Cloud 9fin
192 episodes - English - Latest episode: 4 days ago - ★★★★★ - 6 ratingsGet the download on debt markets with Cloud 9fin, where our team pulls back the curtain on corporate credit and gives you the inside scoop on leveraged finance, private credit, distressed debt and everything in between.
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.
Come and join the discussion on the hottest debt market stories, with our expert in-house team and special guests.
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Episodes
Managing messaging with Jude Gorman of Collected Strategies
April 25, 2024 12:34 - 21 minutes - 19.8 MBFinance is about money, obviously, but it’s also about narratives. That’s especially true in the world of activist investing and proxy battles, and in the high-stakes arena of distressed debt. In an age where news travels faster — and through more channels — than ever before, how do companies and investors manage their messaging? For this week’s episode of Cloud 9fin, our global head of distressed debt and restructuring, Max Frumes, sat down with Jude Gorman, the co-founder of com...
SBTi U-turn rocks world of sustainable finance
April 18, 2024 12:23 - 16 minutes - 22.4 MBThe SBTi’s sudden change in stance on the use of carbon credits came as a shock in the world of sustainable finance last week. In this episode, our hosts Sammy Cole and Oliver Wise, unpack the latest events and talk to Nawar Alsaadi, the CEO and founder of Kanata Advisors, a sustainable fintech advisory firm based in Toronto, to get his take on the decision. We’ll take a closer look at the uproar that followed the SBTi’s flip of the script and shine a light on the governance conce...
Intrum in the red
April 11, 2024 12:43 - 21 minutes - 19.4 MBThe end of cheap borrowing is showing its true colors — and for Intrum it’s a deep shade of red as the Swedish debt collector faces its own credit crisis. Following our deep dive into Altice last week, 9fin analyst Jennifer Munnings, distressed debt reporter Will Macadam and senior legal consultant Freddie Doust decipher the writing on the wall as Intrum mulls its restructuring options. Their discussion covers the potential for the company to follow Altice’s lead on drop-downs, an...
Control, Altice, Delete
April 04, 2024 12:37 - 34 minutes - 48 MBWhat do you get when a builder basket just keeps building, and building and building? You get a whole basketful of lenders caught off-guard by the massive amount of capacity that Altice France has to designate its subsidiaries as unrestricted, that’s what. In this week’s episode of Cloud 9fin, editor Dan Alderson, senior legal consultants Chris Osbourne and Freddie Doust, and distressed credit analyst Nathan Mitchell walk through the knowns and unknowns of Altice. The discussion c...
Tailoring to the thesis with David Leland of BC Partners
March 28, 2024 13:00 - 12 minutes - 17.2 MBThe question on everyone’s lips these days seems to be: are you going BSL, or are you going direct? But when private equity sponsors are building out their portfolio companies’ capital structures, their first concern is often whether the instruments they’re employing are a fit for the business at hand. In this week’s Cloud 9fin episode, 9fin senior reporter Bianca Boorer sits down with David Leland, partner and head of capital markets at BC Partners, to discuss the recent refinanci...
Who watches the Weight Watchers?
March 21, 2024 13:00 - 11 minutes - 10.5 MBThe Ozempic effect is coming for more than just your wardrobe! Last week, 9fin reported that a group of lenders to Weight Watchers parent WW International organized with law firm Gibson Dunn as the company loses subscribers to weight loss drugs. On a somewhat related note, 9fin also reported that Herbalife is facing challenges of its own after a bad set of earnings. What use are health shakes when you can take a pill to slim down? Listen as our US deputy distressed editor Rach...
The best and worst of high yield bond covenants
March 14, 2024 12:00 - 21 minutes - 29.1 MBEuropean bond investors: your restricted payment builder baskets are under threat! But also, you’re probably better protected against being J.Screwed than you were in the past. Those are just two insights from 9fin’s European High Yield Bonds Covenants Report, which provides a deep dive on the state of high yield bond covenants, based on documentation from last year. In this week’s episode of Cloud 9fin, our host Jennifer Munnings digs into the report’s findings with our senior le...
