Fixed + Floating - The Credit Podcast

Josef Pschorn
  • 5.0 (2)
  • INVESTING
  • UPDATED BIWEEKLY

Fixed + Floating is a credit podcast for investors and finance professionals. Hosted by credit portfolio manager Josef Pschorn, the show features conversations with leading voices from investing, research, and academia on private credit, high yield, distressed debt and credit cycles. We break down the technical mechanics of credit markets — from covenant evolution and liability management to restructuring, quantitative credit, and the impact of macro policy. New episodes twice per month.

Episodes

  1. MAR 24

    Private Credit, Life Insurers, and Rating Arbitrage | Jakub Lichwa (TwentyFour AM)

    A three-notch downgrade on a zero-default portfolio can more than double an insurer's capital requirement. Read the full investment breakdown on Substack: https://open.substack.com/pub/fixedfloating/p/when-annuities-meet-private-credit?r=718tew&utm_campaign=post&utm_medium=web Catch our first deep dive with Jakub on the PE Insurance Flywheel (Episode 3): https://fixedfloating.substack.com/p/private-credits-insurance-flywheel Josef Pschorn speaks with Jakub Lichwa of TwentyFour Asset Management about how PE-backed insurers use annuities to fund private credit exposure, why offshore reinsurance creates regulatory arbitrage, and where these capital structures begin to echo pre-2008 shadow banking patterns. Key Takeaways: Rating downgrades hit capital requirements faster and harder than actual credit defaultsPrivate placements offer an illiquidity premium that structurally matches annuity durationsAsset-intensive reinsurance enables massive capital release through offshore affiliated structuresState guaranty funds provide backstops today that were absent in the shadow banking eraFull analysis: https://open.substack.com/pub/fixedfloating/p/the-invisible-tech-moat?r=718tew&utm_campaign=post&utm_medium=web Connect with Fixed + Floating: LinkedIn ⁠https://www.linkedin.com/company/fixed-floating⁠ | X ⁠https://twitter.com/FixedFloating⁠ Check out Jakub's work at TwentyFour Asset Management Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. Host/guest views are their own. Consult professionals before investing.   #CreditAnalysis #FixedIncome #CorporateCredit #PrivateCredit #Insurance #Annuities #RegulatoryArbitrage #Reinsurance #LifeInsurance #PEInsurance

    56 min

  2. MAR 10

    Software Moats & AI Capex Risk: Why Dominant Firms Stay Dominant | James Bessen (Boston University) #09

    Many dominant firms may be harder to disrupt today than popular narratives suggest. Josef Pschorn speaks with James Bessen of Boston University’s Technology & Policy Research Initiative about how proprietary software creates structural advantages for incumbent issuers, why AI capex may carry more tail risk than many investors assume, and how software complexity can create hidden credit risk. Key takeaways: Proprietary software becomes a true moat when scale, data, and workflow complexity reinforce one anotherAI capex may be more fragile than earlier infrastructure cyclesSoftware complexity can create regulatory and operational risks thattraditional credit analysis may missTechnology spending can act as business-model defense, not just capex Full analysis: https://open.substack.com/pub/fixedfloating/p/the-invisible-tech-moat?r=718tew&utm_campaign=post&utm_medium=web James Bessen:TPRI at BU: https://sites.bu.edu/tpri/X: https://x.com/JamesBessen Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. Recorded: 19.02.2026#CreditAnalysis #FixedIncome #CorporateCredit #TechMoats #HighYield #ArtificialIntelligence #CompetitiveAdvantage #JamesBessen #TechCapex

    51 min

  3. FEB 24

    Software Credit Below 80: Who Survives AI in a $40B Loan Market? | Alec Keblish & Matthew Hughes (9fin) #08

