Shows
The LFI Levered Lines PodcastPrivate Credit Themes for 2025 and Beyond: A Discussion with JP Morgan’s Jeff BracchittaIn this week's episode of LFI’s Levered Line, Steve Miller welcomes Jeff Bracchitta, JP Morgan’s head of Private Credit Origination. In a wide-ranging discussion, Jeff details:
How the levfin private credit has matured and taken shape in recent years
The main investor constituencies and how each play in the space
JP Morgan’s approach to private credit
How the recent volatility in the markets have impacted private credit
The relative position of private credit and BSL in today’s credit landscape
The state of covenants for private credit loans with an eye on deal size
The nascent...2025-05-2714 min
THINK Business with Jon DwoskinFrom Wall Street to Founder: Andy Lee’s Vision for Modern Finance Andy Lee founded Parallaxes Capital in 2017. Previously, he was with Lone Star Funds, focused on investing in the Americas. He began his career at Citigroup. He has been featured in publications including The Wall Street Journal, Capital Allocators, Institutional Investor, NBC, Forbes, ReOrg Radio and Fitch’s LevFin Insights. He has spoken at events and conferences for organizations such as the Association of Asian American Investment Manager (“AAAIM”) and leading academic institutions including the University of Illinois, University of Pennsylvania and Texas Christian University (“TCU”). Connect with Jon Dwoskin: Twitter: @jdwoskin Facebook: https://www...2025-05-2620 minThe LFI Levered Lines PodcastThe Nuts and Bolts of Non-Sponsored LendingIn this episode of Levered Lines, LevFin Insights sits down with Aaron Kless, CEO and CIO of Andalusian Credit Partners, to hash out exactly how is non-sponsored lending different from sponsor finance, the cornerstone of the direct lending world, and why investors should make a home for it in their portfolio. From how to source transactions, the structure of deals and what businesses use the money for, LFI gets to the bottom of what makes non-sponsored lending unique and sheds light on an under-trafficked part of the private credit asset class.
2025-04-0919 min
Know More. Risk Better.Understanding Market Volatility: Insights on Loans and Private CreditIn this episode of the Know More. Risk Better. podcast, host Winnie Cisar, Global Head of Strategy at CreditSights, sits down with Kerry Kantin, U.S. Bureau Chief at LevFin Insights, to discuss the current state of the loan and private credit markets. They delve into recent market volatility, the dynamics between broadly syndicated loans and private credit, and expectations for M&A activity in 2025. Kerry shares insights on how economic conditions and interest rates are shaping market trends and what issuers and investors can expect in the near future. Don't miss this insightful conversation on navigating complex financial...2025-03-0628 minThe LFI Levered Lines PodcastM&A, BDCs and Certainty: Blackstone’s Victoria Chant on M&A, BDCs Financing their Own Operations and Private Credit BenefitsIn this episode of the LevFin Insights Levered Lines podcast, Andrew Hedlund chats with Victoria Chant, Senior Managing Director and Global Head of Capital Formation at Blackstone Credit and Insurance. Their discussion focuses on her role in capital formation and accessing debt capital markets. Key topics include trends in M&A activity, the effects of a strong economy and robust markets, and how BDCs think about their own debt financings. They also explore the interaction between syndicated and private credit markets, the impact of capital costs, and the growth of BDCs. Victoria highlights the advantages of private credit, using...2025-03-0423 min
Cloud 9finHow are the Southern California wildfires impacting LevFin?The full extent of the damage from this season’s California wildfires is yet to be determined, but one thing that is certain is that some leveraged credits are starting to feel the heat.In this week’s episode of Cloud 9fin, US managing editor Bill Weisbrod and deputy leveraged finance editor Sasha Padbidri survey the extent of the damage and discuss which industries are among the most impacted.Find Sasha’s latest report about the wildfires’ impact on leveraged credits here. If you have any feedback or want to get in touch, send us a not...2025-01-2206 minThe LFI Levered Lines PodcastDriving Global Awareness and Change: Melanoma Research and Leverage FinanceIn the latest episode of 'LFI's Levered Lines' Podcast, host Luke Millar, Global Editor-in-Chief at LevFin Insights, welcomes Stephanie Kauffman, President and COO of the Melanoma Research Alliance, and Ian Devine, Head of Loan Trading in Europe at RBC. Following the huge success of New York events and ahead of the inaugural Leveraged Finance Fights Melanoma event in London, together, they delve into the founding and mission of the Melanoma Research Alliance, dedicated to increasing funding and advancing melanoma research globally.