IWD Edition — Breaking through the bottleneck
March 07, 2024 20:44 - 16 minutes - 14.7 MBEverybody knows that finance is a male-dominated industry, and there are plenty of initiatives to change that. But when you look at the numbers, it can be quite staggering to realize that, for example, just one in 10 senior portfolio managers in private credit is a woman. For this week’s episode of Cloud 9fin, we’re celebrating International Women’s Day by examining how far the industry has come in terms of gender balance — and how far it still has to go. Join our co-hosts Shubham...
Restructuring reflections with Chris Schubert, Alcentra
February 29, 2024 14:30 - 23 minutes - 31.9 MB9fin sits down with Chris Schubert, executive director in special situations at Alcentra, to talk about his expectations for the distressed market this year. We take a look back at restructurings he’s been involved in including Ideal Standard and lessons he’s learned from these cases. Schubert also goes into challenges posed by whitelists and the nuances of the German distressed market.
US Edition — Big shrimpin'
February 22, 2024 22:12 - 20 minutes - 18.8 MBWho could have imagined that Red Lobster’s endless shrimp promotion might have unintended financial consequences? Does distress at retailers like Express, Jo-Ann’s and The Children’s Place mean the US consumer is in trouble? Is ‘liability management’ a better term than ‘credit-on-creditor violence’? And why is communications firm C Street starting a new group dedicated to it? We answer all these questions and many more in the latest episode of our Cloud 9fin podcast. Come for the...
Big shrimpin'
February 22, 2024 22:12 - 20 minutes - 18.8 MBWho could have imagined that Red Lobster’s endless shrimp promotion might have unintended financial consequences? Does distress at retailers like Express, Jo-Ann’s and The Children’s Place mean the US consumer is in trouble? Is ‘liability management’ a better term than ‘credit-on-creditor violence’? And why is communications firm C Street starting a new group dedicated to it? We answer all these questions and many more in the latest episode of our Cloud 9fin podcast. Come for the...
ESG regulations ramp up in the US
February 15, 2024 16:13 - 19 minutes - 26.4 MBIn November 2023, California circumvented the US Securities and Exchange Commission and released two regulations aimed at increasing climate disclosures for US companies. The SEC initially proposed its now twice delayed climate disclosures in 2022, but the regulations are expected to be released early this year. In this Cloud 9fin episode, host Jennifer Munnings sat down with Kristina Wyatt, former senior counsel for climate and ESG at the SEC, to take a deep dive into what the Cal...
It’s raining repricings in Europe
February 01, 2024 14:36 - 10 minutes - 14.7 MBRepricing deals have flooded the European market over the past few weeks, with many companies taking advantage of lower interest rate forecasts and tighter high yield credit spreads. But is this trend set to last? For this week’s podcast, Alessandro Albano, financial journalist at 9fin, sat down with host Sammy Cole to talk about the repricing wave. We discussed examples of companies that have repriced deals recently, lender responses, and delve into Alessandro’s predictions for th...
Riding the repricing wave, with Himani Trivedi of Nuveen
January 26, 2024 20:12 - 25 minutes - 23.1 MBUS leveraged loan borrowers are repricing their debt at a frenetic pace, and it’s starting to hurt — in some credits, they’re testing the base limits of the CLO managers holding their debt. Himani Trivedi, head of structured credit at Nuveen Asset Management, has seen a lot of history in the CLO market, so she’s perfectly placed to put this intense period of repricing in historical context. How are managers coping, and what does this trend mean for syndicated loan issuance this ye...
US Edition — Riding the repricing wave, with Himani Trivedi of Nuveen
January 26, 2024 20:12 - 25 minutes - 23.1 MBUS leveraged loan borrowers are repricing their debt at a frenetic pace, and it’s starting to hurt — in some credits, they’re testing the base limits of the CLO managers holding their debt. Himani Trivedi, head of structured credit at Nuveen Asset Management, has seen a lot of history in the CLO market, so she’s perfectly placed to put this intense period of repricing in historical context. How are managers coping, and what does this trend mean for syndicated loan issuance this ye...
