ION Analytics

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Channel • 8 Shows

Business

Business

Updated weekly
Investing

Investing

Every two months
Investing

Investing

Updated weekly
Business

Business

Monthly
Investing

Investing

Monthly
Business

Business

Monthly
Business

Business

Updated weekly

11/10/2023

The Last Tranche with New Mountain's Kline and Moshiri

The Last Tranche with New Mountain's Kline and Moshiri: we have more flexibility than a typical CLO around industry selection In this episode of the Last Tranche, John Kline and Cyrus Moshiri from New Mountain Capital discuss the innovative rated feeder fund structure they recently priced, and why they chose this approach over a traditional middle market CLO. After explaining the details of how rated feeder funds like Guardian IV Rated Feeder work, Kline explained that one key benefit is of the structure is the increased flexibility it offers on industry diversity. Their chosen structure is a CLO-like product, but that lets them pursue their investment strategy without having to be forced into industries that we don't like as a firm.

11/10/2023

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17 min
28 MAR

More volatility, more uncertainty and more tailwind for private credit: KKR’s Dan Pietrzak

The markets are experiencing a bumpier road than expected on January 1st, said Daniel Pietrzak, global head of private credit at KKR, on the latest issue of the Credit Exchange podcast. Markets have shifted in the past eight weeks, or from the election in November, but the economy still remains in pretty good shape, Pietrzak told Lisa Lee, managing editor at Creditflux. KKR is starting to see a couple of places where they can step in, and perhaps get terms and conditions or pricing that didn’t exist a few weeks ago. These types of markets, when there is volatility, are when private credit should be able to shine. It provides a good tailwind, said Pietrzak. M&A and LBO financing activity hasn’t been as busy as Pietrzak had guessed in November, when the world was coming around to the idea of the Trump presidency being arguably pro-business, pro-deal, and anti-regulatory in some way. Instead, markets have become focused on tariffs and the uncertainty with the knock-on effect of a 'wait-and-see' approach on sale processes. Still, KKR’s private credit team is probably busier than they've been throughout 2022, 2023 and 2024. Pietrzak does worry about what the impact could be over the medium-term. Does this trigger some type of recessionary concern? Does it impact the consumer and their related spending? For Europe, though, the narrative has turned on its head. The markets are getting excited about government spending and the multiplier effect of that, and what that can mean for economic growth.

28 Mar

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31 min
10/08/2023

The Last Tranche with Pearl Diver's Layton: its not about tiering, its about portfolio construction

In this episode of The Last Tranche, Matt Layton, partner and head of Europe at Pearl Diver Capital, discusses strategies for investing in CLO debt and equity amid the recent rally in liabilities. Layton says that analysing a manager's past behaviour is a better predictor of CLO equity returns than how a manager is tiered by the debt markets. He adds that some of the tier one managers have shown that they can be prone to sell loans too quickly during recent periods of volatility, which has caused those firms to lose their arbitrage faster than other managers. Layton goes on to draw parallels between today's CLO market and the vintage of deals priced in 2006 to 2007, where equity cashflows were paused during the financial crisis. When spread widening occurred on the asset side (due to amend and extend activity pushing back 2010 maturity dates) equity returns were outsized once the CLOs came back into compliance with their tests. Layton forecasts a similar market technical to play out in the next several years. Layton also discusses the investment opportunity in the US versus Europe, and how he expects the deterioration in credit quality, owing to higher interest rates, playing out amid forecasts that the US is no longer headed into a recession.

10/08/2023

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30 min
12/05/2023

The Last Tranche with Sound Point's Desai: the wrong CLO equity investment strategies will see negative returns

In this episode of The Last Tranche, Ujjaval Desai, head of structured products investing at Sound Point Capital Management, shares his ideas about the investment opportunity across the CLO equity universe. Desai says that the best strategies for investing in CLO equity could see returns of up to 20%, but on the other hand, firms that fail to make careful investment decisions could see negative returns. Desai speaks to the various characteristics of CLOs that impact eventual returns including manager strategies, deal vintage, the source of equity capital and more. He also speaks to some of the trends impacting the loan and CLO markets today, noting that the leveraged loan market has actually shrunk for the first time in 2023.