Ian shares his personal journey with skin cancer, emphasizing the necessity of regular skin checks and a...2025-01-1521 minThe LFI Levered Lines PodcastNavigating Private Credit and Syndicated Loans with Peter Gleysteen
In the latest episode of the LevFin Insights Levered Lines Podcast, Steve Miller welcomes Peter Gleysteen, Founder, CEO, and CIO of AGL Credit Management. They discuss key topics such as the differences between syndicated and private credit loans, AGL’s exclusive collaboration with Barclays, and the future outlook for leveraged finance and M&A activity. Peter also shares insights into the current health of the leveraged loan market. Tune in for an engaging discussion on the evolving landscape of leveraged finance.
2024-12-1220 min
Debtwired!JP Morgan’s Ben Thompson discusses LevFin market outlookOn this episode of the Debtwired! Podcast, Ben Thompson, Head of EMEA Leveraged Finance Capital Markets at JP Morgan, discusses the outlook for primary issuance in the European leveraged loan and high-yield bond markets with Jelena Cvejic, Debtwire Europe’s Head of Leveraged Loans.As we are currently closing in on the second-busiest year ever in terms of gross volume in the European leveraged finance market, Thompson shares an overview of the pace and type of issuance expected in the fourth quarter.During the conversation, we discuss the evolving demand and supply dynamics, including the fl...2024-10-1119 minKnow More. Risk Better.Private Investment Grade Credit: Opportunities and StrategiesIn the latest episode of LevFin Insights 'Levered Lines' podcast, Managing Editor Andrew Hedlund sits down with Shawn Robinson, co-head of Private Fixed Income at Apollo Global Management. Together, they explore the intricacies of private investment grade credit (Private IG), a notable example being Apollo's $11 billion deal with Intel.
Discover how Private IG offers flexible, bespoke financial solutions across diverse sectors like aviation and AI. Sean explains the numerous benefits, including higher spreads and robust protections, while addressing common concerns about liquidity and transparency. Learn how pension funds and institutional investors are leveraging Private IG for...2024-10-0216 minKnow More. Risk Better.Navigating Tight Pricing and Leverage in Private CreditIn this episode of "Know More. Risk Better.", Winnie Cisar is joined by Andrew Hedlund, Managing Editor at LevFin Insights, to discuss current trends in private credit. They highlight the anticipated Federal Reserve rate cuts and their potential impact on the market, noting that tight pricing benefits borrowers with lower interest payments. The discussion also covers high leverage in private credit deals, a growing deal pipeline, and significant fundraising efforts, such as Ares' $34 billion in investable capital. Additionally, they address macroeconomic impacts, concerns about defaults, the use of payment-in-kind (PIK) options, and sector-specific challenges, particularly in healthcare.
2024-09-1725 minKnow More. Risk Better.European Leveraged Finance Update: Issuance, Demand, and Market SentimentIn the latest episode of the Know More. Risk Better. podcast, host Logan Miller, Head of European Strategy at CreditSights, is joined by Luke Millar, Global Editor-in-Chief of LevFin Insights, to explore current developments and forward-looking trends in the European leveraged finance markets.
