LPC - Lending Lowdown Series Castos https://.castos.com The Lending Lowdown provides credit market insights and views from the lending trenches. It recaps syndicated loan and private debt market events and thought leadership on trends and the latest deal activity. Mon, 02 Mar 2026 09:00:00 +0000 en © 2022 EU GB https://episodes.castos.com/5f440d1d2ed1e2-56819068/images/MicrosoftTeams-image-18-.png LPC - Lending Lowdown Series https://.castos.com The Lending Lowdown provides credit market insights and views from the lending trenches. It recaps syndicated loan and private debt market events and thought leadership on trends and the latest deal activity. LSEG (London Stock Exchange Group) episodic The Lending Lowdown provides credit market insights and views from the lending trenches. It recaps syndicated loan and private debt market events and thought leadership on trends and the latest deal activity. London Stock Exchange Group fmt@lseg.com false https://feeds.castos.com/kwm39 yes <![CDATA[Episode 38 | The Role of NAV Loans and How They Fit in GPs Financial Tool Kit]]> Mon, 02 Mar 2026 09:00:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/2373370 https://lpc-lending-lowdown.castos.com/episodes/episode-38-the-role-of-nav-loans-and-how-they-fit-in-gps-financial-tool-kit LSEG LPC’s CJ Doherty sits down with Aryeh Landsberg, Managing Director, Investments at 17Capital and Ryan Moreno, Partner and Co-Head of Private Credit and Fund Finance at DLA Piper, to discuss NAV loans made to private equity funds, how GPs deploy this product and how it fits in their financial tool kit. "NAV can be a useful tool to help manage remaining capital needs, maintain a balance between remaining uncalled capital from their LPs for additional uses such as accretive M&A opportunities but also for fund level expenses," said Landsberg. "Banks, historically, had been the provider of the NAV loan product, more in a kind of fashion where they would do it as an accommodation for one of their larger sponsor clients," Moreno said.

]]> full 38 1 false LSEG LPC’s CJ Doherty sits down with Aryeh Landsberg, Managing Director, Investments at 17Capital and Ryan Moreno, Partner and Co-Head of Private Credit and Fund Finance at DLA Piper, to discuss NAV loans made to private equity funds, how GPs deploy this product and how it fits in their financial tool kit. "NAV can be a useful tool to help manage remaining capital needs, maintain a balance between remaining uncalled capital from their LPs for additional uses such as accretive M&A opportunities but also for fund level expenses," said Landsberg. "Banks, historically, had been the provider of the NAV loan product, more in a kind of fashion where they would do it as an accommodation for one of their larger sponsor clients," Moreno said.

]]> 00:19:06 <![CDATA[Episode 37 | 2025 Takeaways and Forward Look to 2026 US Direct Lending Market]]> Mon, 05 Jan 2026 08:30:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/2308165 https://lpc-lending-lowdown.castos.com/episodes/episode-37-2025-takeaways-and-forward-look-to-2026-us-direct-lending-market Garrett Stephen, Senior Managing Director, Co-Head of Origination at Napier Park Global Capital talks to CJ Doherty, Director of Analysis at LSEG LPC, about private credit in 2025 and what is in store for 2026. "I'd say on the AI side, it's really a big focus at the business level for us on making sure that we're implementing AI more broadly within our work streams to stay ahead of the curve,” Stephen said. "If you have a large workforce and maybe not every individual within that workforce is productive, and you can utilize technology to make your core employees more productive, that potentially could cause some of that workforce to decline in those mature or declining businesses."

]]> full 37 1 false Garrett Stephen, Senior Managing Director, Co-Head of Origination at Napier Park Global Capital talks to CJ Doherty, Director of Analysis at LSEG LPC, about private credit in 2025 and what is in store for 2026. "I'd say on the AI side, it's really a big focus at the business level for us on making sure that we're implementing AI more broadly within our work streams to stay ahead of the curve,” Stephen said. "If you have a large workforce and maybe not every individual within that workforce is productive, and you can utilize technology to make your core employees more productive, that potentially could cause some of that workforce to decline in those mature or declining businesses."

]]> 00:23:48 <![CDATA[Episode 36 | Non-Sponsored Lending Opportunities in the European Mid-Market]]> Mon, 13 Oct 2025 09:00:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/2162227 https://lpc-lending-lowdown.castos.com/episodes/non-sponsored-lending-opportunities-in-the-european-mid-market Chris Rust, Co-Head of European Private Credit at investment manager Ninety One join CJ Doherty, Director of Analysis at LSEG LPC, to discuss non-sponsored lending opportunities in the European middle market. "There certainly are a lot of misconceptions about the non-sponsored lending strategy. One of them is that non-sponsored borrowers are inherently riskier than sponsored borrowers," Rust said. "Oftentimes there's a view that they're smaller businesses and therefore they're also less credit worthy, not as good credits. And in general, there is in some parts of the market a view, simply put, that it is a riskier or high-risk strategy."

