The LFI Levered Lines Podcast

Training to Tenacity: Mentoring the Next Gen of Credit Talent with Nassau Global Credit

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.

The LME Era: Scale, Co-ops & Lender-On-Lender Risk with Aegon Asset Management

Season 2, Episode 2On this episode of LFI Levered Lines, host Tom Davidson sits down with Aegon AM’s Jim Schaeffer, Global Head of Leveraged Finance, for a candid look at today’s bifurcated credit markets and the evolving playbook for liability management.
Jim traces his path from distressed debt to leading global lev fin, and explains how a “downside-first” mindset and all-weather discipline shape his team’s approach. He breaks down why spreads remain tight despite persistent macro headwinds, where the 6–10% of challenged credits are clustering, and how recurring LME waves are resurfacing as higher-for-longer rates, inflation pressures, and input costs continue to weigh on borrowers.
The conversation dives deep into LME mechanics - what “good business, bad balance sheet” really looks like, why scale and speed determine who influences outcomes, and how cooperation agreements can curb lender-on-lender violence. Jim contrasts collaborative, broad-support transactions with more coercive, document-driven structures that re-tier lenders and spark litigation, offering telltale signs to spot each path early.

European Private Credit CLOs: Evolution or Revolution?

Season 2, Episode 01On 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.

Data, Deals & the Digital Shift in Leveraged Finance

Season 1, Episode 19This week on the LFI Levered Lines podcast, Steve Miller of CreditSights welcomes Bill Housey, Head of Fixed Income at First Trust, for a candid conversation on the evolution of the leveraged loans market. Bill shares stories from his early days at Van Kampen, reflects on 15 years of innovation at First Trust—including the launch of their senior loan ETF—and discusses why active management and transparency are driving the next era of growth. The discussion spans the explosion of ETF structures, the importance of matching liquidity with technology, and how AI is amplifying the power of credit analysts. Bill and Steve also break down recent BSL activity, the return of M&A, and what the migration between private credit and the broadly syndicated market means for investors. Whether you’re a seasoned market participant or new to the space, this episode brings expert perspective on navigating today’s fast-evolving leveraged finance landscape.

Inside Barings' $50 Billion CLO Platform

Season 1, Episode 18This week on the LFI Levered Lines podcast, David Graubard, Senior Reporter for US CLOs at LFI, sits down with Adrienne Butler, Head of Global CLOs at Barings, and Steve Page, Managing Director and Structured Credit Trader, for an in-depth look at the evolution and technical dynamics of the CLO market. Adrienne and Steve share their unique journeys into the world of leveraged loans and structured credit, charting the rise of Barings’ $50 billion global CLO platform. Together, they break down the distinctions between broadly syndicated loan (BSL) CLOs and middle market CLOs, discuss the latest demand drivers, and offer high-level technical insights into why CLOs remain a central pillar of institutional portfolios. Whether you’re new to CLOs or a seasoned investor, this episode offers expert perspective on how one of the industry’s largest issuers and investors is navigating today’s market and preparing for the next phase of growth.

From Volatility to Opportunity: Goldman Sachs on the Future of Private Credit

Join Kerstin Kubanek as she interviews James Reynolds, Global Co-Head of Private Credit at Goldman Sachs Asset Management, about the evolving direct lending and private credit landscape. James discusses the resurgence of M&A activity, the ongoing convergence between direct lending and BSL markets, and why direct lending remains a reliable financing solution in all market conditions. He addresses large-cap versus mid-market dynamics, the value of long-term relationships and local expertise, and Goldman Sachs’ strategic activity across Europe—including Italy. James also delves into current trends in pricing, sector opportunities, private equity partnerships, and the themes driving the market such as infrastructure, energy transition, and digitalization. Tune in for an engaging discussion on how Goldman Sachs is navigating challenges and capturing opportunities in private credit.

Navigating Growth and Volatility: Golub Capital’s European Private Credit Strategy

Join Kerstin Kubanek as she interviews Tara Moore, Head of European Originations at Golub Capital, about the firm’s rapid European expansion and the evolving private credit landscape. Tara discusses Golub’s relationship-led growth across key regions and sectors, the ongoing convergence between private credit and the BSL market, and the importance of adaptability amid volatility. She also addresses sector competition, margin compression, and the valuation gap in private equity, while outlining Golub’s plans for continued European growth. Tune in for an engaging discussion on the future of private credit and the opportunities it presents.

Private Credit Themes for 2025 and Beyond: A Discussion with JP Morgan’s Jeff Bracchitta

In this week's episode of LFI’s Levered Line, Steve Miller welcomes Jeff Bracchitta, JP Morgan’s head of Private Credit Origination. In a wide-ranging discussion, Jeff details:
How the levfin private credit has matured and taken shape in recent years
The main investor constituencies and how each play in the space
JP Morgan’s approach to private credit
How the recent volatility in the markets have impacted private credit
The relative position of private credit and BSL in today’s credit landscape
The state of covenants for private credit loans with an eye on deal size
The nascent move toward trading and liquidity for private credits