They delve into key topics such as the performance of the high-yield market, driven by a recovery in stressed sectors like real estate, elevated carry from high starting yields and narrowing credit risk premiums. The discussion also covers the dynamics between fixed and floating rate leveraged debt, the market's appetite for risk, the pivotal...2024-09-1232 minKnow More. Risk Better.Leveraged Loan Primary Insights: From Market Technicals to Fund FlowsIn the latest episode of CreditSights' "Know More. Risk Better." podcast, host Winnie Cisar is joined by Kerry Kantin, US Bureau Chief at LevFin Insights. They delve into the recent increase in M&A and LBO-related financings against the backdrop of a falling-rate environment, resulting in a $39 billion leveraged loan pipeline. The discussion highlights how falling base rates benefit loan issuers and underscores repricing activities that extend loan maturities. Additionally, the episode covers fund flows, market technicals, and return prospects, noting that high-yield bonds should get a boost as rates decline. It wraps up with an insightful discussion on...2024-09-1031 minCloud 9finLBO volumes warm up in the summer sunUS 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 week’s episode of Cloud 9fin — recorded before the recent spike in market volatility — US LevFin editor David Bell sits down with s...2024-08-0711 min
The NavigatorNot your father's LevFin market: the evolution of high yield bonds, loans and private creditNot too long ago, high-yield bonds were commonly called "junk" bonds. But the asset class has matured, and it’s no longer your father’s leveraged finance market says Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income Team. Tim joins Jason Pasquinelli, Head of Client Solutions at RBC GAM, on this episode of The Navigator to discuss the evolution of high yield bonds, loans and private credit, and how these competing elements of the leveraged credit market have led to misconceptions for investors. They also address the current state of the market, where we a...2024-07-1119 minCloud 9finThe dawn of the audit broShout if you’ve heard this one before: a CPA and an MD walk into a bar. The MD says, “Plz Fix,” and the CPA says, “sure, but I’ll need three forms of ID and an engagement letter first.” In response to which the MD, of course, literally explodes.Not heard it? Well you may soon, because private equity ownership of auditing firms is causing concern in the wake of deals like the New Mountain Capital acquisition of Grant Thornton earlier this year.In this week’s episode of Cloud 9fin, our LevFin editor David B...2024-07-1020 minKnow More. Risk Better.Hate the Game, Not the Player: An Update on the Primary Loan MarketWinnie Cisar and Kerry Kantin, U.S. Bureau Chief at LevFin Insights, are back with an update on the trends and dynamics of the leveraged loan primary market, emphasizing the surprising strength in 2024. They discuss how a decrease in recession fears and a lack of M&A activity have led to more demand than supply in the market, favoring issuers and sparking a wave of repricing.
2024-06-0422 min
Market MakerDemystifying Investment Banking: A Day in the Life of a Leveraged Finance Analyst (Part 2)Join us for the second and final episode of our mini-series, where we delve into the daily responsibilities of a Leveraged Finance (LevFin) Analyst. Discover how this role stands out within the banking division, and gain insider tips on successfully entering this dynamic field. Whether you're aspiring to break into finance or simply curious about the world of investment banking, this episode offers valuable insights and practical advice.*****Take a free experience in banking with our M&A Finance Accelerator simulation in partnership with UBS www.amplifyme.co...2024-05-2716 minThe LFI Levered Lines PodcastNavigating the Credit Frontier: Leland Hart on Building Warwick's Credit PlatformIn the first episode of LevFin Insights' "Levered Lines" podcast, host Steve Miller speaks with Leland Hart of Warwick Capital about the intricacies and challenges of setting up a new credit platform over the past 18 months. The episode offers listeners an insider's perspective, enriched by Hart's extensive experience and strategic insights. Topics include infrastructure, operations, fund raising, and the outlook for CLO structures, and much more.
2024-05-2123 min
Economics ExploredThe Tax Guru the WSJ says has Wall Street’s “Strangest Hustle”: w/ Andy Lee, Parallaxes Capital - EP237According to the Wall Street Journal, this episode’s guest, Andy Lee, is “The Tax Whiz With the Strangest Hustle on Wall Street”. He’s the founder and CIO of Parallaxes Capital, and he joins us to talk about tax receivable agreements (TRAs). Andy explained what TRAs are, how they come about for companies going public such as Shake Shack in 2015, and why he’s investing in them. Disclaimer: Nothing in this episode should be construed as financial or investment advice. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexp...2024-04-2339 minKnow More. Risk Better.Euro-Levfin Uncovered: Strategy and Sentiment in 2024In our latest "Know More. Risk Better." podcast episode, host Winnie Cisar and Global Editor-in-chief of LFI, Luke Millar unpack the European leveraged finance market's robust start in 2024. They tackle key drivers, CLO trends, and the evolving private credit landscape, offering expert analysis on the sector's opportunities and challenges. Tune in for critical insights into high-yield strategies and default outlooks.
