The LFI Levered Lines Podcast

M&A Revival & CLO Market Outlook with MidOcean

Season 3, Episode 2
On this episode of LFI Levered Lines, host Steve Miller speaks with Joe Rotondo, Senior Portfolio Manager at Mid-Ocean Credit Partners, about the firm's defensive investment philosophy driving strong performance across their $5 billion CLO platform built over three and a half years. The conversation explores the anticipated resurgence of LBO and M&A-driven loan issuance, with the forward calendar reaching $46 billion—the highest in three years—supported by three converging factors: declining rates reducing borrowing costs, stable macro conditions, and sponsors facing pressure to monetize portfolio companies and return capital to LPs. Joe discusses the robust CLO issuance outlook for 2026, with Triple-A spreads tightening into the very high teens and very low 120s range, alongside significant opportunities for refis and resets as deals from late 2023 and 2024 roll off their two-year non-call periods—potentially tightening liability spreads by 50 basis points with benefits flowing directly to equity investors.
The discussion addresses growing market bifurcation, with 52% of loans trading above par as managers seek "sleep at night" names while distressed credits face heightened volatility from both credit risk and potential liability management exercises. Joe explains how LMEs over the past 5-6 years have made credit selection and deep-dive covenant analysis more critical than ever. The conversation also examines AI's dual impact on the loan market—distinguishing between perceived and real disintermediation risk—while noting the positive potential of AI adoption to improve operational efficiency for borrowers.
 

Fighting Melanoma: Join LFFM on Jan 28

Season 3, Episode 1 On this episode of LFI Levered Lines, host Luke Millar is joined by Peter Urquhart, melanoma survivor and Global Senior Manager at LSEG, and Stephanie Kauffman, President and Chief Operating Officer of Melanoma Research Alliance, for an in-depth discussion of groundbreaking cancer research and the upcoming LFFM London event. The conversation examines Peter's personal journey through stage 3 melanoma diagnosis at age 37, his 12-month immunotherapy treatment with minimal side effects, and his nine-month clear status, alongside the remarkable expansion from two to seventeen approved melanoma treatment options over the past 15 years and the 50% patient response rate representing quantum leaps in oncology outcomes. Stephanie discusses the alarming trend of melanoma cases in younger populations, the revolutionary development of immunotherapy now benefiting 30 other cancers, and the critical importance of early detection through AI-powered technologies being developed at Oxford University and Royal Marsden. The discussion highlights the inaugural LFFM London success—raising £1.4 million with 550 attendees—alongside research priorities addressing genetic mutations, brain metastasis, and reducing treatment side effects.
Join LFFM London: Wednesday, 28 January 2026 | British Museum | 7pm Leveraged Finance Fights Melanoma (LFFM) London brings together leaders from the European leveraged finance and private credit community to raise critical funds for cutting-edge melanoma research. Learn more: https://www.curemelanoma.org/get-involved/events/leveraged-finance-fights-melanoma

Holidays to Headwinds: Private Credit Stress Signals

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.

Restructuring Plans – Reasons to be Cheerful

Season 2, Episode 8 
On this episode of LFI Levered Lines, host Matt Dickinson is joined by Tim Newey, Sarah Paterson, and Ryan Perkins for an expert panel discussion on the evolution and challenges of the UK’s Part 26A restructuring plan. The conversation explores landmark court decisions including Thames Water, Petrofac, Virgin Active, and Poundland, and their impact on negotiation requirements, creditor treatment, and evidentiary standards for restructuring plans. The panelists dissect the growing pains faced by the restructuring tool, compare UK practices to alternatives like Chapter 11 and out-of-court LMEs, and discuss procedural improvements such as flexible modification processes and judicial continuity. This episode delivers practical insights on legal innovations and market dynamics, making it essential listening for professionals navigating complex UK corporate restructurings. 

From Lending to Leading: Lessons from Golub Capital's Philanthropy

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. 

Documentation to Distress: LMT Insights with Anchorage Capital's Kim

Season 2, Episode 6
 
On this episode of LFI Levered Lines, host Steve Miller speaks with Soo Kim, Partner at Anchorage Capital Advisors leading the firm's global performing credit business and CLO platform, about Liability Management Transactions reshaping the leveraged loan market. Soo contrasts traditional payment defaults from prior cycles (2001, 2008-09, COVID-19) with today's "premeditated orchestrated defaults" designed to provide liquidity and deleveraging. She explains how the 2021-2022 era—characterized by low rates, elevated valuations, and frenzied LBO activity—collided with rapid rate increases to create over-levered balance sheets requiring restructuring.
The conversation explores various LMT structures (up-tiers, drop-downs, double-dips), the critical importance of documentation features like voting rights thresholds, and which constituencies benefit most. Soo shares practical insights on positioning strategies, noting that selling 12-18 months ahead typically preserves the most value, and discusses how LMTs are reshaping assumptions around default rates, recovery rates, and CLO modeling for the leveraged finance market.

Refinancing to Real M&A: Chris Bonner's Take on LevFin's New Era

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.

Portability to Pipeline: M&A and Loan Markets with Investcorp

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.