]]> full 36 1 false Chris Rust, Co-Head of European Private Credit at investment manager Ninety One join CJ Doherty, Director of Analysis at LSEG LPC, to discuss non-sponsored lending opportunities in the European middle market. "There certainly are a lot of misconceptions about the non-sponsored lending strategy. One of them is that non-sponsored borrowers are inherently riskier than sponsored borrowers," Rust said. "Oftentimes there's a view that they're smaller businesses and therefore they're also less credit worthy, not as good credits. And in general, there is in some parts of the market a view, simply put, that it is a riskier or high-risk strategy."

]]> 00:19:00 <![CDATA[Episode 35 | Middle Market Direct Lending State of Play]]> Thu, 04 Sep 2025 07:35:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/2124825 https://lpc-lending-lowdown.castos.com/episodes/episode-35-middle-market-direct-lending-state-of-play Loan market veteran Tom Newberry, Chief Credit Officer & Executive Chairman of direct lending at Sound Point Capital Management sits down with CJ Doherty, Director of Analysis at LSEG LPC to discuss the US middle market direct lending landscape, providing insight on deal flow, pricing, fundraising and portfolio company performance. "Direct lending deal volumes were down somewhere between 10% and 40% in the first half of 2025," Newberry said. "This obviously contrasts fairly dramatically with what everyone expected to be a banner year for acquisition activity."

]]> full 35 1 false Loan market veteran Tom Newberry, Chief Credit Officer & Executive Chairman of direct lending at Sound Point Capital Management sits down with CJ Doherty, Director of Analysis at LSEG LPC to discuss the US middle market direct lending landscape, providing insight on deal flow, pricing, fundraising and portfolio company performance. "Direct lending deal volumes were down somewhere between 10% and 40% in the first half of 2025," Newberry said. "This obviously contrasts fairly dramatically with what everyone expected to be a banner year for acquisition activity."

]]> 00:14:54 <![CDATA[Episode 34 | Is the ‘golden age’ of private credit coming to an end?]]> Thu, 14 Aug 2025 10:59:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/2110569 https://lpc-lending-lowdown.castos.com/episodes/episode-34-is-the-golden-age-of-private-credit-coming-to-an-end Michael Gross, co-founder and co-Chief Executive Officer of SLR Capital Partners, joins CJ Doherty to share his thoughts on private credit and BDCs, including whether the ‘golden age’ of private credit is coming to an end. “The benefits of private credit obviously is speed to market, flexible structuring,” Gross said. “I do think you will see an increased level of defaults over the next couple of years in traditional private credit lending portfolios.”

]]> full 34 1 false Michael Gross, co-founder and co-Chief Executive Officer of SLR Capital Partners, joins CJ Doherty to share his thoughts on private credit and BDCs, including whether the ‘golden age’ of private credit is coming to an end. “The benefits of private credit obviously is speed to market, flexible structuring,” Gross said. “I do think you will see an increased level of defaults over the next couple of years in traditional private credit lending portfolios.”

]]> 00:13:52 <![CDATA[Episode 33 | Asset based lending: Evolving taxonomy for direct lender vs bank arranged loans]]> Tue, 22 Jul 2025 12:00:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/2094084 https://lpc-lending-lowdown.castos.com/episodes/episode-33-asset-based-lending-evolving-taxonomyqx2 LSEG LPC's Maria Dikeos talks with Barry Bobrow, Head of Credit Markets for Regions Business Capital and founder and chairman of Asset Based Capital, a leading conference on asset based lending, about similarities and differences of the asset based loan arranged in the bank loan market vs the direct lending market. “If done what I would call the right way,” Bobrow said, “asset based loans have a very low loss rate, a high recovery rate, relative to the broader category of leveraged lending.”

]]> full 33 1 false LSEG LPC's Maria Dikeos talks with Barry Bobrow, Head of Credit Markets for Regions Business Capital and founder and chairman of Asset Based Capital, a leading conference on asset based lending, about similarities and differences of the asset based loan arranged in the bank loan market vs the direct lending market. “If done what I would call the right way,” Bobrow said, “asset based loans have a very low loss rate, a high recovery rate, relative to the broader category of leveraged lending.”

]]> 00:17:44 <![CDATA[Episode 32 | Current Dynamics in the Corporate Bond Market]]> Wed, 07 May 2025 10:01:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/2023620 https://lpc-lending-lowdown.castos.com/episodes/episode-32-current-dynamics-in-the-corporate-bond-market Connor Fitzgerald, Portfolio Manager at Wellington Management, joins LSEG LPC’s CJ Doherty to discuss current conditions in the corporate bond market. "I think the Trump administration is in a challenging spot right now," Fitzgerald said. "While we tend to agree with some of the long term objectives that they're trying to achieve, we think the risk that the administration may be under-appreciated a little bit is that if we get too aggressive with some of our trading partners by way of tariffs that their response will be to liquidate the capital account." 

