PODCAST · business
Cloud 9fin
by 9fin
Leveraged finance, distressed debt, and private credit drive today’s markets. Cloud 9fin delivers expert insights on high-yield bonds, syndicated loans, direct lending, and debt restructuring. Join top analysts and investors as we explore credit markets, special situations, and private debt strategies shaping the industry.From credit risk assessment to institutional credit trends, each episode provides actionable intelligence for fund managers, institutional investors, and financial professionals. Whether you’re tracking high-yield issuances, analyzing corporate debt, or uncovering distressed debt opportunities, we’ve got you covered.Through its AI-powered data and analytics platform, 9fin provides everything you need to get your head around credit or win a mandate — all in one place. We help subscribers win business, outperform their peers and save time. Stay ahead in leveraged finance market trends—subscribe now for expert discussions on the forces moving global credit.
Episodes
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Shall I compare thee to an English restructuring?
New Fortress Energy, Fossil Group and Argo Blockchain are putting English restructuring plans on the map for US-listed borrowers. What draws them across the Atlantic, and what does that choice mean for creditors? Will Macadam joins Linklaters restructuring partners Michael Torkin and James…
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Subprime Time — What does music royalty ABS look like today?
On the pilot episode of Subprime Time — a podcast dedicated to unpacking all things asset-backed finance (ABF) — deputy editor Sasha Padbidri and ABF reporter Harrison Connery dive into the revival of music royalty asset-backed securities. They trace the market’s evolution from “Bowie bonds” to…
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One does not simply raise €15bn in Europe
While many European direct lenders are struggling to hit their fundraising targets, Hayfin has just pulled in more than €15bn. On Cloud 9fin, Synne Johnsson speaks with Hayfin’s head of direct lending Mark Bickerstaffe about fundraising, deployment and the changing balance of power in European...
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Syndication Nation — Will protein-maxxing keep Chobani king?
Over the last decade, household name and beloved yogurt brand Chobani has evolved from a capacity-constrained yogurt producer into a credit market darling. But tighter debt pricing is now prompting some of its longtime lenders to walk way even as they praise the business for its success. In this...
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Nube 9fin — Privatizations and concessions across Argentina
Javier Milei’s privatization push is reopening Argentina’s infrastructure to private capital. But turning investor interest into long-term financing hinges on credible contracts, predictable tariffs and stable foreign-exchange rules. In this first episode of a two-part series, 9fin senior credit...
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William Cohan reveals how Apollo and Leon Black ushered in the private credit boom amid fortune and scandal
Listen in on a riveting conversation with veteran financial journalist and bestselling author William D. Cohan to discuss his new book, Money to Burn: The Unvarnished Truth About Leon Black, Apollo, and the Rise of a New Wall Street. 9fin’s Max Frumes tries to understand just how Cohan gets some…
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LME Doomscrolling — Just because you can, doesn’t mean you should
In this episode of LME Doomscrolling, 9fin’s senior LME lawyer Laurie Tomassian welcomes Bill Derrough, Managing Director and Chairman of the Capital Structure Solutions group at Jefferies. Bill has over three decades of restructuring experience, with a roster of over 600 restructurings…
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Syndication Nation — Will rescheduling light up the cannabis debt markets?
Hemp, hemp, hooray! The cannabis industry rejoiced earlier this year when the Department of Justice officially reclassified state-licensed medical marijuana from Schedule I to Schedule III — placing it in the same category as testosterone, rather than heroin. But the real game-changer for the...
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Distressed Diaries — Are football clubs paying too much for their boots?
The World Cup summer is now a fading memory, but with the Premier League back, Cloud 9fin’s Distressed Diaries keeps football in focus while shining a light on the sector’s financial difficulties. Football clubs were traditionally bankrolled by wealthy men. Successful businessmen channelled their...
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Jane’s LME Addiction — BofA drops in on a double Black Diamond navigating uncharted DQ litigation slopes
A New York state judge is preparing to hear a trial between Black Diamond Capital Management and Bank of America, the result of which could provide a better understanding of how lender DQ lists are enforced. In this episode of Cloud 9fin, Jane Komsky unpacks the case and the potential impacts on...
