The LFI Levered Lines Podcast

Season 2, Episode 9 On this episode of LFI Levered Lines, host Kerstin Kubanek is joined by Nick Baldwin from Lincoln International to examine the rising stress indicators in Europe's private credit market. The conversation explores the record 3.9% covenant default rate in Q3 2025, with 3.4% of companies on covenant holidays and a significant increase in firms with less than 10% covenant headroom. Nick provides detailed analysis on the surge in PIK interest to 17.5%, distinguishing between "good PIK" structured at origination versus "bad PIK" introduced through amendments to address liquidity challenges. The discussion highlights sector-specific vulnerabilities in technology—particularly software and digital media companies from 2021-2022 vintages—alongside persistent consumer sector stress. The panel examines spread compression trends moving down-market, competitive dynamics in direct lending, and the potential impact of increasing M&A pipelines on 2026 market conditions. Essential listening for private credit professionals navigating evolving credit quality and lending dynamics.

Tim Newey, Slaughter and May restructuring partner experienced in landmark plans. Professor Sarah Paterson, academic and former partner offering doctrinal and policy perspective. Ryan Perkins, South Square counsel with hands-on High Court practice. They discuss Part 26A’s growing pains, court expectations for negotiation and evidence, comparisons with Chapter 11, valuation burdens, cross-border uses, and procedural fixes like clearer modification and judicial continuity.

Season 2, Episode 7  On this episode of LFI Levered Lines, host Krista Giovacco, Senior Editor at LevFin Insights, speaks with Tim Kleiman, Managing Director at Golub Capital, about the firm’s unique approach to philanthropy and impact investing. Tim discusses Golub Capital’s Nonprofit Board Fellows Network, which brings together 17 of the top 25 U.S. business schools to train the next generation of nonprofit board directors. The conversation covers the importance of board leadership, the value business schools provide in developing future leaders, and the collaborative power of the Board Fellows program. Tim highlights the measurable impact of the initiative, including increased nonprofit board participation among alumni and strengthened connections between universities and local communities. The episode also delves into the scaling of Golub’s philanthropic efforts, the experimental nature of their Social Impact Labs, and the role of partnership in driving sector-wide effectiveness. 

Soo Kim, Partner at Anchorage Capital Advisors, leads global performing credit and CLOs with deep distressed credit experience. She explains how modern liability management transactions differ from past defaults. Short, sharp takes cover LMT structures, the role of documentation and voting thresholds, who benefits or loses, and timing strategies for preserving value.

Season 2, Episode 5  On this episode of LFI Levered Lines, host Steve Miller speaks with Chris Bonner, Partner and Head of LevFin Americas at Goldman Sachs, about the evolving leveraged finance landscape. Chris discusses sponsor M&A activity, the return of large public-to-private deals, and corporate carve-outs, with sectors like TMT (especially AI infrastructure), consumer retail, healthcare, and industrials showing renewed momentum. He highlights the competitive dynamics between corporates and sponsors, noting corporates’ attractive cost of capital and more balanced auction processes. The conversation explores the private credit revolution, emphasizing the complementary nature of broadly syndicated and private credit markets and the rise of "lightly syndicated" private credit.

Season 2, Episode 4  On this episode of LFI Levered Lines, host Tom Davidson speaks with Investcorp Global Co-Head of Liquid Credit Corey Geis about today’s US loan market, CLO mechanics, and navigating spread compression. Corey shares takeaways from bank credit training, global trading, and building Marble Point through its sale to Investcorp; the internal leadership handoff; and staying active with refinancings, resets, and selective new issues. They discuss the BSL–private credit pendulum, a modest but healthy market pullback, and how rate cuts and narrowing bid-ask gaps could revive LBO/M&A. They balance macro with “read the docs,” governance diligence informed by First Brands, and early action on LMEs and tail risk. The conversation covers portability provisions, why lenders prefer change-of-control reevaluation, and CLO equity math when assets price at SOFR+150–175 - plus how refinancings and resets offset asset spread tightening and extend reinvestment. 

Season 2, Episode 3 On this episode of LFI Levered Lines, host Steve Miller speaks with Nassau Global Credit CIO Jonathan Insull about developing the next generation of loan market talent and evolving buy-side skills in a data-driven world. Jonathan shares lessons from bank credit training, restructurings, and early CLOs; the shift in bank-to-buy-side pipelines; and today’s hiring table stakes - case studies, data fluency, and real-time communication. They discuss balancing macro analysis with “read the docs,” using AI without losing judgment, and why mentorship, modeling behavior, and teaching the “why” are critical amid a more competitive, fee-compressed market.

Jim Schaeffer, Global Head of Leveraged Finance at Aegon Asset Management, dives into the complexities of today's credit markets. He discusses the surprising tight loan spreads amid rising inflation and borrower pressures. Jim explains the nuances of liability management exercises, contrasting cooperative strategies with coercive structures in lending. He emphasizes the importance of early decisions and scale in influencing outcomes while offering insights into the evolving landscape that creates opportunities for distressed investors.

Season 2, Episode 01 On this episode of LFI Levered Lines, host Kerstin Kubanek sits down with ARES Management’s Andrea Fernandez, Head of Product Management & Investor Relations, and Mike Dennis, Co-Head of European Credit, for a deep dive into the evolution of the European mid-market CLO space. Kerstin and her guests explore how the European direct lending market is catching up to the US, and what it will take for CLOs to become a mainstream source of capital in Europe. They unpack the challenges of building diverse, single-currency portfolios and the hurdles posed by multi-currency risks, while sharing insights on investor demand—from insurance companies seeking bespoke structures to North American and Middle Eastern investors chasing higher yields. Andrea and Mike discuss the latest trends in private credit pricing, the rebound in M&A activity, and why Italy is emerging as a key market for deal flow. They break down the impact of macroeconomic shifts, US tariffs, and interest rate movements, and debate the convergence of public and private credit as European capital markets reopen. With candid analysis on sector and geographic trends, and predictions for market evolution, this episode is essential listening for anyone following private credit, CLO innovation, or the future of European direct lending. If you’re tracking shifts in investor appetite, the rise of scale managers, or the next wave of private credit deals in Europe, tune in for expert perspectives and actionable takeaways from the heart of the market.

Bill Housey, Head of Fixed Income at First Trust, discusses his journey in the leveraged loans market, including his innovative work over 15 years. He highlights the explosive growth of ETFs and how technology like AI is reshaping credit analysis. The duo delves into recent BSL activity and the revival of M&A, emphasizing the need for transparency and active management in a volatile market. Housey also shares insights on the intersection of private credit and syndicated markets, offering valuable perspectives for all investors.