A deep dive on cross-border recognition with Riz Mokal
January 18, 2024 11:58 - 49 minutes - 68.3 MBCross-border recognition is where every good restructuring deal hopes to end. Recognition was historically a more clearcut part of a restructuring process, but in a post-Brexit world, with the advent of restructuring plans (in the UK and across Europe), and the rule in Gibbs potentially in doubt, the apple-cart may have been upset. In this week’s podcast, Cloud 9fin sits down with 9fin senior legal consultant (and restructuring lawyer) Freddie Doust and the eminently qualified Sout...
US Edition — Bonds are back, baby!
January 12, 2024 22:12 - 16 minutes - 15.2 MBLoan repricings came thick and fast in the US market this week, with borrowers looking to slash their borrowing costs on more than $30bn of debt — but bonds are also coming back in a big way. Companies such as Hilton and Chobani highlighted the compelling value on offer in the high yield bond market, which could help define the shape of some hefty debt syndications that are waiting in the wings. In this week’s episode of the podcast, our US managing editor Will Caiger-Smith and de...
Bonds are back, baby!
January 12, 2024 22:12 - 16 minutes - 15.2 MBLoan repricings came thick and fast in the US market this week, with borrowers looking to slash their borrowing costs on more than $30bn of debt — but bonds are also coming back in a big way. Companies such as Hilton and Chobani highlighted the compelling value on offer in the high yield bond market, which could help define the shape of some hefty debt syndications that are waiting in the wings. In this week’s episode of the podcast, our US managing editor Will Caiger-Smith and de...
Cinven answers investors’ LBO Christmas wishes with Synlab takeover
January 04, 2024 17:49 - 11 minutes - 15.6 MBGerman 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...
What the collapse of Enviva and Inclusive means for ESG
December 21, 2023 23:11 - 16 minutes - 14.9 MBThe collapse of wood pellet producer Enviva last month was swift and brutal. The story’s not over yet for all of the company’s investors (for an extremely thorough analysis, check out our distressed team’s deep-dive report) but it is for at least one of them: Inclusive Capital. Founded just a few short years ago to great fanfare, Jeff Ubben’s much-vaunted ESG activism fund closed its doors around the same time that Enviva’s capital structure fell apart. What can the implosion of th...
US Edition — What the collapse of Enviva and Inclusive means for ESG
December 21, 2023 23:11 - 16 minutes - 14.9 MBThe collapse of wood pellet producer Enviva last month was swift and brutal. The story’s not over yet for all of the company’s investors (for an extremely thorough analysis, check out our distressed team’s deep-dive report) but it is for at least one of them: Inclusive Capital. Founded just a few short years ago to great fanfare, Jeff Ubben’s much-vaunted ESG activism fund closed its doors around the same time that Enviva’s capital structure fell apart. What can the implosion of th...
2023 review with CEO Steven Hunter
December 14, 2023 20:51 - 16 minutes - 15.2 MBLooking back on 2023, we’ve seen financial markets tested by ongoing geopolitical upheaval. We sit down with 9fin’s CEO Steven Hunter to take us through the highs and lows of the year as well as our company’s growth story. Also tune in to find out how Steven unwinds in his spare time and what he thinks about pints in New York!
The release of ‘9fin AI’, GPT for LevFin
December 07, 2023 11:34 - 16 minutes - 22 MB“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 Kindb...
US Edition — Rich Byrne of BSP on why CRE lending is the real deal
November 30, 2023 17:46 - 34 minutes - 32 MBCommercial real estate is in crisis — specifically, office buildings. The pandemic unleashed an unpredictable torrent of changes in how people work and live, and the dramatic rise in interest rates over recent months has broken funding models for many property owners. That’s extremely bad news for a lot of investors in the real estate market, but it also creates opportunities for savvy lenders. On this week’s podcast, Will Caiger-Smith asks Rich Byrne, president of Benefit Street ...
Rich Byrne of BSP on why CRE lending is the real deal
November 30, 2023 17:46 - 34 minutes - 32 MBCommercial real estate is in crisis — specifically, office buildings. The pandemic unleashed an unpredictable torrent of changes in how people work and live, and the dramatic rise in interest rates over recent months has broken funding models for many property owners. That’s extremely bad news for a lot of investors in the real estate market, but it also creates opportunities for savvy lenders. On this week’s podcast, Will Caiger-Smith asks Rich Byrne, president of Benefit Street ...