]]> full 32 false Connor Fitzgerald, Portfolio Manager at Wellington Management, joins LSEG LPC’s CJ Doherty to discuss current conditions in the corporate bond market. "I think the Trump administration is in a challenging spot right now," Fitzgerald said. "While we tend to agree with some of the long term objectives that they're trying to achieve, we think the risk that the administration may be under-appreciated a little bit is that if we get too aggressive with some of our trading partners by way of tariffs that their response will be to liquidate the capital account." 

]]> 00:17:14 <![CDATA[Episode 31 | The intersection of private credit and insurance company capital]]> Wed, 23 Apr 2025 06:07:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/2014847 https://lpc-lending-lowdown.castos.com/episodes/the-intersection-of-private-credit-and-insurance-company-capital CJ Doherty sits down with David Ells, Partner and Portfolio Manager at Ares Management and Ryan Moreno, Partner and Co-head of Leveraged Finance at DLA Piper, to discuss the intersection of private credit and insurance company capital. “The first thing about being an insurance company is that everything is viewed through a lens of capital,” Ells said. “You have to allocate capital against everything that you own.”

]]> full 31 false CJ Doherty sits down with David Ells, Partner and Portfolio Manager at Ares Management and Ryan Moreno, Partner and Co-head of Leveraged Finance at DLA Piper, to discuss the intersection of private credit and insurance company capital. “The first thing about being an insurance company is that everything is viewed through a lens of capital,” Ells said. “You have to allocate capital against everything that you own.”

]]> 00:24:12 <![CDATA[Episode 30 | Understanding Debt Portability in Loan Agreements]]> Wed, 26 Mar 2025 11:55:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1996597 https://lpc-lending-lowdown.castos.com/episodes/episode-30-understanding-debt-portability-in-loan-agreements Arek Maczka from Ropes & Gray joins host Chris Piccirillo to provide insight on debt portability provisions. Arek explains the concept of portability along with its purpose and benefits, outlines customary terms and conditions, and gives us his views on today’s market landscape and whether portable capital structures are here to stay. "Portability has become increasingly normalized over the past few years," Maczka said. "I agree that it does tend to ebb and flow, especially in the syndicated markets."

]]> full 30 1 false Arek Maczka from Ropes & Gray joins host Chris Piccirillo to provide insight on debt portability provisions. Arek explains the concept of portability along with its purpose and benefits, outlines customary terms and conditions, and gives us his views on today’s market landscape and whether portable capital structures are here to stay. "Portability has become increasingly normalized over the past few years," Maczka said. "I agree that it does tend to ebb and flow, especially in the syndicated markets."

]]> 00:15:27 <![CDATA[Episode 29 | Spotlight on Significant Risk Transfer (SRT) Transactions]]> Thu, 27 Feb 2025 11:56:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1981512 https://lpc-lending-lowdown.castos.com/episodes/spotlight-on-significant-risk-transfer-srt-transactions Frank Benhamou from Cheyne Capital joins host CJ Doherty to shed light on the Significant Risk Transfer (SRT) Market. "What we're seeing is an expansion both in terms of count, in terms of jurisdiction, as well as asset classes that it's being used on," Benhamou said. "So that create effectively a new opportunity."

]]> full false Frank Benhamou from Cheyne Capital joins host CJ Doherty to shed light on the Significant Risk Transfer (SRT) Market. "What we're seeing is an expansion both in terms of count, in terms of jurisdiction, as well as asset classes that it's being used on," Benhamou said. "So that create effectively a new opportunity."

]]> 00:15:40 <![CDATA[Episode 28 | Islamic Financing Overview]]> Tue, 17 Dec 2024 11:57:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1922364 https://lpc-lending-lowdown.castos.com/episodes/episode-28-islamic-financing-overview Mustafa Adil, Head of Islamic Finance at LSEG, joins CJ Doherty to discuss the basic tenets of Islamic Financing and looks ahead to 2025. “The market has been growing substantially in the core markets in in which it operates,” said Adil. “There are 57 countries that have introduced Islamic finance regulations and where governments are actively supporting the development of Islamic finance.”

]]> full 28 1 false Mustafa Adil, Head of Islamic Finance at LSEG, joins CJ Doherty to discuss the basic tenets of Islamic Financing and looks ahead to 2025. “The market has been growing substantially in the core markets in in which it operates,” said Adil. “There are 57 countries that have introduced Islamic finance regulations and where governments are actively supporting the development of Islamic finance.”

