Jane's LME Addiction - Jennifer Selendy knows when to hold 'em
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 at 9fin.com.Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening!
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SRT across continents
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 Linklater’s US structured finance practice, to discuss the state of SRT and unpack some of the differences and emerging trends in US versus European markets.Have any feedback for us? Send a note to [email protected].
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CLOs are no longer exotic
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 legacy bias from the GFC. They go on to unpack what the ideal pitchbook from a CLO fund manager looks like and the growth of evergreen funds, among other things.Have any feedback for us? Send a note to [email protected].
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.There’s no lack of drama in this episode. First, the company’s liquidity has been hit by the French government’s decision to cut tariffs on lab tests in September last year. Then CEO Emmanuel Ligner unexpectedly stepped down in March with his replacement Julien Samson only joining in early June.The weak performance has meant climbing net leverage (to 9.3x in Q1 25 from 8.4x in FY 24), followed by recent S&P’s downgrade to CCC+ and listing of its debt from CLOs.In this episode, our host, senior distressed reporter Bianca Boorer, sits down with 9fin’s senior distressed credit analyst Denitsa Stoyanova and senior legal consultant Rebecca Davies to talk about Cerba’s financial situation, creditors’ reactions, how the company plans to address this, what is possible under the debt docs, and more.9fin’s analysis of Cerba’s capital structure is here and a deep dive over LME and liquidity options is here.
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Private credit’s Deliberation Days
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, ‘Good Deal Hunting’, is aptly titled as direct lenders did not shy away from stealing BSL marketshare during the period. And PC firms were also able to pick up an extra 25bps of spread on average — how d’ya like them apples?David Brooke, 9fin’s private credit editor, sat down with Elijah on this week’s episode of Cloud 9fin to unpack some of the wicked smart moves that lenders made.Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening!
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