2024-02-2734 minKnow More. Risk Better.Surfing the Swell: Navigating the High Tide of 2024's Leveraged Loan MarketIn this episode of "Know More. Risk Better.," host Winnie Cisar and US Bureau Chief for LevFin Insights, Kerry Kantin, dissect the bustling start of the leveraged loan market in 2024. They delve into the implications of the market's robust opening, and the emerging trends in refinancings and repricings. With the market swiftly adapting to macroeconomic signals, they explore the strategic maneuvers companies are making to optimize their capital structures.
2024-01-3028 min
Funds that WonDemystifying Tax Receivable Agreements l Saish Setty & Parallaxes Capital l Ep 29Today, I sit down with Saish Setty of Parallaxes Capital, an incredible innovative firm that is changing the way we think about tax receivable agreements-- TRAs. Parallaxes provides liquidity to tax receivable agreement ("TRA") stakeholders by monetizing otherwise long-dated assets and anticipate that TRAs will continue to become more common in the coming years while they lead the pack. Saish and I get into the weeds on how his firm provides alpha, what a TRA even is, and what he sees in the future of this asset class. Great conversation with Saish, enjoy. Saish Setty...2024-01-2441 minCloud 9finCinven answers investors’ LBO Christmas wishes with Synlab takeoverGerman medical diagnostics provider Synlab answered investors’ Christmas wishes for another big European LBO deal by coming to market with €1.5bn in bonds and loans in early December. The funding was used to finance UK private equity fund Cinven’s acquisition of a majority stake in the company.For our first podcast of 2024, Cloud9fin sits down with 9fin Levfin reporter Ryan Daniel and credit analyst Ameeq Singh to talk through Synlab’s rise in importance during Covid-19, it’s long lasting relationship with Cinven and their LBO debt syndication journey. The late-in-the year deal launch begs the questi...2024-01-0411 minCloud 9finThe release of ‘9fin AI’, GPT for LevFin“9fin AI enables our users to find and process the information they need quicker. Speed is essential in financial markets and debt is no exception.”9fin has been leveraging AI since the company was founded back in 2016, but we’ve recently stepped-up our game.‘9fin AI’ allows subscribers to ask questions about companies within debt capital markets and receive high quality answers in real time.For this episode of the podcast, we sat down with 9fin’s Sean Löfgren and Hannes Kindbom to talk us through the exciting new project, their thought...2023-12-0716 minCloud 9finTalking ESG with lawyers, Sukhvir Basran and Alex SmithESG has had a rocky ride in 2023, so how is the legal sector responding?This week, 9fin’s Head of ESG, Jack David talks with prominent sustainability-focused lawyers Sukhvir Basran from Cadwalader and Alex Smith from Eversheds about the evolving world of ESG and sustainability from a legal perspective.We cover the US backlash, the ins and outs of sustainability-linked deals and what the future holds for the ESG within levfin and private credit.2023-10-3132 minDebtwired!LevFin issuance volumes, competition and challenges discussed with Goldman SachsOn the Debtwired! Podcast, Goldman Sachs Head of EMEA Leveraged Finance Dominic Ashcroft joins Debtwire Europe’s Head of High Yield Adam Samoon to discuss the outlook for the European LevFin market.LevFin volumes have staged a comeback this year though issuance still remains below recent historical levels. This podcast explores the future for leveraged finance issuance and whether the year-to-date rebound in volumes can be sustained.European Leveraged Finance is now a diversified asset class with high yield bonds, leveraged loans and private credit all offering alternative sources of funding for issuers. Private credit de...2023-10-3010 min
The Lawyer's EdgeSaish Setty | From BigLaw To a Startup – How To Make the TransitionSaish Setty is the General Counsel at Parallaxes Capital, an emerging alternative asset manager focused on TRAs (Tax Receivable Agreements) and esoteric assets. As a senior member of the company’s deal team, he spearheads the development of TRA strategies, a complex alternative asset class. Parallaxes has deployed more than $250 million across its various funds. After graduating with a BA in economics from Princeton, Saish earned his JD from Harvard Law School. Before joining Parallaxes, Saish was an Associate at Paul, Weiss, Rifkind, Wharton & Garrison LLP and began his legal career in the restructuring and finance department at...2023-10-2438 minKnow More. Risk Better.LevFin Insights & Loan MarketOn this week's "Know More. Risk Better." Podcast, Managing Editor of US Leverage Loan at LevFin Insights, Kerry Kantin, discusses the origins of LevFin Insights and how its news and data can be applied to the loan market; she also dives into the state of the leverage loan market in the last quarter.
