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1 ngày trước

Moelis restructuring co-heads discuss the evolution of distress, LMEs and Chapter 11 filings

In this episode of Debtwired!, Madalina Iacob speaks with Zul Jamal and Barak Klein, co-heads of U.S. Capital Structure Advisory at Moelis, about how restructuring has evolved over their 25-plus years in investment banking. They discuss the shift from lighter, less-secured capital structures to today’s heavily secured debt stacks, alongside the rising cost of Chapter 11, and how those developments have reshaped restructuring strategies and have made liability management exercises increasingly important. They underscore the importance of engaging early, often two to three years before a maturity wall or liquidity event, to preserve flexibility and improve outcomes. The conversation also covers the changing creditor base and current disruption in the software sector. Jamal and Klein share lessons from notable deals, including Carvana, while highlighting the role of culture, trust and flexibility in successful restructurings. They also address common mistakes, negotiation strategy, and advice for junior bankers entering the field.

1 ngày trước

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50 phút
4 ngày trước

Permira Credit co-head says to brace for a more complex, late-cycle environment

“We’re clearly in late cycle, but we’re not obviously at the turning point,” says Ariadna Stefanescu, co-head of Permira Credit, in the latest edition of Credit Exchange with Lisa Lee. Permira is a global investment firm with buyout and credit businesses holding nearly €90 billion in committed capital. The current environment provides an opportunity for different managers to differentiate themselves, says Stefanescu. Not only will there be more dispersion, but some shops will either fold or face consolidation. “Ultimately, some people will be priced out of the market,” she predicts. While Stefanescu expects defaults in sub-investment grade debt to increase, she also notes there have been structural changes that have served to reduce the default rate, most notably more pockets of liquidity.

4 ngày trước

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32 phút
19 giờ trước

LS Power's Darpan Kapadia on data centers and the new power playbook

Natalie Boyer speaks with LS Power COO Darpan Kapadia about the mounting strain on the US power grid as data center demand surges. Kapadia discusses rising costs to build new power, the debate over who should pay for grid upgrades, investment opportunities across generation and transmission, and what it will take to build a reliable and affordable energy future.

19 giờ trước

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34 phút
2 ngày trước

Seregh’s founder and CEO talks about opportunities in sports and arena real estate

“Last frontiers of alpha is in the sports and entertainment-related real estate,” says Jonathan Fascitelli, founder and CEO of sport and entertainment real estate firm Seregh, on a special edition of Credit Exchange with Lisa Lee, recorded at the FII Institute’s conference in Rome. Just 18 months since founding, Seregh already has more than $35 billion in their pipeline. Seregh, which has the backing of Creative Arts Agency (CAA), Apollo co-founder Josh Harris, and Blackstone’s David Blitzer among many others, seeks to develop and invest in infrastructures around stadium and arenas. That means building communities that include residential homes, office buildings, restaurants, and more. Fascitelli, who was formerly the CEO of Harris Blitzer Sports & Entertainment real estate, also talks about FII PRIORITY Europe 2026, of investing in the “collective effervescence” (the shared moment when everyone experiences the same thing at the same time – think recent moments involving the New York Knicks or English Premier League club Arsenal), and how that can combat the rise of AI.

2 ngày trước

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31 phút
26 thg 6

Bain Capital’s head of European credit says private credit exists for a reason

Middle-market direct lending finances growing businesses, says Gauthier Reymondier, head of European credit at Bain Capital, a private equity and credit powerhouse with more than $225 billion in assets under management. Reymondier speaks about the fundamental difference between US and European economic growth, the impact of artificial intelligence and capex spending, and consumer habits. While European growth expectations have been very mediocre, more political stability would prompt consumers to spend more, he says, as has been the case in Spain, Portugal or Poland. “Trust would be the biggest growth driver,” Reymondier says. “I think stability is important because we see in our market that without stability, people don’t spend.” Bain Capital’s private equity arm this week announced a major deal to acquire Everllence, a marine power and turbomachinery manufacturer, in a carve-out from Volkswagen Group, and Reymondier also weighs in on the future prospects for M&A and LBOs.