Corestate’s lawyers on its protracted “alternative” restructuring
November 16, 2023 11:21 - 25 minutes - 34.3 MBGerman real estate is very in vogue in distressed land. In keeping with that trend, German real estate investment firm Corestate Capital is trying to turn its ill fate around through asset sales after finally completed its debt restructuring three months ago. The restructuring deal took a whole year to push through after a lot of back and forth with its bondholders and shareholders. The deal was implemented consensually with a large majority of its bondholders and shareholders agre...
What's next for Adler's Restructuring Plan
November 02, 2023 15:24 - 27 minutes - 37.5 MBOn 21 April this year, the High Court sanctioned Adler Group's UK Restructuring Plan, enabling the group to pursue a solvent wind-down of operations and sale of assets over a two-year period. But one group of creditors was pretty peeved by the plan (understatement of the century). In this week's episode of our Cloud 9fin podcast, 9fin editor Chris Haffenden and restructuring lawyer Freddie Doust do their best to explain some of the key themes from the Adler hearing in the Court of...
Bonus Episode — Talking ESG with lawyers, Sukhvir Basran and Alex Smith
October 31, 2023 17:04 - 32 minutes - 44.8 MBESG 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.
It's a Wonderful Life Settlement
October 26, 2023 20:15 - 12 minutes - 11.6 MBLife insurance, on the face of it, is not the most exciting industry. The secondary market for life insurance policies, however, presents the perfect subject for a spooky Halloween special edition of Cloud 9fin. On this week’s episode, Will Caiger-Smith quizzes Sami Vukelj — who explains how and why private credit firms are buying life insurance portfolios, and tackles some of the awkwardness involved in this morbid segment of specialty finance. While the trade, which revolves aro...
US Edition — It's a Wonderful Life Settlement
October 26, 2023 20:15 - 12 minutes - 11.6 MBLife insurance, on the face of it, is not the most exciting industry. The secondary market for life insurance policies, however, presents the perfect subject for a spooky Halloween special edition of Cloud 9fin. On this week’s episode, Will Caiger-Smith quizzes Sami Vukelj — who explains how and why private credit firms are buying life insurance portfolios, and tackles some of the awkwardness involved in this morbid segment of specialty finance. While the trade, which revolves aro...
Q&A with Mike Scott, Man GLG
October 19, 2023 12:31 - 20 minutes - 28.7 MBThe new high interest rate environment poses a huge challenge for companies with debt maturing in the next two years. What risks and opportunities do investors see in the current debt market? For this week’s episode of Cloud 9fin Bianca Boorer sits down with Mike Scott, Head of Global High Yield & Credit Opportunities at Man GLG. Scott discusses how Man GLG is navigating this new normal. Scott also goes into his team’s approach when it comes to more stressed or distressed situation...
Debt purchasers in the spotlight
October 05, 2023 13:17 - 17 minutes - 24.3 MBDebt purchasers must soon decide how they plan on addressing upcoming maturity walls, but they are facing scrutiny over their business models. For this week’s episode of our podcast, host Sammy Cole sits down with 9fin’s Nathan Mitchell and Matthew Hughes to talk through debt purchaser predicaments, their options and predictions for the years ahead. “Our attention has been on three key players – Intrum, Lowell, and AFE. They all face similar challenges so it will be fascinating to...
The right place with Jess Larsen, Briarcliffe Partners
September 28, 2023 15:42 - 30 minutes - 28.2 MBJess Larsen is in the right place at precisely the right time: after a tough period last year, investor interest in private credit is exploding once again, and his placement agency Briarcliffe Partners is perfectly positioned to benefit from this surge in popularity. The denominator effect is easing, and LPs are once again finding room for private credit. The asset class gives investors an attractive way to benefit from higher interest rates, but its popularity is also to do with t...
US Edition — Jess Larsen, Briarcliffe Partners
September 28, 2023 15:42 - 30 minutes - 28.2 MBJess Larsen is in the right place at precisely the right time: after a tough period last year, investor interest in private credit is exploding once again, and his placement agency Briarcliffe Partners is perfectly positioned to benefit from this surge in popularity. The denominator effect is easing, and LPs are once again finding room for private credit. The asset class gives investors an attractive way to benefit from higher interest rates, but its popularity is also to do with t...