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Eat, sleep, drive — Breaking down the Del Monte, Serta & American Tire trifecta
Judge Lopez’s Serta ruling lands after Del Monte and American Tire, putting pro rata sharing, sacred rights and LME damages back in the spotlight. Ropes & Gray’s Rachel Strickland and Eliza Hollander join 9fin Head of LMEs Jane Komsky to parse what these three cases mean for the future of…
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JP Morgan’s $1.5tn SRI targets Europe’s security supply chain
Daniel Rudnicki Schlumberger, a 30-year JP Morgan veteran, sits down with senior leveraged finance reporter Nicolle Liu to unpack how the bank is exporting its Security and Resiliency Initiative (SRI) from the US to EMEA — mobilizing private capital for the sectors governments now treat as...
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Can Indian private credit growth hit 30%?
India’s private credit market is moving from IBC-era rescue finance to a broader asset class. Performing credit is hot, but complexity-driven capital remains scarce and potentially higher alpha. InCred Alternatives’ Ankur Jain, who is a managing director for private credit strategies, tells 9fin...
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Claude Code shook credit. What breaks next?
A major theme of the first half of 2026 was Anthropic’s Claude Code triggering a software sell-off that is still reshaping private credit, BSL and distressed debt. In the latest episode of Cloud 9fin Dan Mika, Anna Russi and Samantha Stokes unpack the first half of the year and what shocks await…
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El Niño is Spanish for … The Niño
El Niño is back, and *Cloud 9fin’*s LatAm and CEEMEA editors see credit risks spreading across energy, agriculture and sovereign balance sheets. Deputy LevFin Editor Sasha Padbidri speaks with LatAm Editor Xochitl Herrera and CEEMEA Editor Dan Alderson on how worsening weather shocks are feeding...
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Stepping into the ‘Archieverse’
When an announcement was made last year that Universal Studios was making a movie about Archie Andrews produced by Hollywood heavyweights, it should have been a victory for one of comics’ most enduring franchises. Instead, it triggered a legal war which ties up a Beverly Hills mansion…
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The In-court Report — What Bitcoin Depot’s bankruptcy means for creditors (and scam syndicates)
Bitcoin Depot went from a $600m, publicly-traded business to bankrupt in a matter of months, but the story around the company and other crypto ATM providers has been brewing for years. We happen to have just the guy on staff to break it all down. In this episode of Cloud 9fin, head of bankruptcy...
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Syndication Nation — The tie-up between insurance and America’s AI buildout
In our latest episode of Syndication Nation, leveraged finance reporter Sunny Oh sits down with Mark Melchiorre, chief investment officer of Forza Investment Group, to discuss how insurance-focused asset managers are helping to finance America’s new “Manhattan Project” — the rapid buildout of…
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Private Chat — Fundraising and secondaries during private credit’s liquidity crunch
It seems that over the past few months, you could sum up the troubles facing private credit with one word: ‘illiquidity.’ This is a key tenet of the asset class, and it is often cited among the reasons for private credit’s premium. But it also can pose challenges, as seen through record…
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Distressed Diaries — Will the SUNs shine on Arxada A&E deal?
Sponsors Bain and Cinven are confident creditors will approve the A&E deal for Arxada, despite opposition from its senior unsecured bondholders. But is that confidence based on sunny optimism? 9fin sources say negotiations are ongoing with the SUNs in the background as the deadline to sign up for...
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Syndication Nation — From mega-cap to megawatts: How AI data center bonds are rewriting the credit playbook
In our latest episode of Syndication Nation, US investment grade editor William Hoffman and senior leveraged finance reporter Sunny Oh discuss one of the hottest topics in corporate credit — data center bonds. With billions of dollars of fresh debt hitting both high-grade and high-yield markets…
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Syndication Nation — The $81bn HY/IG jigsaw puzzle behind Paramount-WBD
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…
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Tranche Talk — Unlocking value in infra CLOs with RRAM’s Anjana Ravani
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...
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Syndication Nation — Is software credit headed for terminal decline?
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…
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Jane’s LME Addiction — Will law firm musical chairs bring LMEs 3.0?
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…
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Straight outta Hormuz — credit analysis in the age of macroshocks
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...
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Syndication Nation — I just came to say HALO
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,...
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Lessons learned from the corrosion of Exide Technologies with George Schultze
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...
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LME Doomscrolling — Data-driven reality check
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...