12/05/2023

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30 min
02/04/2024

The Last Tranche with JP Morgan's Ferris: new managers should focus on equity

In this episode of the Last Tranche, Christine Ferris, JP Morgan's Global Head of CLO Primary talks about why she loves working with debut managers, despite the extra challenges they face. #CLO

02/04/2024

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25 min
27 MAY

Davis Polk's Brian Resnick on LMEs, restructurings and his music passion

In this episode of Debtwired!, Brian Resnick, partner in Davis Polk's restructuring group and head of the firm’s Liability Management & Special Opportunities practice, joins Debtwire co-managing editor, Madalina Iacob, to discuss the current state of restructurings, how LMEs have evolved in the past year, what creative workaround structures he has seen post the Fifth Circuit decision in Serta, and the evolution of Davis Polk’s preeminent restructuring practice. Brian also shares with us how he transitioned to law from being a Juilliard-trained professional musician playing on Broadway and Saturday Night Live, and how he co-produced a Tony Award-winning Broadway show.

27 May

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29 min
31/01/2024

The Last Tranche with Octagon's Lam: CLO equity makes sense again

In this episode of The Last Tranche Gretchen Lam, CEO of Octagon Credit Investors, discusses whether investing in third-party CLO equity makes sense again.

31/01/2024

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19 min
2 JUL

Navigating the high yield autos sector

On the Debtwired! Podcast, James Hogarth, a Partner at long-short credit fund PVTL Point, joins Debtwire Europe’s Head of High Yield Adam Samoon to explore trade opportunities in the European automotive sector. PVTL Point is a London-based investment firm founded by Kunal Shah in 2024. They operate an opportunistic European long/short credit strategy across the breadth of European credit, from performing through to distressed. The European automotive sector has faced a prolonged period of structural transformation and cyclical volatility. Challenges include the capex cycle, EV transition, supply chain issues and tariffs. The podcast explores the difficulties ahead as well as which sub-sectors and thematic trades can offer the best considerations for investors. The podcast also examines the outlook for high yield sector credits such as Adler Pelzer, Jaguar Land Rover and Aston Martin. #highyield #highyieldbonds #bonds #debtwired

2 Jul

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20 min
13/11/2024

The Last Tranche with Oaktree's Jones: why CLO equity is attractive again

Oaktree's Madelaine Jones discusses why investors are finding CLO equity more attractive. CLO issuance is booming due to a return of investors to the market. Many are drawn to CLO equity for its fast cash distribution nature that avoids the J-curve effect of private equity investments.

13/11/2024

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24 min
09/08/2018

Dealcast: Activism in Europe

No one is safe from activist investors, or so Elliott Advisors would have European companies believe. The US-based fund was recently revealed to have built a stake in Vodafone Group. What they might want is still a mystery, but it is likely the global telecoms group's many minority interests and broad geographical portfolio could be targeted. Much of the action this year has revolved around de-conglomerisation, with activists Cevian and Elliott at Thyssenkrupp and Sherborne Investors at Barclays pushing for streamlined structures. Could GSK be next? So far, the often more aggressive US funds have opted for a gentler approach in Europe, but as companies are getting more proactive and as defence strategies are getting more sophisticated, the gloves could increasingly come off. UniCredit's Mustier at least is confident his military background will serve him well in fending off Caius Capital's attempt to force the conversion of EUR 3bn of financial instruments into common stock. Kat Van Hoof gets the lowdown on activist antics and campaigns from Activistmonitor Assistant Editor William Mace.

09/08/2018

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8 min

This channel contains a series of podcasts produced by ION Analytics. Here you will find editors and journalists from Mergermarket, Debtwire, and Infralogic discussing the topics and trends shaping the capital markets.