    A growing pool of software loans is trading below 80 as the market reassesses durability, pricing power, and AI disruption risk. Josef Pschorn speaks with Alec Keblish and Matthew Hughes of 9fin about which software credits look fragile, which still have resilience, and how investors should distinguish repricing from real impairment in software credit. Key takeaways: Loans below 80 need a more differentiated framework than simple “cheap or distressed”Software business models will not be affected equally by AIRecurring revenue and switching costs still matter, but not uniformlyInvestors need to separate spread pain from lasting impairment risk Full analysis: https://open.substack.com/pub/fixedfloating/p/40b-below-80-a-credit-analysts-framework?r=718tew&utm_medium=ios Transcripts and analysis: https://fixedfloating.substack.com Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. #CreditMarkets #HighYield #PrivateCredit #LeveragedFinance #FixedIncome #SaaS #AIDisruption #SoftwareCredit #LBOs #PrivateEquity #CreditAnalysis #DistressedDebt #9fin #BDC #TechDebt

    1h 29m

  4. FEB 10

    BDC Stress in Private Credit: Redemptions, PIK Risks & Valuation Pressure | John Giordano (Seaport Global) #07

    Private credit’s pressure points are harder to see than its growth story. Josef Pschorn speaks with John Giordano of Seaport Global about BDC redemptions, PIK income, valuation marks, and what current stress signals may be telling investors about the broader private-credit market. Key takeaways: BDCs have become a major channel for private-credit riskRedemption pressure may matter more than many investors assumePIK income can obscure underlying borrower weaknessValuation marks deserve more scrutiny in illiquid markets Full analysis: https://open.substack.com/pub/fixedfloating/p/bdcs-and-the-private-credit-puzzle?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true  Transcripts and analysis: https://fixedfloating.substack.com Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. #BDCs #PrivateCredit #PIK #BlueOwl #BlackRockBDC #CreditResearch #FixedIncome #SeaportGlobal #FixedFloating

    53 min

  5. JAN 27

    High Yield's Fool's Yield Trap: Why 7.9% Returns Beat 13.9% Yields | Greg Obenshain (Verdad Capital) #06

    In high yield, the highest nominal yield often produces the worst long-term result. Josef Pschorn speaks with Greg Obenshain, Partner at Verdad Capital, about why yield-chasing can damage portfolios and how a more quantitative credit framework can improve underwriting and portfolio construction. Key takeaways: The highest yields often come with the weakest outcomesSpread-chasing is not the same as good credit selectionFactor-based credit frameworks can improve resilienceDuration can behave like a form of known credit leverageFull analysis: ⁠https://fixedfloating.substack.com/p/why-79-returns-beat-139-yields-the⁠ Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. #QuantCredit #HighYield #FixedIncome #BondMarket #FactorInvesting #FoolsYield #CreditInvesting #VerdadCapital #GregObenshain #CreditPodcast #FixedFloating

    1h 6m

  6. JAN 13

    INEOS Credit Deep Dive: Project One, High Yields & Refinancing Risk | Timothy Riminton (Bloomberg Intelligence) #05

    INEOS has become one of the most important issuer-specific credit stories in European chemicals.Ineos Group analysis: ⁠https://fixedfloating.substack.com/p/ineos-group-holdings-all-hinges-onIneos Quattro analysis: https://fixedfloating.substack.com/p/e4-chemicals-overcapacity-crisisJosef Pschorn speaks with Timothy Riminton of Bloomberg Intelligence about Project One, leverage, legal structure, high yields, and the refinancing pressure that matters most for bondholders and credit investors.Key takeaways: Project One is central to the INEOS credit storyLegal structure and entity-level differences matterHigh yields reflect more than just cyclical weaknessRefinancing risk may still be underappreciated Transcripts and analysis: https://fixedfloating.substack.com Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. #ineos #ChemicalsOvercapacity #HighYield #CreditStress #ProjectOne #fixedfloating #creditpodcast

    54 min

  7. 12/19/2025

    Chemicals Credit Stress: Overcapacity, Energy Shock & Refinancing Risk | Timothy Riminton (Bloomberg Intelligence) #04

    Chemicals credit is facing a difficult mix of overcapacity, weak demand, and refinancing pressure.Full analysis: https://open.substack.com/pub/fixedfloating/p/e4-chemicals-overcapacity-crisis?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=trueJosef Pschorn speaks with Timothy Riminton of Bloomberg Intelligence about the sector-level credit setup, why European issuers may be especially exposed, and what chemicals may be signaling for broader high-yield and leveraged-credit markets. Key takeaways: Global overcapacity is reshaping chemicals economicsEurope’s cost structure is pressuring margins and competitivenessWeak utilization can quickly erode EBITDA and credit qualityRefinancing pressure may still be underappreciated in spreads Transcripts and analysis: https://fixedfloating.substack.com Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