26 thg 6

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34 phút
19 thg 6

Canyon’s CIO says more distressed opportunities await

Issues in the software space and a looming maturity wall will result in a return to more traditional distressed opportunities, says Jeff Kivitz, chief investment officer at Canyon Partners, on the latest episode of Credit Exchange with Lisa Lee. There’s a wall of software debt maturities looming and while in the past these have “magically gone away, I think this wall is a little bit different,” Kivitz says. Eventually, the rubber will meet the road and there will be distressed and restructuring opportunities. Canyon, a global alternative investment manager with $30 billion in AUM, is a firm to watch. While others are pulling back from lending to software, Canyon earlier this year led the arranging of a landmark $4.8 billion private credit loan in the space. Kivitz explains how they got comfortable with backing private equity shop Thoma Bravo as its portfolio software company Auctane merged with logistics provider WWEX Group. In addition, Kivitz discusses how Canyon set up its new ABF unit, Canyon ABF Partners, with anchor investments from management, Daiichi Life Insurance and Korea Investment Holdings. He also talks about how Canyon nabbed credit market star Jay Kim, former CEO of Apollo’s ATLAS SP Partners.

19 thg 6

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34 phút
26 thg 5

Oaktree Capital's Olivia Guthorn on finding value in stressed healthcare credit, sizing AI risk, and lessons from two decades of opportunistic investing

In this episode, Olivia Guthorn, Managing Director in Oaktree's Opportunities Group, describes a credit market at all-time tights that appears to be looking through potentially significant macro risks, while meaningful dispersion builds underneath, particularly in healthcare IT and software. Olivia outlines Oaktree's cautious, highly selective approach to sectors exposed to AI disruption, focusing on businesses with durable characteristics such as proprietary data, strong customer integration, high switching costs, regulatory moats, and sufficient capital to invest in new technology. For healthcare, she draws a sharp distinction between provider IT and payer IT, with the former expected to be more insulated from AI risk and the latter being more exposed given the resources and incentive large national payers have to insource. Olivia discusses how policy changes including the One Big Beautiful Bill's impact on Medicaid reimbursement, potential ACA subsidy expiration, and a growing focus on fraud, waste, and abuse are driving dispersion across subsectors, with med devices and pharma looking relatively more attractive and Medicaid-exposed services remaining challenged. She also touches upon the growing focus on private credit and how the historical notion that private credit doesn't trade is being tested, with trading activity so far remaining limited and orderly but potentially accelerating if redemption pressures increase. She highlights that the next two to three years should represent a significant opportunity for sector-specialist, bottom-up investors in opportunistic credit like Oaktree.

26 thg 5

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39 phút
22 thg 5

Morgan Stanley's Chris Ortega breaks down mid-market infrastructure investing

Chris Ortega, Head of the Americas at Morgan Stanley Infrastructure Partners (MSIP), joins Crossroads to discuss the rise of mid-market infrastructure as a distinct and increasingly important investment strategy. He explains how the segment has evolved beyond size definitions to focus on sourcing and value creation. Ortega also explores how MSIP drives value through identifying businesses with robust, consistent earnings while preserving exit flexibility across a variety of financial and strategic buyers.

22 thg 5

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28 phút
18 thg 6

'Shareholding as a service' in Germany

Elias Lambrianos, Managing Editor of Debtwire EMEA, sits down with Dr Tobias Moser, a German restructuring lawyer and partner at DMR Legal, to discuss the increasing popularity of Nordic bonds by German issuers, and the emergence of ‘Shareholding as a Service’ (ShaaS) as a corporate restructuring model on the German market.

18 thg 6

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19 phút
28 thg 4

Harrison Street’s Hochanadel discusses how AI surge is cementing data center demand

Crossroads: The Infrastructure Podcast

28 thg 4

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31 phút

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.