Siobhan Hodson, Author at ׶Ƶ Know More. Risk Better.® Tue, 14 Apr 2026 21:31:15 +0000 en-US hourly 1 /wp-content/uploads/cropped-favicon-512x512-1-32x32.png Siobhan Hodson, Author at ׶Ƶ 32 32 ׶Ƶ Launches Loan Navigator /creditsights-launches-loan-navigator/ Wed, 15 Apr 2026 12:00:04 +0000 /?p=35046 The post ׶Ƶ Launches Loan Navigator appeared first on ׶Ƶ.

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New integrated loan intelligence solution combines market-leading research, covenant analysis and data tools into single platform.

 

NEW YORK — [April 15, 2026] — ׶Ƶ, a leading provider of research, analysis, data and news for global credit markets, today announced the launch of Loan Navigator, an integrated solution designed to provide institutional investors with a comprehensive view of the leveraged loan market and help accelerate investment decision-making.

The leveraged loan market is large and fast-moving, yet many investors still rely on fragmented workflows across research terminals, covenant databases, data rooms and spreadsheets.Loan Navigatorbrings together ׶Ƶ’ loan intelligence capabilities including: LevFin Insights (LFI), Covenant Review and Bixby into a single, purpose-built workflow for portfolio managers, analysts, traders and credit risk professionals. By unifying proprietary content, expert covenant analysis, deal documentation and portfolio analytics in one environment, the platform is designed to streamline evaluation of new opportunities and ongoing monitoring of risk.

“The leveraged loan market demands speed and precision, but many investors still work across disconnected systems that slow them down,” saidErin Lyons, Head of ׶Ƶ. “Loan Navigator brings together capabilities investors already rely on into a single workflow designed for how teams assess risk and evaluate deals, helping reduce time to insight and supporting faster, better-informed decisions.”

The launch reflects growing demand from asset managers, banks, insurers, and CLO managers for tools that streamline increasingly complex loan market workflows and provide deeper insight into credit risk and deal structures. As investors navigate evolving documentation terms and manage more complex portfolios, the ability to quickly assess structure, risk and relative value has become increasingly important.

Key capabilities include:

  • Integrated Market Intelligence: Combines real-time leveraged finance news, primary market tracking, and anticipated issuance from LevFin Insights with Covenant Review’s industry-defining legal and structural analysis, eliminating the need to cross-reference multiple sources.
  • Expert Covenant & Documentation Analysis: In-depth evaluation of credit agreements, indentures, and protective provisions, with proprietary documentation scores that benchmark deal quality and identify structural risks other platforms miss.
  • Financial Spreading & Portfolio Analytics: Sophisticated analytics engine for spreading financials and analyzing exposures across metrics, sectors, and market conditions, turning raw data into actionable insight.
  • Unified Workflow: Single-platform access to research, documents, covenant insights, and analytics, no more toggling between disparate tools or losing context between systems.
  • Comprehensive Coverage: Aggregated data and analysis across 10,000+ public and private issuers, providing complete visibility into loan market activity.
  • Compliance-Ready Architecture: Secure access controls for restricted information with audit trails and document access reporting to meet regulatory requirements.

The launch builds on ׶Ƶ’ long-standing reputation for delivering high-quality credit research and reflects the firm’s continued investment in technology and integrated analytics for institutional investors, bringing together Covenant Review’s institutional-grade covenant analysis with market intelligence and portfolio analytics in a single workflow.

“With Loan Navigator, we’re delivering an integrated experience designed to meet the pace and complexity of today’s loan market,” added Lyons.“This is the first step in a broader vision to give credit investors the integrated intelligence infrastructure the market demands.”

For further information, visit /loan-navigator/

About ׶Ƶ

׶Ƶ combines credit market research, covenant analysis, and leveraged finance news into one comprehensive platform to help our clients Know More. Risk Better. ׶Ƶ delivers timely and actionable research to institutional investors, enabling them to make informed decisions. Our team of experienced analysts covers a wide range of sectors and regions, providing clients with comprehensive assessments of credit risk and opportunities. With a commitment to excellence and innovation, ׶Ƶ continues to be a trusted partner for financial institutions worldwide.

