Subprime Time — What does music royalty ABS look like today?

Puerto Rico may have filed to formally restructure back in 2017, but the lessons that can be learned still apply today. Former oversight board member David Skeel joins Jane Komsky to discuss his new book Promise Land which delves into the creditor battles, political compromises and lessons behind and beyond his experience navigating the restructuring. Skeel maps the competing claims of roughly $18bn of General Obligation bonds, $18bn of sales tax-backed Cofina bonds, clawback creditors, pension bonds and general unsecured creditors. He also recounts Aurelius’ role and attempt to mastermind the restructuring. The discussion explains how Promesa created the oversight board and Title III restructuring framework, and why Skeel believes an out-of-court resolution was ultimately unworkable. He recounts some of the unforeseeable obstacles including Hurricane Maria, political upheaval and the pandemic repeatedly disrupted negotiations, as well as divisions within the board complicating its dealings with creditors. For distressed and municipal bond investors, Skeel’s conclusions extend beyond Puerto Rico. To get the full story, Skeel’s book is available for purchase here. Have any feedback for us? Send us a note at [email protected]. Thanks for listening!

New Fortress Energy, Fossil Group and Argo Blockchain are putting English restructuring plans on the map for US-listed borrowers. What draws them across the Atlantic, and what does that choice mean for creditors? Will Macadam joins Linklaters restructuring partners Michael Torkin and James Warboys to break down how the US’s more comprehensive Chapter 11 bankruptcy process compares to the England’s more targeted Part 26A restructuring plan. The discussion touches upon what companies can do with a Chapter 11 filing that cannot be achieved with an English Part 26A and vice versa, why Part 26A plans have proven popular with some publicly-listed US companies, and how advisors decide where a distressed company should restructure its liabilities. Have any feedback for us? Send us a note at [email protected]. Thanks for listening!

While many European direct lenders are struggling to hit their fundraising targets, Hayfin has just pulled in more than €15bn. On Cloud 9fin, Synne Johnsson speaks with Hayfin’s head of direct lending Mark Bickerstaffe about fundraising, deployment and the changing balance of power in European private credit. He explains how investor diversification away from the US has helped Hayfin attract capital. The conversation also examines portfolio resilience, inflation risks and artificial intelligence. Looking ahead, it touches on refinancing challenges around 2028 and 2029 maturities, opportunities in capital solutions and asset-backed lending, and reasons for cautious optimism about deal activity later in 2026. Have any feedback for us? Send us a note at [email protected]. Thanks for listening!

Over the last decade, household name and beloved yogurt brand Chobani has evolved from a capacity-constrained yogurt producer into a credit market darling. But tighter debt pricing is now prompting some of its longtime lenders to walk way even as they praise the business for its success. In this episode of Cloud 9fin’s Syndication Nation, US LevFin reporter David Westenhaver unpacks the interesting backstory behind Chobani with deputy LevFin editor Sasha Padbidri, including its history in the credit market and the impact of the protein-maxxing trend on the business. Since recording this podcast, the company has issued an additional $600m in debt to finance the purchase of a Pennsylvania production facility with an expected $1.2bn price tag. Have any feedback for us? Send us a note at [email protected]. Thanks for listening!

Javier Milei’s privatization push is reopening Argentina’s infrastructure to private capital. But turning investor interest into long-term financing hinges on credible contracts, predictable tariffs and stable foreign-exchange rules. In this first episode of a two-part series, 9fin senior credit analyst Marina Varady joins Jimena Vega Olmos, a partner at Beccar Varela, Gonzalo Santamaría, a partner at Marval, and Gustavo Kopyto, a board member at TGN, to assess opportunities across privatizations, concessions and new projects. Oil, gas and mining are top of mind for investors, with export revenues and RIGI protections helping mitigate Argentine risk. The discussion also covers AySA, road concessions and planned high-voltage transmission tenders. Kopyto draws on TGN’s experience with frozen peso tariffs and dollar-linked debt to explain why respecting contracts matters. Vega Olmos outlines the return of project finance, where repayment depends on project cash flows, long-term offtake agreements and robust security packages rather than primarily on a sponsor’s balance sheet. Santamaría, in turn, highlights opportunities in export-oriented oil, gas and mining projects, while emphasizing the need for regular tariff adjustments and predictable regulation to sustain public utilities. The Vaca Muerta Sur pipeline provides a financing precedent, combining sponsor equity with a bank consortium loan involving JP Morgan, Citi and Santander. The guests discuss how capital markets, sponsor support and multilateral guarantees could fund larger developments, drawing lessons from RenovAr and Genneia. They also examine why regulated utilities require stronger protections against tariff intervention, and why local participation in Transener need not signal foreign investor retreat: domestic investors can demonstrate confidence before international capital follows. Thanks for listening and watching. If you have any feedback on this episode send us a note at [email protected]. Look out for the second episode, which delves deeper into RIGI, among other things, in the near future!