2023-10-0520 min
Fund FlowFinding Fundraising Product Market Fit with Andy Lee of Parallaxes CapitalOn this episode of Fund Flow, McGuireWoods’ Jon Finger sits down with Andy Lee, founder and chief investment officer of Parallaxes Capital, the first firm to focus exclusively on monetizing tax receivable agreements as an investment strategy. Andy wanted to establish a firm that wasn’t afraid to think differently and take a long-term view on investments.“We're not going to capture your run-of-the-mill investor. We're very focused on finding early adopters and demonstrating, and ultimately achieving, results for them,” Andy says. “We've not tried to raise scaled funds, not because we can’t. It's more so for us [that...2023-08-2438 min
AAAIM High ELIAndy Lee, Managing Partner, Parallaxes Capital, “Delivering the Holy Grail for Institutional Investors - Uncorrelated Returns”Our guest for today’s podcast is Andy Lee, Managing Partner of Parallaxes Capital, an investment firm he founded in 2017 at the age of 26. Previously, Andy was with Lone Star Funds and, with Lone Star’s support, he spun off to form Parallaxes Capital to take advantage of an esoteric and growing asset class – Tax Receivable Agreements (TRAs). Andy is as smart and talented as they come, having entered college at 15 and earning his Bachelors in Finance and Accountancy from the University of Illinois at Urbana-Champaign. He went on to earn his Masters in Accountancy before jo...2023-07-1956 minKnow More. Risk Better.European HY Roadshow RecapWinnie Cisar is joined by CreditSights European Head of Research, Brian Studioso and LevFin Insight's Global Editor in Chief, Luke Millar, to discuss this year’s European High Yield Roadshow which took place in Paris and Milan.
2023-06-2230 minCloud 9finAdler, 2022 Covenant Trends and ESG within LevFinThe 9fin team takes a look into Adler’s restructuring in the UK High Court with Chris Haffenden. Brian Dearing takes us through a report on 2022 covenant trends and Jennifer Munnings and Dan Power discuss insights into our ESG data and what they indicate for LevFin.2023-04-2026 min
Women in Venture CapitalA Conversation with Claire Biernacki | Principal, BBG Ventures | Lerer Hippeau | Cult Capital | Pomona Capital | BoFA Merrill Lynch | MBA @ ColumbiaIn this conversation with Claire, we hear about her journey from LevFin to PE to now VC, and how she tapped into various networking opportunities and fields of career as she chose to pursue VC. She also shares some trends in the startup world she is tracking closely. And we end the chat with some candid and genuine advice for women who are trying to break into this ecosystem!2023-03-2116 minCloud 9finCLO demandThe 9fin editorial team ask where are the deals? Securitisation reporter and acting levfin editor Owen Sanderson discusses CLO trends in 2023 and demand for new issuance.2023-02-2313 minCloud 9finQ2 earnings, mortgage regulation, FordThe 9fin content and analytics team wraps up the week's activity. Speakers from the Investors Conference on UK Mortgage Finance go into detail on mortgage regulation, impacting levfin issuers like Miller Homes and Keepmoat. ESG analyst Sammy Cole breaks down Ford's new green bond and loans reporters Kat Hidalgo and Michal Skypala talk trends in Q2 earnings. 0:00 - Intro0:48 - Levfin Wrap1:59 - Mortgage regulation panel6:24 - Please raise responsibly: Ford green bond12:16 - Deep discussion: Q2 earnings2022-09-0824 minCloud 9finPDA, redemption mechanics trendsThe 9fin content and analytics team wraps up the week's activity, co-head of European HY research Brian Dearing and credit analyst Nathan Mitchell discuss trends in redemption mechanics and distressed analyst Emmet McNally tells loans reporter Kat Hidalgo all about the issues facing domestic appliances manufacturer PDA.0:00 - Intro1:03 - Levfin Wrap1:38 - Covenant close-up: Redemption mechanics trends11:47 - Deep discussion: PDA2022-08-2526 minCloud 9finVictoria Plc, investor pushback, Ekaterra ESG issuesThe 9fin content and analytics team wraps up the week's activity and co-heads of European loans research Jainisha Amin and Christine Tognoli discuss which terms investors are pushing back on and