׶Ƶ is a Fitch Solutions Company and part of Fitch Group, a global leader in financial information services with operations in 30 countries. Fitch Group is owned by Hearst. Further information: .

Media Contact

Eleis Brennan

Tel: +1 646 582 3666

Email: eleis.brennan@thefitchgroup.com

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]]> US Bankruptcy: Anthology – Chapter 11 Bookend /us-bankruptcy-anthology-chapter-11-bookend/ Wed, 04 Mar 2026 22:03:54 +0000 /?p=33926 The post US Bankruptcy: Anthology – Chapter 11 Bookend appeared first on ׶Ƶ.

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Education technology companyAnthologyused chapter 11 to strip the bulk of its assets and reorganize around its Teaching & Learning division.

After selling off its Enterprise Operations, Anthology Reach and Student Success platforms, the company implemented a debt-for-equity swap of its prepetition super-priority debt, giving lenders control of T&L.

Judge Alfredo Perez of the US Bankruptcy Court for the Southern District of Texas confirmed the plan at a Dec. 12 hearing. The plan took effect Feb 27.

The road to chapter 11

Prior to the chapter 11 reorganization, Anthology operated in four segments:

  • T&L, which operates flagship product Blackboard Learn, a digital course design, assessment, grading and performance analysis service. T&L was by far the company’s biggest earner, bringing in more than half of FY 2025 revenue at $240mn.

  • Enterprise Operations, operator of Anthology Student, a software platform for managing day-to-day functions of academic institutions.

  • Anthology Reach, a provider of student enrollment, retention, advising, and career advancement services.

  • Student Success, giving students coaching services.

Anthology, owned at the time by Veritas Capital Fund, blamed its troubles on new competitors, declining college enrollment, reduced government subsidies and an aging product portfolio. Revenue declined by $80mn from FY 2023 to FY 2025 and EBITDA dropped from $33mn in FY 2023 to $4mn in FY 2025, and efforts to raise prices were met with “intense backlash” from customers.

The company took on its pre-bankruptcy debt load in 2024 through a liability management transaction, when its lenders repurchased nearly all of its first-lien debt and the company issued the lenders a new super-priority first-lien revolver and four-tranche term loan totaling $1.29bn in debt.

That restructuring was not enough to fix the company’s financial situation, and Anthology skipped interest payments in late 2024 and early 2025 amid a failed sale process. Talks with first- and second-lien lenders yielded a restructuring support agreement with.

RSA in hand, Anthology.

The plan

The RSA set up a dual-track sale and restructuring process for the debtor. The company aimed to sell Enterprise Operations division, with Ellucian Co. signed on as stalking horse bidder, as well as the Lifecycle Engagement and Student Success divisions, with a stalking horse bid from Encoura.

Anthology would then reorganize around the T&L, with super-priority first-out lenders to receive 99% of the equity in the reorganized company, while super-priority second-out lenders would get the remaining 1% of common equity and 1% of new preferred equity. The lenders also had the option to drop their equity payout and instead share $59.4mn in cash for the super-priority first outs and $2mn for the super-priority second outs.

The company also set up a $35mn equity rights offering and a $15mn direct equity investment from the ad hoc group and aimed to raise another $22.7mn in equity financing.

The supporting lenders agreed to fund $100mn in debtor-in-possession financing to fund the case in exchange for a 9.5% backstop premium. The DIP was half new money and half a roll-up of prepetition debt. Judge Perez approved the DIP on a final basisafter the company reached a settlement that brought excluded lender Vector Investment Partners into the financing.

Later that month,of the Enterprise Operations business to Ellucian for $70mn and the sale of Lifecycle Engagement and Student Success for $50mn.