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Decoding the software lending shock in private credit with MSCI
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…
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Syndication Nation — The ride goes on at Six Flags, but the story isn’t settled
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...
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Distressed Diaries — Iran war adds to bad chemistry
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...
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Tranche Talk — Navigating CLO trading technicals with Performance Trust’s Alex Navin
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...
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Syndication Nation — Credit investors turn to prediction market odds amid macro uncertainty
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...
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RBI to unleash Indian banks to finance M&A next month
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 [email protected] A big change is coming for the Indian banking system. Starting 1 April, India’s central bank will allow domestic banks to…
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Not Your Daughter's Liens — Sid Levinson and team recall the original uptier LME
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...
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Distressed Diaries — MFS’ bridge too far
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...
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Distressed Diaries — Altnets dial down expansion in wake of distress
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...
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Jane’s LME Addiction — Debevoise star recruits discuss whether LM is just amend and pretend
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...
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Private Chat — Doing the safety dance in the lower middle market
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,...
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What’s in the EA endgame?
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...
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Turning working capital into liquidity with SLR’s Mitch Soiefer
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...
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Syndication Nation — The TLA-ming of the shrew
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...
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Syndication Nation — Recapping a jam-packed January with AGL’s Wynne Comer
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...
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Snooze/lose hits different in America
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...
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Distressed Diaries — Ardagh CDS and the empty glass paradox
All eyes were on Ardagh’s CDS after Arini challenged its senior unsecured notes being included in the final list of deliverable obligations to settle contracts. The fund manger argued that, because the bonds had already been marked to be equitised as of the CDS trigger date (when the…
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Venezuela — A change is gonna come, but who will collect?
In this episode of Cloud 9fin, our global head of Distressed and Levfin, Max Frumes, talks with Latin America editor Xóchitl Herrer about a potential workout of Venezuela's sovereign and sub-sovereign debt, following the US-led extraction of president Nicolás Maduro. They provide an overview of…
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Jane’s LME Addiction — Co-Optimum — Navigating the Altice USA antitrust litigation
In this episode of Jane’s LME Addiction, our head of LME coverage Jane Komsky brings in Josh Brody and Kenneth Reinker from Cleary Gottlieb to discuss the Optimum Communications fka Altice USA antitrust litigation related to cooperation agreements. They provide an overview of the litigation and...
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Lion City’s CCCD provision is a roaring success
Welcome back, Cloud 9fin listeners! To bring in the new year, 9fin’s Asia editor Richard Macauley and US deputy editor Sasha Padbidri kick off our first-ever Asia podcast by unpacking the first successful use of the cross-class cramdown provision in GP APAC’s restructuring — a move that…
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ABOUT THIS SHOW
Leveraged finance, distressed debt, and private credit drive today’s markets. Cloud 9fin delivers expert insights on high-yield bonds, syndicated loans, direct lending, and debt restructuring. Join top analysts and investors as we explore credit markets, special situations, and private debt strategies shaping the industry.From credit risk assessment to institutional credit trends, each episode provides actionable intelligence for fund managers, institutional investors, and financial professionals. Whether you’re tracking high-yield issuances, analyzing corporate debt, or uncovering distressed debt opportunities, we’ve got you covered.Through its AI-powered data and analytics platform, 9fin provides everything you need to get your head around credit or win a mandate — all in one place. We help subscribers win business, outperform their peers and save time. Stay ahead in leveraged finance market trends—subscribe now for expert discussions on the forces moving global credit.
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9fin
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Frequently Asked Questions
How many episodes does Cloud 9fin have?
Cloud 9fin currently has 282 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is Cloud 9fin about?
Leveraged finance, distressed debt, and private credit drive today’s markets. Cloud 9fin delivers expert insights on high-yield bonds, syndicated loans, direct lending, and debt restructuring. Join top analysts and investors as we explore credit markets, special situations, and private debt...
How often does Cloud 9fin release new episodes?
Cloud 9fin publishes regularly with 282 episodes available. Check the episode list for the typical release schedule.
Where can I listen to Cloud 9fin?
You can listen to Cloud 9fin on PodParley by clicking any episode. We provide an embedded audio player for direct listening, and you can also subscribe via your preferred podcast app using the RSS feed.
Who hosts Cloud 9fin?
Cloud 9fin is created and hosted by 9fin.
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