]]> 00:13:07 <![CDATA[Episode 27 | Capital Solutions Lending Insights]]> Thu, 07 Nov 2024 11:55:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1875099 https://lpc-lending-lowdown.castos.com/episodes/episode-27-capital-solutions-lending-insights Host CJ Doherty speaks with Brian Himot, Head of Structured Capital at Strategic Value Partners, about capital solutions lending in both the US and Europe. "We think of ourselves as fitting in the space that is between traditional direct lending and private equity," said Himot. "There are a lot of opportunities that present themselves at different times through the cycle and when you have an evergreen strategy like ours, you need to have flexibility."

]]> full 27 1 false Host CJ Doherty speaks with Brian Himot, Head of Structured Capital at Strategic Value Partners, about capital solutions lending in both the US and Europe. "We think of ourselves as fitting in the space that is between traditional direct lending and private equity," said Himot. "There are a lot of opportunities that present themselves at different times through the cycle and when you have an evergreen strategy like ours, you need to have flexibility."

]]> 00:12:59 <![CDATA[Episode 26 | The Role of ARR Lending in Today’s Market]]> Thu, 03 Oct 2024 06:00:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1848806 https://lpc-lending-lowdown.castos.com/episodes/episode-26-the-role-of-arr-lending-in-todays-market Host CJ Doherty sits down with Ben Radinsky, Partner at HighVista Strategies to discuss annual recurring revenue (ARR) loans and how they allow lenders to facilitate the financing of growth-stage companies. "ARR loans, what you're doing is you're trying to isolate cash flows that you actually know with high certainty will exist overtime," Radinsky said. "You can predict what that cash flow looks like in terms of ultimate profitability and because of that, you can have very tight covenants as a lender."

]]> full 26 1 false Host CJ Doherty sits down with Ben Radinsky, Partner at HighVista Strategies to discuss annual recurring revenue (ARR) loans and how they allow lenders to facilitate the financing of growth-stage companies. "ARR loans, what you're doing is you're trying to isolate cash flows that you actually know with high certainty will exist overtime," Radinsky said. "You can predict what that cash flow looks like in terms of ultimate profitability and because of that, you can have very tight covenants as a lender."

]]> 00:17:20 <![CDATA[Episode 25 | Deep Dive into the CLO ETF and Broader Securitized Market]]> Thu, 05 Sep 2024 06:00:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1828706 https://lpc-lending-lowdown.castos.com/episodes/episode-25-deep-dive-into-the-clo-etf-and-broader-securitized-market John Kerschner, Head of U.S. Securitized Products & Portfolio Manager at Janus Henderson Investors joins CJ Doherty to discuss the growing CLO ETF and broader securitized market. "Securitized products are issued at the short end of the yield curve between one and five years," said Kerschner. "Now that the yield curve is inverted, meaning the short end has higher yields than the long end, that makes the overall yields of securitized products look very attractive."

]]> full 25 1 false John Kerschner, Head of U.S. Securitized Products & Portfolio Manager at Janus Henderson Investors joins CJ Doherty to discuss the growing CLO ETF and broader securitized market. "Securitized products are issued at the short end of the yield curve between one and five years," said Kerschner. "Now that the yield curve is inverted, meaning the short end has higher yields than the long end, that makes the overall yields of securitized products look very attractive."

]]> 00:20:03 <![CDATA[Episode 24 | Current state of the US Direct Lending Market]]> Thu, 01 Aug 2024 08:25:48 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1797006 https://lpc-lending-lowdown.castos.com/episodes/episode-24-current-state-of-the-us-direct-lending-market Alex Gorokhovskiy, Head of Direct Lending and Venture Debt at Deutsche Bank, joins host CJ Doherty to discuss current conditions in the US direct lending market and the outlook for the remainder of 2024. "There's consumer health that's ever evolving," said Gorokhovskiy. "Sponsors are now focused on making differentiated investments as opposed to paying the highest multiple for the next best asset."

]]> 24 1 false Alex Gorokhovskiy, Head of Direct Lending and Venture Debt at Deutsche Bank, joins host CJ Doherty to discuss current conditions in the US direct lending market and the outlook for the remainder of 2024. "There's consumer health that's ever evolving," said Gorokhovskiy. "Sponsors are now focused on making differentiated investments as opposed to paying the highest multiple for the next best asset."

]]> 00:12:52 <![CDATA[Episode 23 | Opportunities in Digital Assets Financing]]> Tue, 28 May 2024 09:56:04 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1750797 https://lpc-lending-lowdown.castos.com/episodes/lending-lowdown-episode-23-opportunities-in-digital-assets-financing The huge growth in AI applications and data consumption is driving the need for financing of digital assets. Host CJ Doherty sits down with IFR Senior Reporter Richard Leong to discuss the demand for financing in this asset class. "Private credit and insurers are stepping in to provide longer term capital to fund this tremendous amount of money needed," said Leong. "For the capital markets...just increasing use of securitization to term out loans for these players.

