Cloud 9fin

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 trading, relative value between the US and Europe and how this pocket of volatility is different to anything we’ve seen since 2020.
They also delve into the uncertainty surrounding uncovered double-B MVOCs, the year ahead for CLO equity returns and if there are any equity hedges out there.
Have any feedback for us? Send us a note at [email protected]. Thanks for listening!

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 their bets.
Are prediction markets a legitimate “truth machine” for LevFin dealmakers? Listen in and draw your own conclusion!
Got a hot take or just need to vent after blowing your bonus on a bad bet? Drop us a note at [email protected].

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 fund mergers and acquisitions. It’s a change to long-held rules barring lenders from the Indian M&A market, which has so far been dominated by foreign lenders and private credit funds.
As Indian banks prepare to lend more to domestic corporates, what does this mean for liquidity, access to funding, and for international lenders that have earned 20% yields so far?
9fin's Mumbai-based reporter Rajhkumar Shaaw and Asia editor Richard Macauley answer these questions and walk listeners through the changes in this latest edition of our Cloud 9fin podcast.

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 same loans.
In a conversation with 9fin’s Global Head of Distressed & LevFin Max Frumes, Debevoise's co-head of restructuring Sidney Levinson, who represented the majority lenders in that case, discusses the significance of the deal at the time and the evolution of LME technology ever since. They’re joined by Debevoise Partners Scott Selinger and Erica Weisgerber, to of the co-heads of the firm’s expanded Liability Management and Special Situations Group.
Listen as they explore the commonalities and differences between the NYDJ situation and other well-known restructurings including Serta, J.Crew, Envision, Robertshaw, Trimark, Boardriders, Chewy, Petsmart, Caesars and Xerox.
Have any feedback for us? Send a note to [email protected]. Thanks for watching and listening!

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 found under its warehouse facilities. The fraud allegations are reminiscent of the recent cases of First Brands and Tricolor in the US that have shaken the private asset-based lending industry.
Lots of well-known firms have been caught on the wrong side of MFS — the likes of Barclays, Atlas SP and Castlelake — and it was a close shave for other lenders.
In this episode of Distressed Diaries, host and senior reporter Bianca Boorer sits down with 9fin asset-based finance editor Owen Sanderson and Kawai Chung, mortgage market veteran and CEO of UK lender Folk2Folk, to dig into the drama, assess the impact, and consider how the ‘safest’ form of lending might have ended up in double-pledging.
Most importantly, we look at what could be done differently in future — as borrowers scramble to prove their credentials and lenders look over their books, what’s the future of asset-based finance in Europe?