Bonus Episode — The short seller's guide to credit, with Carson Block
September 25, 2023 21:41 - 38 minutes - 35.2 MBCarson Block is not an unfamiliar name, at least in the equity markets. He and his short-activism fund Muddy Waters Research have been at the center of many notable trades in recent years — so notable, in fact, that the SEC began investigating him last year. He’s talked publicly about the covert techniques he and his colleagues use to uncover fraud, and about the impacts of short selling on his health. Amongst his successes have been some setbacks, like when Chinook was acquired by...
Private credit CLOs — they’re coming our way
September 21, 2023 14:37 - 28 minutes - 38.7 MBWhen JP Morgan priced Ivy Hill XXI in July it marked the bank's entry into middle-market CLO arranging and underlined the expansion of the mid-market CLO industry. That deal also re-sparked the inevitable question of whether now is the right time for private credit CLOs in Europe. For this week’s episode of our podcast, Josie Shillito quizzes Christine Ferris, head of JP Morgan's global CLO primary business on this opportunity. Is Europe ready? And what would it do to the private ...
Banks push back on private credit with Eric Muller, Oak Hill Advisors
September 14, 2023 15:27 - 35 minutes - 64.6 MBCan banks really compete with the big guns of private credit? Many are trying — but there are multiple constraints holding them back, from regulation all the way through to organizational structure and culture. This is just one of the topics we discussed in our podcast with Eric Muller of Oak Hill Advisors, a seasoned veteran not just of the direct lending market but also of the banking industry. Along the way, we quizzed him about increased regulatory scrutiny of private credit f...
US Edition — Eric Muller, Oak Hill Advisors
September 14, 2023 15:27 - 35 minutes - 64.6 MBCan banks really compete with the big guns of private credit? Many are trying — but there are multiple constraints holding them back, from regulation all the way through to organizational structure and culture. This is just one of the topics we discussed in our podcast with Eric Muller of Oak Hill Advisors, a seasoned veteran not just of the direct lending market but also of the banking industry. Along the way, we quizzed him about increased regulatory scrutiny of private credit f...
A new dawn for J Crew Blockers? Strong formulations we’ve seen in 2023
September 07, 2023 15:14 - 10 minutes - 14.3 MBLenders tend to feel reassured knowing their docs have a J Crew blocker, but not all J Crew blockers offer the protection they might expect. For this week’s episode of our podcast, Alice Holian and Olivia Mantock cover the ins and outs of J Crew blockers and run through some novel formulations they’ve seen in 2023. Is the ‘Dechra standard’ going to take off? Or will blockers become increasingly limited in scope?
US Edition — The pipe is ripe
August 31, 2023 16:32 - 20 minutes - 19 MBIt’s been a hot and heavy summer, and the pipeline is looking encouragingly full for next month — especially compared to this time last year. For this week’s episode of the podcast, Will Caiger-Smith and William Hoffman take a tour through the primary calendar and evaluate each deal’s chances for a smooth syndication. Featuring: Worldpay, Vistra, Syneos Health, Simon & Schuster…and many more. Check out our piece from earlier this week for the full slate.
The pipe is ripe
August 31, 2023 16:32 - 20 minutes - 19 MBIt’s been a hot and heavy summer, and the pipeline is looking encouragingly full for next month — especially compared to this time last year. For this week’s episode of the podcast, Will Caiger-Smith and William Hoffman take a tour through the primary calendar and evaluate each deal’s chances for a smooth syndication. Featuring: Worldpay, Vistra, Syneos Health, Simon & Schuster…and many more. Check out our piece from earlier this week for the full slate.
ESG specialist Rupert Davies — setbacks and opportunities
August 24, 2023 16:32 - 25 minutes - 23.3 MBESG investing has come under increased scrutiny for its ability to effect change in recent months, following the controversial Sustainable Finance Disclosure Regulation in Europe and rising political pushback against the movement in the US. For this week’s episode of the podcast, our host Jennifer Munnings sat down with Rupert Davies, a sustainable finance specialist with over eight years of experience, to have a frank discussion about the state of ESG. Is ESG just a box-ticking e...