]]> full 23 1 false The huge growth in AI applications and data consumption is driving the need for financing of digital assets. Host CJ Doherty sits down with IFR Senior Reporter Richard Leong to discuss the demand for financing in this asset class. "Private credit and insurers are stepping in to provide longer term capital to fund this tremendous amount of money needed," said Leong. "For the capital markets...just increasing use of securitization to term out loans for these players.

]]> 00:08:02 <![CDATA[Episode 22 | European Capital Solutions Lending in 2024]]> Thu, 04 Apr 2024 11:56:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1710857 https://lpc-lending-lowdown.castos.com/episodes/episode-22-european-capital-solutions-lending-in-2024 Host CJ Doherty sits down with David Brooks and Alice Cavalier, Partners & Co-Heads of Capital Solutions at Arcmont Asset Management, to discuss capital solutions lending and the outlook for the rest of 2024. "Loans have been up about 250% year to date and accounting for about 60% of the market as of last week and bond issuance has increased as well significantly," said Cavalier. "People are busy, more bullish on M&A."

]]> full 22 1 false Host CJ Doherty sits down with David Brooks and Alice Cavalier, Partners & Co-Heads of Capital Solutions at Arcmont Asset Management, to discuss capital solutions lending and the outlook for the rest of 2024. "Loans have been up about 250% year to date and accounting for about 60% of the market as of last week and bond issuance has increased as well significantly," said Cavalier. "People are busy, more bullish on M&A."

]]> 00:22:14 <![CDATA[Episode 21 | The CLO Market in 2024]]> Thu, 29 Feb 2024 12:00:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1677014 https://lpc-lending-lowdown.castos.com/episodes/episode-21-the-clo-market-in-2024 Host CJ Doherty sits down with John Wright, Global Head of Credit at Bain Capital Credit, to discuss current conditions in the US CLO market and what’s ahead in the remainder of 2024. "Coming into this year, we're seeing much greater interest and much greater willingness on behalf of the banks to underwrite loans," said Wright. "That's driven by strength in the secondary market and the new issue market for leveraged loans."

]]> full 21 1 false Host CJ Doherty sits down with John Wright, Global Head of Credit at Bain Capital Credit, to discuss current conditions in the US CLO market and what’s ahead in the remainder of 2024. "Coming into this year, we're seeing much greater interest and much greater willingness on behalf of the banks to underwrite loans," said Wright. "That's driven by strength in the secondary market and the new issue market for leveraged loans."

]]> 00:10:28 <![CDATA[Episode 20 | 2023 Direct Lending Review, 2024 Preview]]> Fri, 02 Feb 2024 09:48:34 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1652658 https://lpc-lending-lowdown.castos.com/episodes/episode-20-2023-direct-lending-review-2024-preview David Puchowski, Director of Analysis at LSEG LPC joins CJ Doherty to discuss the key trends that shaped the direct lending market in 2023 and preview what is in store for 2024. "59% of total US LBO loan volume was done in the direct lending market," said Puchowski. "That was the first time that direct took the majority over the syndicated market."

]]> full 20 1 false David Puchowski, Director of Analysis at LSEG LPC joins CJ Doherty to discuss the key trends that shaped the direct lending market in 2023 and preview what is in store for 2024. "59% of total US LBO loan volume was done in the direct lending market," said Puchowski. "That was the first time that direct took the majority over the syndicated market."

]]> 00:10:36 <![CDATA[Episode 19 | Structured Credit Outlook]]> Wed, 03 Jan 2024 11:00:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1620646 https://lpc-lending-lowdown.castos.com/episodes/episode-19-structured-credit-outlook Noelle Sisco, Managing Director and Portfolio Strategist at Napier Park joins CJ Doherty to discuss the outlook for the structured credit market as we head into 2024. “The big question mark for the U.S. consumer will be the trajectory of unemployment,” said Sisco. “Going forward into 2024, on the corporate side, we expect to see a continuation of elevated defaults with lower than historical recovery levels as we saw in 2023.”

]]> full 19 1 false Noelle Sisco, Managing Director and Portfolio Strategist at Napier Park joins CJ Doherty to discuss the outlook for the structured credit market as we head into 2024. “The big question mark for the U.S. consumer will be the trajectory of unemployment,” said Sisco. “Going forward into 2024, on the corporate side, we expect to see a continuation of elevated defaults with lower than historical recovery levels as we saw in 2023.”

]]> 00:13:41 <![CDATA[Episode 18 | Opportunities in the Lower Middle Market]]> Thu, 23 Nov 2023 08:45:11 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1601984 https://lpc-lending-lowdown.castos.com/episodes/episode-18-opportunities-in-the-lower-middle-market Host CJ Doherty and Dan Lee, partner at Comvest Credit Partners, discuss the current lending landscape in the US lower middle market. “The lower middle market generally has held up, volumes have been more steady,” Lee said. “The trends in the lower middle market…tend to follow the larger market but to be not quite as volatile.”