which ones they should be pushing back on more. Loans reporter Kat Hidalgo talks ESG issues on the Ekaterra deal floating about the levfin market with ESG analyst Jack David and editor Chris Haffenden does a deep dive on the issues facing flooring company Victoria Plc.0:00 - Intro0:46 - Levfin Wrap1:08 - Covenant close-up: Most/least pushed back terms7:28 - Please raise responsibly...2022-08-1124 minCloud 9finUnderwriting, US v European documentation, greeniumThe 9fin content and analytics team wraps up the week's activity, co-heads of European loans research Jainisha Amin and Christine Tognoli discuss where lenders get better documentation between Europe and the US. ESG analyst Jack David also speaks about whether there is an observable greenium in sustainability-linked instruments and loans reporter Kat Hidalgo and senior reporter Owen Sanderson discuss how banks are shifting their approach to underwriting.0:00 - Intro0:52 - Levfin Wrap2:16 - Documentation in US v Europe6:16 - Please raise responsibly: Greenium8:27 - Deep discussion: Underwriting approach shifts2022-07-2819 minCloud 9finDirect lending, 888 docs, SLB regulationThe 9fin content and analytics team wraps up the week's activity, co-head of European loans research Christine Tognoli talks about changes seen on 888 and what they mean for the market. ESG analyst Jack David also speaks about SLB regulation and loans reporter Kat Hidalgo and distressed debt reporter Lara Gibson review deals linked with direct lenders and discusses the direct lending firms' continued incursion into LevFin.0:00 - Intro0:49 - Levfin Wrap2:53 - 888 docs changes9:37 - Please raise responsibly: SLB regulation13:27 - Deep discussion: Direct lending2022-07-1422 minCloud 9finFood inflation, docs changes, Orpea ESG issuesThe 9fin content and analytics team wraps up the week's activity, senior covenant analyst Brian Dearing and legal analyst Alice Holian discuss some new tools out on 9fin, as well as a report the legal team published on docs changes, and ESG analyst Daniel Power talk ESG issues surrounding French care home operator Orpea. Editor Chris Haffenden and loans reporter Laura Thompson speak about food inflation and some of the issues various credits in the food products sector are currently facing.0:00 - Intro0:51 - Levfin Wrap1:47 - Covenant close-up: Docs changes10:59 - Please raise r...2022-07-0129 minCloud 9finLaboratoire X.O, restricted subsidiaries, ESG webinarThe 9fin content and analytics team wraps up the week's activity, head of covenant research Caitlin Carey discusses why not all restricted subsidiaries are created equal and we discuss 9fin's 23 June webinar: "Diving into Sustainability-Linked Deal Terms." Distressed debt reporter Bianca Boorer also takes us through the fight between Novalpina agent BRG and lender Ares Management for Laboratoire X.O.0:00 - Intro0:53 - Levfin Wrap2:55 - Covenant close-up: Restricted subsidiaries7:10 - Please raise responsibly: Diving into Sustainability-Linked Deal Terms, a webinar09:30 - Deep discussion: Laboratoire X.O2022-06-0115 minCloud 9finFinancing football, restricted group, creative KPIsThe 9fin content and analytics team wraps up the week's activity, head of covenant research Caitlin Carey walks us through the restricted group concept and credit analyst Josh Latham discusses creative KPIs using rhino bonds as an example and analyses possible creative KPIs for Unilever Tea. Senior reporter Owen Sanderson also talks the recent LaLiga financing with loans reporter Kat Hidalgo.0:00 - Intro0:56 - Levfin Wrap2:17 - Covenant close-up: Restricted Group Concept7:37 - Please raise responsibly: Creative KPIs (Rhino bonds, Unilever Tea)12:13 - Deep discussion: Football Financing (LaLiga)2022-05-1919 minCloud 9finInflation in Q2, Frankfurt Seminar review, Miller HomesThe 9fin content and analytics team wraps up the week's activity, legal analyst Alice Holian tells us about her experience at the Frankfurt Seminar for High Yield and Leveraged Finance in Europe, ESG analyst Jack David discusses recent trends in green bond issuance and discusses the ESG credentials of Miller Homes and Biofarma. Loans reporter Laura Thompson and senior reporter Owen Sanderson discuss the impact of inflation on the LevFin pipeline in Q2. 