Theobjected to the plan, unhappy with the lack of payout to unsecured creditors, owed $20.8mn. In the following weeks, Anthology and the UCC settled the dispute. The deal amended the plan to create a convenience class of unsecured creditors, setting aside $1.75mn to give creditors payment in full on claims up to $10,000 and a recovery of 15% up to $100,000. The plan then put another $1.75mn in cash to pay general unsecured creditors, who would also receive half of the first $6.5mn in net cash recoveries from certain litigation.

Judge Perez confirmed the plan. The plan took effect on Feb 27.

Related documents:

.

Pat Holohan

patrick.holohan@levfininsights.com

+1 917 654 0337

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]]> US Special Situations: Office Properties DIP fight highlights intercreditor dispute /us-special-situations-office-properties-dip-fight-highlights-intercreditor-dispute/ Fri, 07 Nov 2025 18:13:09 +0000 /?p=30501 Office Properties Income Trust’schapter 11 case has turned into an intercreditor brawl, as a consortium of 2027 secured bondholders challenge the structure of a proposed $125mn DIP facility provided by...

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Office Properties Income Trust’schapter 11 case has turned into an intercreditor brawl, as a consortium of 2027 secured bondholders challenge the structure of a proposed $125mn DIP facility provided by September 2029 secured noteholders. The September 2029 bondholder group led by Helix and Redwood, which together hold just over 50% of the bond, negotiated the RSA and structured the DIP loan. The facility is set to be syndicated among the remaining September 2029 noteholders according to their pro rata share of the $610mn issue.

That means the other $1.143bn of prepetition secured creditors, along with $491mn of unsecured noteholders, will be excluded from the opportunity to participate in the financing, which comes with a 12% cash interest rate, a smattering of fees and the possibility of full equitization at the conclusion of the bankruptcy case.

In heated testimony at Monday’s first day hearing, Milbank, as counsel to the rival 2027 secured notes, referred to the proposed DIP facility as “structured mischief,” alleging the facility’s structure minimizes guarantors to the 2027 secured notes. The proposed DIP financing does not have broad consensus among creditor groups, Milbank said.

OPI filed for chapter 11 in Houston last week with an RSA signed by 80% of September 2029 noteholders, which also agreed to backstop the DIP facility. That leaves $121mn of the September 2029s not yet signed on to the deal, along with $1.8bn of non-RSA parties across the rest of the capital structure.

Judge Lopez in Houstoninterim approval of the DIP loan on Monday, allowing the debtors to access an initial $10mn draw, and ordered mediation with 2027 secured noteholders. The court scheduled a final hearing on the DIP financing for Dec. 3.

DIP Terms

The proposed DIP loan is unconventional in that it is not a super-priority facility, but instead comes with a split lien across various pools of OPI collateral. As currently structured, it has a first lien on 25 unencumbered properties, a second lien on 2027 secured notes collateral, a second lien on March 2029 secured notes collateral, and a third lien on collateral backing the company’s September 2029 secured notes. Latham as counsel to the debtor emphasized at the first day hearing that the DIP facility is a junior lien instrument with priority only on a pool of unencumbered assets.

At the same time, the terms of the proposed facility are generous to RSA parties—namely September 2029 noteholders—in the form of DIP fees and the potential for full equitization. The $125mn new money instrument comes with a 12% cash interest rate, 10% commitment fee, 2.25% PIK upfront fee, and 5.75% exit fee, for an effective annualized rate of 30%. While interest is payable only in cash, the loan principal and assorted fees are payable in equity at the debtor’s option, lowering the cash barrier to emergence.

Another sweetener for DIP lenders comes in the form of a steep discount on equitization. The $125mn DIP loan together with the 2.25% PIK upfront fee—totaling $127.8mn—comes with the option to convert to equity at a 37% discount to plan value. For purposes of the transaction, plan equity value is stated in the RSA as the difference between enterprise value of $1.7bn and the reorganized debt load, or $378mn. That means DIP lenders would convert to equity at a valuation of just $238mn.

Secured 2027 bondholders also proposed a DIP loan at a lower interest rate, according to first day filings, though it was rejected by the debtor because it was not payable in equity, requiring the company to generate additional liquidity in bankruptcy to repay the loan. OPI filed with just $29mn of cash on the petition date, while the market for any additional office property sales remains weak.