Check out Lending Lowdown episode 18 wherever you get your podcasts.

]]> full 18 1 false Host CJ Doherty and Dan Lee, partner at Comvest Credit Partners, discuss the current lending landscape in the US lower middle market. “The lower middle market generally has held up, volumes have been more steady,” Lee said. “The trends in the lower middle market…tend to follow the larger market but to be not quite as volatile.”

Check out Lending Lowdown episode 18 wherever you get your podcasts.

]]> 00:16:54 <![CDATA[Episode 17 | The State of the European Leveraged Finance Market]]> Thu, 28 Sep 2023 08:35:35 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1564828 https://lpc-lending-lowdown.castos.com/episodes/episode-17-the-state-of-the-european-leveraged-finance-market

Host CJ Doherty sits down with Ben Thompson, Head of EMEA Leveraged Finance Capital Markets at JP Morgan for a discussion on the European leveraged loan and high yield bond markets.

]]> false

Host CJ Doherty sits down with Ben Thompson, Head of EMEA Leveraged Finance Capital Markets at JP Morgan for a discussion on the European leveraged loan and high yield bond markets.

]]> 00:20:14 <![CDATA[Episode 16 | Private Credit and the Retail Investor Base]]> Thu, 10 Aug 2023 14:08:02 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1534644 https://lpc-lending-lowdown.castos.com/episodes/episode-16-private-credit-and-the-retail-investor-base Host CJ Doherty sits down with Laura Holson, Managing Director and COO of Credit at New Mountain Capital for a discussion on the evolving interest in private credit from retail investors. 

]]> full 16 1 false Host CJ Doherty sits down with Laura Holson, Managing Director and COO of Credit at New Mountain Capital for a discussion on the evolving interest in private credit from retail investors. 

]]> 00:13:40 <![CDATA[Episode 15 | CLO Outlook]]> Thu, 20 Jul 2023 07:36:07 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1520233 https://lpc-lending-lowdown.castos.com/episodes/episode-15-clo-outlook US CLO market activity slowed in 2Q23, with issuance falling 37% to US$21.3bn as the challenging arbitrage impacted dealflow, ultimately constraining liquidity. In Episode 15 of our podcast, join CJ Doherty, Director of Market Analysis and Kristen Haunss, Assistant Editor US Loans at Refinitiv LPC, for a discussion of current trends in the US Collateralized Loan Obligations market. 

]]> full 15 1 false US CLO market activity slowed in 2Q23, with issuance falling 37% to US$21.3bn as the challenging arbitrage impacted dealflow, ultimately constraining liquidity. In Episode 15 of our podcast, join CJ Doherty, Director of Market Analysis and Kristen Haunss, Assistant Editor US Loans at Refinitiv LPC, for a discussion of current trends in the US Collateralized Loan Obligations market. 

]]> 00:08:14 <![CDATA[Episode 14 | The Loan Market and the End of Libor]]> Tue, 13 Jun 2023 14:37:53 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1496021 https://lpc-lending-lowdown.castos.com/episodes/episode-14-the-loan-market-and-the-end-of-libor As the June 30 Libor cessation deadline approaches, host CJ Doherty sat down with Tess Virmani, Deputy General Counsel, Co-Head – Public Policy at the LSTA, to discuss the current state the syndicated loan and CLO markets. 

]]> full 14 false As the June 30 Libor cessation deadline approaches, host CJ Doherty sat down with Tess Virmani, Deputy General Counsel, Co-Head – Public Policy at the LSTA, to discuss the current state the syndicated loan and CLO markets. 

]]> 00:18:14 <![CDATA[Episode 13 | Is Commercial Real Estate The Next Shoe to Drop? ]]> Mon, 15 May 2023 15:41:42 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1477795 https://lpc-lending-lowdown.castos.com/episodes/episode-13-is-commercial-real-estate-the-next-shoe-to-drop High interest rates and falling property prices are causing turmoil in the commercial real estate market. The remote work situation is adding to fears about a shrinking demand for office space. With defaults on the rise and loans moving to special workouts, Fed policymakers and investors are worried the growing problems in the real estate market is a contagion for the US banking system. Host CJ Doherty discusses the issues with IFR Senior Reporter Richard Leong.   

]]> full 13 1 false High interest rates and falling property prices are causing turmoil in the commercial real estate market. The remote work situation is adding to fears about a shrinking demand for office space. With defaults on the rise and loans moving to special workouts, Fed policymakers and investors are worried the growing problems in the real estate market is a contagion for the US banking system. Host CJ Doherty discusses the issues with IFR Senior Reporter Richard Leong.   

]]> 00:07:41 <![CDATA[Episode 12 | Direct Lending Deep Dive]]> Wed, 19 Apr 2023 15:32:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1461350 https://lpc-lending-lowdown.castos.com/episodes/episode-12-direct-lending-deep-dive Host CJ Doherty sits down with Craig Packer, Co-Founder of Blue Owl and CEO of the Owl Rock BDCs, to discuss today’s direct lending market conditions and to look ahead to the rest of the year. 