0:00 - Intro0:55 - Levfin Wrap2:59 - Covenant close-up: Frankfurt Seminar7:37 - Please raise responsibly: Miller Homes12:13 - Deep discussion: Inflation i...2022-05-0619 minCloud 9finSchur Flexibles Update, Asset Sales, PrisaThe 9fin content and analytics team wraps up the week's activity, legal analyst Alice Holian discusses how the asset sales covenant can expand RP capacity, credit analyst Alex Manolopoulos discusses Prisa's ESG-linked loans and gives some insight into carbon credit quality, and editor Chris Haffenden gives us an update on the ongoing distressed situation for Schur Flexibles. 0:00 - Intro0:51 - Levfin Wrap1:48 - Covenant close-up: Asset sales covenant7:12 - Please raise responsibly: Prisa11:46 - Deep discussion: Schur Flexibles2022-04-2120 minCloud 9finMarket Reopening, Loans Portability, SEC Climate DisclosuresLegal analyst Alice Holian and senior covenant analyst Brian Dearing discuss portability in loans and raise some red flags, ESG analyst Sam Stevens discusses the proposal for climate disclosures by the SEC, and loans reporter Michal Skypala and senior reporter Owen Sanderson talk about the nature of this week's market reopening.0:00 - Intro0:50 - Levfin Wrap2:14 - Covenant close-up: Loans portability13:47 - Please raise responsibly: SEC proposal for climate disclosure19:06 - Deep discussion: Market reopening2022-04-0729 min
Middle MarketMiddle Market Podcast: Alvarez & Marsal MD talks impact of inflation, supply chain issues on levered borrowers#middlemarket #levfin #privatecredit #highyield #privateequity #supplychain #inflation #corporatefinance #consulting #buyouts #restructuring #debt2022-03-1422 minCloud 9finSchur Flexibles, Voting Caps, Care HomesThe 9fin content and analytics team wrap up the week's HY and leveraged loans deals, head of covenant research Caitlin Carey discusses voting caps, ESG analyst Sam Stevens discusses care home credits in light of the Orpea controversy and editor Chris Haffenden and loans reported Michal Skýpala give us the latest on Schur Flexibles, after the company's shock announcement to lenders.0:00 - Intro00:49 - Levfin wrap01:24 - Covenant close-up: Voting caps8:15 - Please raise responsibly: Care homes16:27 - Deep discussion: Schur Flexibles2022-02-2427 minCloud 9finSaipem, "No Worse" Ratio Tests, ESG Ratchets and Step-downsThe 9fin content and analytics team wrap up the week's HY and leveraged loans deals, head of covenant research Caitlin Carey discusses "no worse" ratio tests, credit analysts Josh Latham and Alex Manolopoulos talk the good, the bad and the ugly of ESG margin ratchets and coupon step-downs and editor Chris Haffenden gives us the latest on Saipem.0:00 - Intro00:53 - Levfin wrap01:31 - Covenant close-up: "No worse" ratio tests11:06 - Please raise responsibly: ESG ratchets and step-downs - the good, the bad and the ugly16:07 - Deep discussion: Saipem2022-02-1125 minCloud 9finA Happy Levfin QuizmasCEO Steven Hunter and loans reporter Michal Skýpala face off against editor Chris Haffenden and senior reporter Owen Sanderson in our first annual leveraged finance Christmas quiz. The teams will answer questions on loans, bonds and ESG in a quiz that includes some impossible questions, some useless questions and maybe one or two interesting ones!2021-12-1015 minMiddle MarketMiddle Market Podcast: New Mountain MD talks private credit strategy fresh off new fund raise#levfin #privateequity #lbo #directlending #highyield #privatecredit #bdc #businessdevelopmentcompany #middlemarket #unitranche2021-11-2323 minMiddle MarketMiddle Market Podcast: Wynnchurch MD breaks down commodity run up impact on middle market#middlemarket #BDC #privateequity #corporatefinance #fintwit #levfin #PE #industry #supplychain #midcap #econ2021-08-3017 minMiddle MarketMiddle Market Podcast: Proskauer BDC attorneys talk portfolio marks, regulations and capital markets#BDC #directlending #middlemarket #privatecredit #finreg #SEC #financialregulations #privateequity #LBOs #levfin #BDCs #leveragedloans #fixedincome #corporatecredit #debtfunds 2021-06-3025 min