    1h 7m

  8. 12/07/2025

    Private Credit Power Center: BDCs, Insurers & PE Capital | Jakub Lichwa (TwentyFour AM) #03

    Private credit is increasingly shaped by insurers, BDCs, and private-equity-backed balance sheets rather than by direct lending alone. Full analysis: ⁠https://fixedfloating.substack.com/p/private-credits-insurance-flywheel?r=718tewJosef Pschorn speaks with Jakub Lichwa of TwentyFour Asset Management about how insurance capital, ALM constraints, and private-equity ownership are changing the structure of credit markets. Key takeaways: Insurers are central to private credit’s funding modelALM and solvency frameworks shape allocation decisionsPE-backed insurers create new incentive structuresMarket growth may also be building hidden fragilityTranscripts and analysis: https://fixedfloating.substack.com Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

    1h 2m

  9. 11/23/2025

    Shadow Defaults & Private Credit Risks in Credit Markets | Edward Altman (NYU Stern) #02

    Official default rates can understate what is really happening beneath the surface of credit markets. Josef Pschorn speaks with Edward Altman, Professor Emeritus at NYU Stern and creator of the Z-Score, about shadow defaults, distressed exchanges, private credit, and the hidden stress that does not always show up in headline data. Key takeaways: Shadow defaults distort the real picture of credit-market stressPrivate credit may be shifting risk away from public visibilityLoan defaults and bond defaults do not always tell the same storyLoss severity often matters more than default-count narrativesTranscripts and analysis: https://fixedfloating.substack.com Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

    1h 5m

  10. 11/09/2025

    First Brands Collapse: Chapter 11 & Distressed Credit Lessons | Jared Muroff (Octus) #01

    First Brands became a case study in how stressed credit can unravel faster than many investors expect. Josef Pschorn speaks with Jared Muroff, Head of Special Situations at Octus, about what drove the collapse, how hidden financing and liquidity pressure shaped the restructuring, and why Chapter 11 complexity matters for distressed-debt investors. Key takeaways: Hidden financingcan accelerate downsideChapter 11 mechanics matter for recoveriesRestructruing complexity can destroy more value than expectedDistressed-credit underwriting requires more than leverage analysis Transcripts and analysis: https://fixedfloating.substack.com Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. #CreditInvesting #FinancePodcast #MacroMarkets #FixedFloating #FirstBrands #DistressedDebt

    1h 18m

  11. 11/09/2025

    Inside First Brands’ Collapse - Snippet

    Inside First Brands’ Collapse - Snippet

    1 min

  12. TRAILER

    Fixed+Floating - The Credit Podcast: Official Trailer

    Welcome to Fixed + Floating: The Credit Podcast! 🎙️ Launching this November, Fixed + Floating brings institutional credit investors in-depth conversations with leading voices in credit and macro markets. Our trailer gives you a sneak peek of the insights and strategies we’ll cover in full episodes. Listen to expert discussions on: - Credit markets and investment strategies - Macro trends shaping global finance - Interviews with industry leaders and market experts Subscribe now on Spotify to never miss an episode: https://open.spotify.com/show/1AVhofAsVGoyC1xeIUda9K?si=4vjGpUrVQhS_KMboAsFUmg Connect with us and learn more: LinkedIn: https://www.linkedin.com/company/fixed-floating/ Twitter/X: https://x.com/FixedFloating

    1 min

Trailer

Ratings & Reviews

5
out of 5
2 Ratings

About

Fixed + Floating is a credit podcast for investors and finance professionals. Hosted by credit portfolio manager Josef Pschorn, the show features conversations with leading voices from investing, research, and academia on private credit, high yield, distressed debt and credit cycles. We break down the technical mechanics of credit markets — from covenant evolution and liability management to restructuring, quantitative credit, and the impact of macro policy. New episodes twice per month.

Information

You Might Also Like