OID Litigation

Within days of the bankruptcy filing, OPI commenced anagainst UMB Bank, as indenture trustee for the 2027 notes, challenging any claim to OID as disallowed under §502(b)(2) of the Bankruptcy Code. Holders of the 2027 notes, which were the product of astruck at a 31% premium, will no doubt seek an allowed claim for unamortized OID of around $76mn.

Some have suggested that an OID generated from an exchange offer is not considered unmatured interest in bankruptcy. Dan Kamensky, Founder of the Creditor Rights Coalition, indicated in a webinar withCovenant Reviewand׶Ƶthis week (available) that every court that has addressed the issue in the context of an exchange offer has rejected the application of § 502(b)(2) to OID. In the case of secured debt, however, an overcollateralized claim may be fully allowed in either case due to a separate provision of the Bankruptcy Code giving secured creditors additional protections. The issue is similar to how unsecured make-whole claims are treated in bankruptcy, where the Fifth Circuit and Third Circuits inUltra PetroleumandHertz, respectively, have ruled that such claims are the economic equivalent of unmatured interest.

The OID litigation is likely targeted at expediting the chapter 11 case, with 2027 noteholders incentivized to drag out the dispute. Treatment under the RSA would provide illiquid property collateral up to the value of allowed 2027 secured claims—or $342mn before accounting for the $76mn OID—with the remainder deemed unsecured and converted to equity. That means 2027 noteholders have time on their side: running up professional fees would reduce the value of the estate that September 2029 bondholders are set to inherit under the RSA.

Source and uses for the December 2024 exchange transaction that created the 2027 secured notes are shown below. In that deal, original holders of OPI’s unsecured notes due 2025 ultimately exchanged $282mn of unsecured 2025 notes and $58mn cash into the backstopped deal—totaling $340mn—for $445mn of 2027 secured notes. The $135mn OID and $76mn unamortized amount are calculated according to tax treatment in the exchange agreement, plaintiffs argue.

RSA Treatment

The proposed transaction under the RSA would deleverage OPI’s balance sheet by up to $1.1bn largely through equitization of prepetition debt. While mortgage debt is unaffected by the agreement, $425mn of secured credit facility debt across the revolver and term loan is set to be reinstated. The March 2029 secured notes would also be reinstated into an equivalent amount of new March 2029 secured notes.

The 2027 secured notes—the subject of the OID litigation—would receive property collateral and/or a combination of cash and take-back debt up to the value of their allowed secured claim. The September 2029 secured noteholders that negotiated the RSA would receive $420mn of take-back debt in the form of new five-year 10% secured notes plus around 26% of reorganized equity on account of their notes. All $491mn of prepetition unsecured debt including the priority guaranteed notes is set to be equitized.

The restructuring stands to reduce OPI’s leverage by more than four turns, from 9.6x on a prepetition basis to 5.2x pro forma for the transaction. In the event the DIP is fully equitized, the RSA would put September 2029 noteholders led by Helix and Redwood firmly in control of the reorganized company, leaving a small 2% MIP equity allocation to manager RMR.

Evan DuFaux

evan.dufaux@levfininsights.com
+1 917 654 0333

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]]> US Insight: Industrial services businesses emerge as opportunity for direct lenders /us-insight-industrial-services-businesses-emerge-as-opportunity-for-direct-lenders/ Tue, 30 Sep 2025 20:03:12 +0000 /?p=29441 After “Liberation Day” in April, the markets felt anything but liberated, especially in the industrials sector, which many anticipated to be particularly affected by tariffs. But now dealmakers have more...

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]]> After “Liberation Day” in April, the markets felt anything but liberated, especially in the industrials sector, which many anticipated to be particularly affected by tariffs. But now dealmakers have more than warmed to the sector – they are quite excited about it.

Secular tailwinds are driving demand for those specific parts of the economy, which include more than just things like building products and manufacturing. Among these are services businesses, which have attracted a lot of attention.