US Edition — Penn raises the sports betting stakes with ESPN deal
August 17, 2023 14:48 - 9 minutes - 12.6 MBCasino operator Penn Entertainment is betting that a $2bn partnership with ESPN will supercharge the company’s foray into the online sports wagering market. It could be an expensive gamble: online sportsbooks have been a hotspot of growth in the US gambling industry, but competitors such as DraftKings and FanDuel are already starting to pivot to profitability from a “growth by any means” mentality after spending big to take market share. Will Penn’s investors have the patience for...
Penn raises the sports betting stakes with ESPN deal
August 17, 2023 14:48 - 9 minutes - 12.6 MBCasino operator Penn Entertainment is betting that a $2bn partnership with ESPN will supercharge the company’s foray into the online sports wagering market. It could be an expensive gamble: online sportsbooks have been a hotspot of growth in the US gambling industry, but competitors such as DraftKings and FanDuel are already starting to pivot to profitability from a “growth by any means” mentality after spending big to take market share. Will Penn’s investors have the patience for...
Q&A with Marlene Ruf, on Leoni’s restructuring
August 10, 2023 11:20 - 15 minutes - 21.2 MBGerman wire and cables manufacturer Leoni is in the process of implementing its restructuring plan, approved by the Nurembourg court under the new German bankruptcy regime StaRUG. It is the first big test of the new framework, which proved useful for cramming down dissenting minority shareholders and getting an agreement in place with several stakeholders in time to save the group from insolvency. 9fin sat down with Marlene Ruf, restructuring partner from Kirkland & Ellis, who repr...
US Edition — Talking junior capital with Chris Wright of Crescent
August 04, 2023 14:46 - 34 minutes - 32 MBSometimes it feels like the next wave of distress in the debt markets is always two quarters away. What if it’s already here — less of a tsunami and more of a gradual rise in the sea level? Chris Wright runs the private markets group at Crescent Capital, and has plenty of experience as a junior capital provider to stressed credits. As we reported this week, tapping third parties for instruments such as preferred equity and holdco PIK debt has become an increasingly popular strategy...
Talking junior capital with Chris Wright of Crescent
August 04, 2023 14:46 - 34 minutes - 32 MBSometimes it feels like the next wave of distress in the debt markets is always two quarters away. What if it’s already here — less of a tsunami and more of a gradual rise in the sea level? Chris Wright runs the private markets group at Crescent Capital, and has plenty of experience as a junior capital provider to stressed credits. As we reported this week, tapping third parties for instruments such as preferred equity and holdco PIK debt has become an increasingly popular strategy...
German Real Estate Special Report
July 27, 2023 11:02 - 24 minutes - 34 MBRecent developments in the German Real Estate industry have attracted significant attention due to controversial governance and questionable transactions, which were further exacerbated by a series of short-seller attacks. However, are these factors solely responsible for their bonds trading at distressed levels and the equity at a considerable discount to book value? For this week’s podcast, Chris Haffenden, Editor at 9fin, sits down with Senior Distressed Analyst Emmet Mc Nally ...
US Edition — The rulemaker that wants to be a rating agency
July 20, 2023 18:20 - 16 minutes - 15.5 MBCredit ratings are one of the foundations of modern credit markets — and the National Association of Insurance Commissioners wants in on the action. Several months ago, the regulatory association announced plans to adjust the capital charges for insurance companies investing in CLO debt and equity, by developing an in-house rating methodology instead of relying on the big three agencies. The plans were already controversial within the CLO industry. But in a recent update, the NAIC...
The rulemaker that wants to be a rating agency
July 20, 2023 18:20 - 16 minutes - 15.5 MBCredit ratings are one of the foundations of modern credit markets — and the National Association of Insurance Commissioners wants in on the action. Several months ago, the regulatory association announced plans to adjust the capital charges for insurance companies investing in CLO debt and equity, by developing an in-house rating methodology instead of relying on the big three agencies. The plans were already controversial within the CLO industry. But in a recent update, the NAIC...