Debtwired!A&M’s Dombrowski and Price on restructuring slowdown and capital market feverAlvarez & Marsal Restructuring & Turnaround MDs Ray Dombrowski and Lisa Price talk Ch. 11 slowdown, capital market fever #Alvarez&Marsal #A&M #Debtwire #Restructuring #Aviation #Shipping #CapitalMarkets #LevFin #M&A2021-02-1728 min
Wall Street OasisE121: Enron to Director at Barclays in LevFin/Sponsors GroupIn this episode, Tim shares his path graduating with a masters in engineering and quickly losing his job as the scandal at Enron unfolded. We learn how he got back on his feet, how he leveraged the MBA to get a job in investment banking on the west coast during the great financial crisis in 2009 and eventually how he had a 10 year run from Associate up to Director at Barclays. This is a long one, but Tim was a really insightful guest so I wanted to unpack what each stage was like for him. 2020-07-161h 10
Private Capital CallBonds vs. Loans - The TakeawayWhat’s been described as “massive” new issuance in the high-yield market led to the most deal volume for May ($48 billion) since 2003, according LevFin Insight’s Matt Fuller.
As our Chart of the Week depicts, cash inflows to bond funds totaled over $35 billion in the past nine weeks. That includes the top three weekly inflow numbers ever recorded.
By contrast, retail loan funds saw out-flows of $18 billion in March and April alone. What’s behind these contrasting dynamics?2020-06-0803 min
Private Capital CallHigh-Yield Bonds: Deal by DealWe continue our special series on high-yield bonds with a look at more deals in the market, with our tour guide, Matt Fuller of LevFin Insights.
Northwest Fiber came out with a loan/bond buyout of Frontier Communication assets. This could grease the skids for other regular-way LBOs.
Another flagship deal was for Viking Cruises (B-/B1). Launched as a $675 million five-year issue, the bonds were secured by a first-lien of twenty river boats. All-in pricing was almost 14%. Also sailing along was Royal Caribbean, still with investment grade status. The company sold $3.32 billion of secured...2020-06-0402 min
Private Capital CallJunk Bonds on a RollOne of our readers asked for help deciphering what was going on in the high-yield market. So we recruited Matt Fuller from our content partner, LevFin Insights.
“From the perspective of high-yield investors,” Matt told us, “it’s a great time to be involved. We were pretty much shut down in March.
Total volume was only $4 billion, which is very paltry. Zero deals for three weeks. That’s shocking, but one week shorter than December 2018, which marked the lowest volume since the GFC.
“Then in April it came roaring back from $4 billion to $44 billion. That was...2020-05-2803 min
Wall Street OasisE102: Goldman LevFin Sales to Oaktree High Yield TradingIn this episode, Justin shares his impressive path with us. We cover how he was able to break into Goldman Sachs on the high yield trading desk directly out of a non-target university, what his internships were like, how he was able to build relationships and what has changed now that he has moved to the buyside at Oaktree. Listen to hear how his work ethic, interpersonal skills and attitude made all of the difference. 2020-05-071h 17
CLOs UncoveredPredictions from LevFin WorldHina Shoeb from Corporate Ratings, Sandeep Chana from Structured Finance, and Marta Stojanova, our expert from Lev Fin, predicts what 2020 would mean for the Leveraged Finance World.2020-02-1811 min
Wall Street OasisE68: LevFin Analyst at JP Morgan from Middle Office... to Tennis Pro?!In this episode, Maxwell Peara, former leverage finance analyst at JP Morgan talks about how he broke into JP Morgan initially as a credit analyst coming out of Fordham. How he managed to transition to the front office in leveraged finance and why he left to pursue his dream of playing tennis professionally. 2020-01-0957 min
Wall Street OasisE66: LevFin Pro Gives us a Lesson in Mezzanine FinancingMember @LevFinAlum gives us a 10-minute primer on mezzanine financing and shares his career path. Learn about why he got into investment banking in the first place, what's the hardest part about running his own shop as well as his one piece of advice to his younger self.2020-01-0251 min