]]> full 12 1 false Host CJ Doherty sits down with Craig Packer, Co-Founder of Blue Owl and CEO of the Owl Rock BDCs, to discuss today’s direct lending market conditions and to look ahead to the rest of the year. 

]]> 00:17:46 <![CDATA[Episode 11 | M&A Outlook]]> Mon, 20 Mar 2023 14:15:06 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1440487 https://lpc-lending-lowdown.castos.com/episodes/episode-11-ma-outlook M&A activity tumbled in 2022 amid market volatility and economic uncertainty. How has 2023 started and what is in store for the rest of the year? Host CJ Doherty talks to Refinitiv’s Director of Deals Intelligence Matt Toole about current M&A market conditions. 

]]> full 11 1 false M&A activity tumbled in 2022 amid market volatility and economic uncertainty. How has 2023 started and what is in store for the rest of the year? Host CJ Doherty talks to Refinitiv’s Director of Deals Intelligence Matt Toole about current M&A market conditions. 

]]> 00:12:43 <![CDATA[Episode 10 | SVB and Signature Bank Collapse]]> Thu, 16 Mar 2023 09:01:08 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1437323 https://lpc-lending-lowdown.castos.com/episodes/episode-10-svb-and-signature-bank-collapse In less than one week, both Silicon Valley Bank and Signature Bank collapsed over the course of three days. How do these bank failures differ from what the market faced in 2008? What does it mean for the syndicated bank loan market? Host Maria Dikeos talks to Peter B. York, Adjunct Professor at Ohio State University and recently retired managing director and head of large market asset-based loan originations at a major money center bank. 

]]> full 10 1 false In less than one week, both Silicon Valley Bank and Signature Bank collapsed over the course of three days. How do these bank failures differ from what the market faced in 2008? What does it mean for the syndicated bank loan market? Host Maria Dikeos talks to Peter B. York, Adjunct Professor at Ohio State University and recently retired managing director and head of large market asset-based loan originations at a major money center bank. 

]]> 00:20:09 <![CDATA[Episode 9 | Navigating the Direct Lending Market]]> Wed, 15 Feb 2023 14:13:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1412329 https://lpc-lending-lowdown.castos.com/episodes/episode-9-navigating-the-direct-lending-market US direct lending activity was robust and resilient in 2022, despite an uncertain economic environment. What’s in store for 2023?

Host CJ Doherty and guest Diana Diquez talk about recent trends in the direct lending market as lenders navigate changed market conditions.

 

]]> 9 1 false US direct lending activity was robust and resilient in 2022, despite an uncertain economic environment. What’s in store for 2023?

Host CJ Doherty and guest Diana Diquez talk about recent trends in the direct lending market as lenders navigate changed market conditions.

 

]]> 00:09:34 <![CDATA[Episode 8 | Leveraged Lending 2023]]> Wed, 25 Jan 2023 11:05:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1389640 https://lpc-lending-lowdown.castos.com/episodes/episode-8-leveraged-lending-2023 Coming off a tough 2022, what does US leveraged lending look like as the new year takes shape? Hosts CJ Doherty and Maria Dikeos talk about prospects for the developing pipeline as well as buyside and sellside considerations.

]]> full 8 1 false Coming off a tough 2022, what does US leveraged lending look like as the new year takes shape? Hosts CJ Doherty and Maria Dikeos talk about prospects for the developing pipeline as well as buyside and sellside considerations.

]]> 00:09:28 <![CDATA[Episode 7 | Risk vs. Reward]]> Fri, 16 Dec 2022 13:48:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1351131 https://lpc-lending-lowdown.castos.com/episodes/episode-7-risk-vs-reward Host CJ Doherty sits down with Fran Beyers, Head of Capital Markets at Cliffwater, to discuss current conditions in the direct lending market as we approach the end of 2022 and a look ahead to 2023. How will the market play out given the uncertain economic backdrop?

]]> full 7 1 false Host CJ Doherty sits down with Fran Beyers, Head of Capital Markets at Cliffwater, to discuss current conditions in the direct lending market as we approach the end of 2022 and a look ahead to 2023. How will the market play out given the uncertain economic backdrop?

]]> 00:17:51 <![CDATA[Episode 6 | Blackstone Credit Spotlight]]> Mon, 14 Nov 2022 13:49:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1318399 https://lpc-lending-lowdown.castos.com/episodes/episode-6-blackstone-credit-spotlight Blackstone Credit’s Carlos Whitaker shares his outlook for the private credit market. How are portfolio companies positioned amid the rising rate environment? With 2023 right around the corner, what is he focused on as we head into the new year?