“While you have to be selective, there are pockets within industrials with strong long-term potential,” said Aaron Wolfe, co-founder and managing partner of specialty industrials sponsor Point 41 Capital. “The excitement comes from long-term trends like automation, infrastructure and electrification.”

The largest industrials deal so far this year was the $3.6bn debt financing in September supporting Warburg Pincus’ acquisition ofPark Place Technologies, a maintenance provider for data centers, which are becoming regarded as critical infrastructure.

The package included a $2.9bn term loan on which Ares Management served as administrative agent and Blackstone as joint lead arranger with participation from Blue Owl Capital.

“Core industrial services are the regulated, mission-critical, code-driven activities that generate recurring revenue. Examples include testing, inspection and certification; fire safety; and electrical system maintenance. These sectors are sticky because demand is mandated,” said Lara Hughes-Francis, founder and partner of M&A origination firm Clavana.

She pointed to Blackstone’s $1.6bn acquisition ofShermcofrom Gryphon Investors in August as an example. Irving, Texas-based Shermco provides electrical system maintenance and engineering services, putting it in a position to benefit from the electrification tailwind.

While financing details of the new transaction are unclear, under Gryphon’s ownership Shermco was financed in the private credit markets with capital from Ares Management and Cliffwater.

In another infrastructure services deal,USG Water Solutionsclosed a dividend recapitalization in June with a term loan led by Overland Advantage, the joint venture between Wells Fargo and Centerbridge Partners. The borrower manages the physical assets, such as pipes and treatment plants, for small and medium-sized public water utilities in the US.

“From an analytical perspective, we’re observing heightened private equity activity in the industrials sector this year, with sponsors particularly targeting business services and distribution companies that operate in fragmented markets,” said Matt Woodruff, a׶Ƶanalyst who leads aerospace and defense as well as transportation coverage.

Infrastructure investment has created “sustained demand visibility” and proven to be a factor that can justify higher valuations in related subsectors, he said.

One banker said the industrials sector is “compelling,” citing the potential for these businesses to have large total addressable markets and that the companies are not necessarily capex intensive. If the borrower has more US exposure than international exposure, that makes them less susceptible to tariffs, the banker noted.

A second banker said that industrials is a “massive universe” and that to get deals done, companies need to be able to quantify risk. If a number can be attached to that, it is easier for lenders to get comfortable with the company.

For all its potential, the industrials sector does have several headwinds, including labor market constraints,׶Ƶ’ Woodruff said, a factor that is becoming a “key due diligence focus.”

“[B]uyers [are] carefully evaluating targets’ exposure to skilled trades shortages and wage inflation pressure, often requiring detailed workforce planning and automation roadmaps to justify investment theses,” he said.

When it comes to underwriting the business from a lending perspective, several factors stick out as important metrics to look for, noted Point 41’s Wolfe.

“What lenders should look at are long-term demand for the company’s products. How much performance is driven by pricing versus volume? Price-volume analysis is critical. In addition, they should look at supply chain resilience. Can they source competitively if tariffs or political issues arise?” he said.

Other critical things to look at are tariffs, concentration among customers and end-markets, and ESG and regulatory tailwinds, Clavana’s Francis-Hughes said.

Onshoring’s possible tailwinds

There have been some deals outside industrial business services. Truelink Capital acquired maintenance, cleaning and sanitation products companyZepfrom New Mountain Capital. WhiteHorse Capital provided a first-lien credit facility priced at S+500 to help finance the purchase.

The sale was particularly notable because Zep had refinanced its debt in 2023 with a $345mn first-lien and second-lien package to deal with a near-term maturity with ratings of Caa2/CCC+.

A reshoring of US manufacturing jobs would be a boon to that part of the industrials space, though it would play out over years rather than months, making it somewhat of an open question.

“Industrials are attractive because people think the manufacturing jobs are coming back to America. For so long, the industry was unattractive because the likelihood that the jobs would be offshored,” Deerpath Capital Head of Origination Reed Van Gorden said.

