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.

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.

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.

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.

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.

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.

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.

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

Join Kerstin Kubanek as she explores the dynamic world of leveraged finance with Matthew Cestar and Alex Matthews from Arini. Discover how their groundbreaking partnership with Lazard is transforming access to Europe's underserved middle market. Uncover the strategic benefits of focusing on non-sponsored deals, understand the impact of geopolitical shifts, and find out why this innovative approach is drawing global investor interest. Tune in for an engaging discussion on the future of private credit and the exciting opportunities it offers.

In this week's episode of LFI’s Levered Line, Steve Miller welcomes Tim Donahue, Lazard's Vice Chairman of Investment Banking and the Global Head of Capital Solutions. Tim discusses his career journey through JPMorgan and Alterra Mountain Company and shares his holistic approach to capital markets at Lazard. He explores the evolution of private capital markets, their increasing importance for non-sponsored and investment-grade companies, and the merging of public and private markets. Additionally, Tim highlights how distressed investors are transitioning into broad solution providers. He offers valuable insights on moving from sell-side to corporate roles, reflecting on the ever-changing nature of capital markets in 2025. Tune in for Tim's expert perspective on these significant shifts in the financial industry.

In this week's episode, David Graubard speaks with Stephanie Walsh from Bain Capital to explore the current dynamics of the CLO markets. They discuss how aggressive loan repricing and tariffs are affecting market volatility and investor strategies. Stephanie offers valuable insights into Bain's strategic use of captive equity vehicles and the importance of maintaining solid margins amidst tariff impacts. The episode also covers expectations for 2025, including potential rate cuts, and examines how international investors and rating agencies are adjusting to the evolving economic landscape. This conversation is filled with practical knowledge for anyone interested in understanding the future of CLO markets.

In this episode of Levered Lines, LevFin Insights sits down with Aaron Kless, CEO and CIO of Andalusian Credit Partners, to hash out exactly how is non-sponsored lending different from sponsor finance, the cornerstone of the direct lending world, and why investors should make a home for it in their portfolio. From how to source transactions, the structure of deals and what businesses use the money for, LFI gets to the bottom of what makes non-sponsored lending unique and sheds light on an under-trafficked part of the private credit asset class.

In this episode of LFI's Levered Lines podcast, host Steve Miller sits down with John Cokinos, RBC's Global Head of Leverage Finance and Capital Markets. They dive into RBC's strategic growth plans and the changing world of leveraged finance. Offering valuable insights, they discuss the role of private credit and examine current market trends influencing the industry. Beyond finance, the conversation shines a light on John's inspiring philanthropic work with the Fiverr's Children's Foundation, supporting at-risk youth in New York. Don't miss this engaging episode filled with expert insights and compelling stories.

In this episode of the LevFin Insights Levered Lines podcast, Andrew Hedlund chats with Victoria Chant, Senior Managing Director and Global Head of Capital Formation at Blackstone Credit and Insurance. Their discussion focuses on her role in capital formation and accessing debt capital markets. Key topics include trends in M&A activity, the effects of a strong economy and robust markets, and how BDCs think about their own debt financings. They also explore the interaction between syndicated and private credit markets, the impact of capital costs, and the growth of BDCs. Victoria highlights the advantages of private credit, using Blackstone’s $2 billion loan to Dropbox as an example, and discusses its competitive edge in speed and certainty for companies seeking capital.

In this episode of the LFI Levered Lines. podcast, Steve Miller hosts Edwin Wilches, Co-Head of PGIM's Securitized Product Team, and they delve into the latest trends and innovations in the CLO market. From the rise of private credit CLOs to the influence of ETFs and potential future developments, Edwin offers a comprehensive analysis of how these factors are shaping the financial landscape. Tune in to understand the opportunities and challenges ahead for CLO investors.

In the latest episode of 'LFI's Levered Lines' Podcast, host Luke Millar, Global Editor-in-Chief at LevFin Insights, welcomes Stephanie Kauffman, President and COO of the Melanoma Research Alliance, and Ian Devine, Head of Loan Trading in Europe at RBC. Following the huge success of New York events and ahead of the inaugural Leveraged Finance Fights Melanoma event in London, together, they delve into the founding and mission of the Melanoma Research Alliance, dedicated to increasing funding and advancing melanoma research globally. Ian shares his personal journey with skin cancer, emphasizing the necessity of regular skin checks and awareness, highlighting the crucial role of early detection in effectively combating melanoma. Meanwhile, Stephanie highlights the upcoming Leverage Finance Fights Melanoma event in London, aimed at raising funds and awareness by uniting the finance community for a meaningful cause.

Kerstin Kubanek has a discussion with Nick Baldwin, Managing Director at Lincoln International, focusing on key topics in the private credit landscape. They delve into the stability of amendments and their significant impact on pricing, noting that price increases have decreased since late 2023 due to competitive lending and proactive refinancing. The conversation also covers the influence of 2021 market conditions and the role of PIK (Payment in Kind) in pricing strategies. Despite rising interest rates, private companies continue to perform well, maintaining low default rates. Lenders and sponsors are employing strategies such as amendments, equity infusions, and maturity extensions to manage liquidity and ensure portfolio health.

In the latest episode of the LevFin Insights Levered Lines Podcast, Steve Miller welcomes Peter Gleysteen, Founder, CEO, and CIO of AGL Credit Management. They discuss key topics such as the differences between syndicated and private credit loans, AGL’s exclusive collaboration with Barclays, and the future outlook for leveraged finance and M&A activity. Peter also shares insights into the current health of the leveraged loan market. Tune in for an engaging discussion on the evolving landscape of leveraged finance.