]]> full 6 1 false Blackstone Credit’s Carlos Whitaker shares his outlook for the private credit market. How are portfolio companies positioned amid the rising rate environment? With 2023 right around the corner, what is he focused on as we head into the new year?

]]> 00:14:13 <![CDATA[Episode 5 | State of the European Lending Space]]> Mon, 24 Oct 2022 11:31:00 +0000 LSEG (London Stock Exchange Group) https://permalink.castos.com/podcast/41164/episode/1300779 https://lpc-lending-lowdown.castos.com/episodes/episode-5-state-of-the-european-lending-space A look at the European leveraged and investment grade loan markets. Is leveraged lending shut down in Europe? What opportunities have arisen for the private debt space as a consequence of this disruption? And is there a silver lining in the investment grade market?

Join us in-person for our 28th Annual Refinitiv LPC Middle Market, Direct Lending and Large Corporate Loans Conference – on November 2, 2022 in New York City!

]]> full 5 1 false A look at the European leveraged and investment grade loan markets. Is leveraged lending shut down in Europe? What opportunities have arisen for the private debt space as a consequence of this disruption? And is there a silver lining in the investment grade market?

Join us in-person for our 28th Annual Refinitiv LPC Middle Market, Direct Lending and Large Corporate Loans Conference – on November 2, 2022 in New York City!

]]> 00:10:44 <![CDATA[Episode 4 | Sustainable finance in 2022]]> Wed, 21 Sep 2022 14:51:00 +0000 LSEG (London Stock Exchange Group) https://lpc-lending-lowdown.castos.com/podcasts/41164/episodes/episode-4-sustainable-finance-in-2022 https://lpc-lending-lowdown.castos.com/episodes/episode-4-sustainable-finance-in-2022 Looking at the relevance of sustainable finance amid broader market uncertainty. 

]]> full 4 1 false Looking at the relevance of sustainable finance amid broader market uncertainty. 

]]> 00:10:07 <![CDATA[Episode 3 | Private Credit 101]]> Mon, 22 Aug 2022 21:19:00 +0000 LSEG (London Stock Exchange Group) https://lpc-lending-lowdown.castos.com/podcasts/41164/episodes/episode-3-private-credit-101 https://lpc-lending-lowdown.castos.com/episodes/episode-3-private-credit-101 Discussing the evolution in private credit and the rapid growth of direct lending in recent years. How did we get here, and where are we headed?

]]> full false Discussing the evolution in private credit and the rapid growth of direct lending in recent years. How did we get here, and where are we headed?

]]> 00:10:35 <![CDATA[Episode 2 | Summer of Volatility]]> Wed, 06 Jul 2022 10:40:00 +0000 LSEG (London Stock Exchange Group) https://lpc-lending-lowdown.castos.com/podcasts/41164/episodes/episode-2-summer-of-volatility https://lpc-lending-lowdown.castos.com/episodes/episode-2-summer-of-volatility Taking a look at current market dynamics in the leveraged lending space amidst volatility, inflation, and how loans are performing versus other asset classes. 

]]> full 2 1 false Taking a look at current market dynamics in the leveraged lending space amidst volatility, inflation, and how loans are performing versus other asset classes. 

]]> 00:09:27 <![CDATA[Episode 1 | Private Debt Bonanza]]> Wed, 15 Jun 2022 06:42:00 +0000 LSEG (London Stock Exchange Group) https://lpc-lending-lowdown.castos.com/podcasts/41164/episodes/episode-1-private-debt-bonanza https://lpc-lending-lowdown.castos.com/episodes/episode-1-private-debt-bonanza Join CJ Doherty, Director of Market Analysis at Refinitiv LPC and Ioana Barza, Head of Market Analysis at Refinitiv LPC for a discussion of current trends in private credit, honing in on opportunities and challenges facing BDCs.

]]> full 1 false Join CJ Doherty, Director of Market Analysis at Refinitiv LPC and Ioana Barza, Head of Market Analysis at Refinitiv LPC for a discussion of current trends in private credit, honing in on opportunities and challenges facing BDCs.

]]> 00:08:26 <![CDATA[Lending Lowdown Podcast - Series trailer]]> Thu, 12 May 2022 14:19:00 +0000 LSEG (London Stock Exchange Group) https://lpc-lending-lowdown.castos.com/podcasts/41164/episodes/lending-lowdown-podcast-series-trailer-1 https://lpc-lending-lowdown.castos.com/episodes/lending-lowdown-podcast-series-trailer-1 The Lending Lowdown provides credit market insights and views from the lending trenches. It recaps syndicated loan and private debt market events and thought leadership on trends and the latest deal activity.

Speakers: Ioana Barza and Colm Doherty 

]]> full false The Lending Lowdown provides credit market insights and views from the lending trenches. It recaps syndicated loan and private debt market events and thought leadership on trends and the latest deal activity.

Speakers: Ioana Barza and Colm Doherty 

]]> 00:01:11