcastGlobal Chemicals Overcapacity: INEOS Deep Dive | Timothy Riminton (Bloomberg Intelligence)In this episode of Fixed + Floating, Josef Pschorn speaks with Tim Riminton, Senior Credit Analyst at Bloomberg Intelligence, about China's chemicals capacity flood, Europe's energy shock, and why INEOS sits at the epicenter of the sector's worst downcycle in years.Tim and Josef unpack the INEOS divergence: Group Holdings' €700M Project One ethane arbitrage catalyst versus Quattro's 15% yielding bonds and €1bn 2027 refinancing wall. They explore Ratcliffe's cash-leaking conglomerate empire (F1, autos, oil/gas), ring-fenced debt boxes, and what PVC demand signals say about global cyclicals.From 9x leverage to covenant stress, this reveals the credit play...
2026-01-1353 minFixed + Floating - The Credit PodcastGlobal Chemicals Overcapacity & Credit Stress | Timothy Riminton (Bloomberg Intelligence)The global chemicals industry is in turmoil - a potential structural reset from China’s capacity build-out, utilization dropping from low-mid 80s to high 70s, and Europe’s energy shock. This has made chemicals one of the weakest European high yield sectors, with spreads blowing out ~600bps over, negative returns, and distress clustering in commodity-heavy, leveraged names.Tim Riminton, Senior Credit Analyst at Bloomberg Intelligence (7+ years on basic materials), explains why this isn’t just Europe: overcapacity ripples globally via collapsing EBITDA (one issuer fell 60% Q/Q), plant closures (up to 20% Europe cracking capacity), weaker c...
2025-12-191h 06Fixed + Floating - The Credit PodcastHow BDCs, Insurers & Private Credit Are Quietly Converging | Jakub Lichwa (TwentyFour AM)In this episode of Fixed + Floating, we sit down with Jakub Lichwa, Portfolio Manager on the Multi-Sector Bond team at TwentyFour Asset Management, to explore how insurance companies invest, why private credit has become central to insurer portfolios, and how BDCs, private equity firms, and life insurers are increasingly converging into a single ecosystem of credit creation.We dive into the mechanics of insurance balance sheets, the growth of private credit as an asset class, and the structural impact of PE-owned insurers on modern credit markets. This episode is a deep look at how long-dated liabilities, ALM...
2025-12-071h 02Fixed + Floating - The Credit PodcastThe Rise of Shadow Defaults & Private Credit Risks | Edward Altman (NYU Stern)In this episode of Fixed + Floating, Professor Edward Altman (NYU Stern) explains the rise of shadow defaults and what credit investors should know about today’s evolving corporate credit landscape. We explore private credit growth, distressed exchanges, and hidden risks in loan and bond markets, and analyze what default patterns may signal for the next 12–24 months.Edward Altman, creator of the Z-Score and one of the most influential thinkers in corporate credit, shares insights into how leveraged finance has evolved into a $5 trillion market, why private credit is growing, and where silent stress and shadow defaults are appe...
2025-11-231h 04Fixed + Floating - The Credit PodcastFirst Brands Collapse & Credit Insights | Jared Muroff (Octus)In the debut episode of Fixed + Floating, Josef Pschorn sits down with Jared Muroff, Head of Special Situations at Octus, to examine the collapse of First Brands. We explore what went wrong, the market implications, and key lessons for credit investors and professionals navigating stressed corporate credit.Jared Muroff, CFA, brings over a decade of buy-side and restructuring experience, including senior roles at Balbec Capital and ASM Capital. He shares insights into working capital finance, distressed situations, and Chapter 11 mechanics, providing guidance on how investors can assess and respond to credit risk in today’s markets....
2025-11-091h 18Fixed + Floating - The Credit PodcastInside First Brands’ Collapse - SnippetInside First Brands’ Collapse - Snippet
2025-11-0900 minFixed + Floating - The Credit PodcastFixed+Floating - The Credit Podcast: Official TrailerWelcome to Fixed + Floating: The Credit Podcast! 🎙️Launching this November, Fixed + Floating brings institutional credit investors in-depth conversations with leading voices in credit and macro markets. Our trailer gives you a sneak peek of the insights and strategies we’ll cover in full episodes.Listen to expert discussions on:- Credit markets and investment strategies- Macro trends shaping global finance- Interviews with industry leaders and market expertsSubscribe now on Spotify to never miss an episode: https...
2025-11-0200 min
Das große BildPortfoliomanager Josef Pschorn – Warum eine marktneutrale Anleihenstrategie von Volatilität lebt
Podcast-Host und Family Officer Christian Hammes und Josef Pschorn sprechen auf dem private banking kongress miteinander und duzen sich direkt. Denn Pschorn, Portfoliomanager bei Xaia Investment, trägt sonst eigentlich keinen Anzug. Dafür bauen beide gemeinsam ein marktneutrales Portfolio auf und sprechen über die Vor- und Nachteile dieser Strategie.
Marktneutrale Anleihenstrategie als Fokusthema
Mit einer marktneutralen Strategie im Anleihenmarkt will Xaia das Risiko auf ein Minimum herunterfahren. Dazu werden bestimmte Mechanismen angewandt, wie etwa die Kreditausfallversicherung. Hierbei spielt beispielsweise das Timing eine wichtige Rolle, aber auch das Ausfallrisiko. Lassen sich so wirklich stabile Erträge erwirtschaften, mit einem gute...
2024-06-2042 min
Forward GuidanceReal Estate Crisis Hits Two German Banks | Josef Pschorn on Deutsche Pfandbriefbank and Aareal BankFinally, you can easily access Bitcoin in a low-cost ETF with the VanEck Bitcoin Trust (HODL). Visit https://vaneck.com/HODLFG to learn more.VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/hodlprospectus/__Follow VanEck on Twitter https://twitter.com/vaneck_usFollow Jack Farley on Twitter https://twitter.com/JackFarley96Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidanceFollow Blockworks on Twitter https://twitter.com/Blockworks___Use code FG10 to get 10% off Blockworks’ Digital Asset Summit in March: https://blockworks.co/ev...
2024-02-2352 min