That reshoring will likely occur, but it “won’t happen tomorrow,” he said, making the sector a compelling investment thesis for the equity side of the capital structure. Industrial companies may still be a tougher sell for cashflow lenders because there is uncertainty about the future timing of onshoring of jobs.

Sponsors also are taking the long view on this variable as well.

“We do think long-term onshoring is a positive trend for traditional U.S. manufacturers,” said Point 41’s Jordan Wadsworth, also a managing partner at the firm. “Companies are diversifying their supply base and shortening supply chains, sourcing more domestically than before.”

The industrial sector’s role in powering the economy plays a large part in its attractiveness, according to John May, founder and managing partner of sponsor CORE Industrial Partners.

“The sector’s essential role in supporting broader economic activity translates to significant dollars being invested by both the public and private sector,” he said. “Over the long term, companies that can balance cost discipline with pursuing strategic opportunities should be able to capitalize on the growth of the sector.”

Ultimately, private equity firms aren’t pursuing what Clavana’s Hughes-Francis described as broad cyclical manufacturing, rather, they are looking for “distinct technical input, sticky maintenance revenue, and supply chain independence.”

“From a lending standpoint, the winners aren’t those built for boom times, but those structured for staying power,” she said.

 

Andrew Hedlund

andrew.hedlund@levfininsights.com

+1 480 313 1334

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]]> ׶Ƶ and Octaura Forge Strategic Partnership to Boost Syndicated Loan Market Data and News Delivery /creditsights-and-octaura-forge-strategic-partnership-to-boost-syndicated-loan-market-data-and-news-delivery/ Mon, 21 Jul 2025 12:00:38 +0000 /?p=28505 Provides Direct Access to LevFin Insights Content for Institutional Clients NEW YORK – July 21, 2025 –׶Ƶ, a leading provider of research, analysis, data and news for global credit markets,...

The post ׶Ƶ and Octaura Forge Strategic Partnership to Boost Syndicated Loan Market Data and News Delivery appeared first on ׶Ƶ.

]]> Provides Direct Access to LevFin Insights Content for Institutional Clients

NEW YORK – July 21, 2025 –׶Ƶ, a leading provider of research, analysis, data and news for global credit markets, and , an industry-led electronic trading, data and analytics solution for syndicated loans, today announced a new strategic partnership to provide institutional clients in the syndicated loan market with access to LevFin Insights (LFI) Data and News through Octaura’s platform.

This collaboration streamlines the investment process and facilitates market transparency for buy and sell-side participants with enhanced trading analytics, market insights and tools, all in one place. Through this partnership, Octaura’s clients will have direct access to LFI’s extensive leveraged finance data and analytics, enabling more informed decisions. Octaura will also utilize specific LFI data to enhance its suite of proprietary analytics.

“׶Ƶ and Octaura share a commitment to delivering data-driven market insights to institutional clients,” said Matt Zloto, Co-Head of ׶Ƶ. “As the syndicated loan market continues to digitize, our partnership meets a growing demand for integrated real-time data and advanced analytics, establishing new benchmarks for efficiency and transparency.”

“Our partnership with ׶Ƶ provides seamless access to market insights, trading and analytics, enabling our users to evaluate trading strategies and make more informed decisions,” said Vitaliy Kozak, Chief Product Officer of Octaura. “This collaboration strengthens our commitment to creating efficiencies for syndicated loan market participants through continued innovation and partnership with industry leaders in their own right.”

The agreement will entail a phased rollout to Octaura’s client base over the coming months to ensure seamless adoption and optimal impact.

For more information, visit

 


About ׶Ƶ

׶Ƶ combines credit market research, covenant analysis, and leveraged finance news into one comprehensive platform to help our clientsKnow More.Risk Better.׶Ƶ delivers timely and actionable research to institutional investors, enabling them to make informed decisions. Our team of experienced analysts covers a wide range of sectors and regions, providing clients with comprehensive assessments of credit risk and opportunities. With a commitment to excellence and innovation, ׶Ƶ continues to be a trusted partner for financial institutions worldwide.

׶Ƶ is a Fitch Solutions Company and part of Fitch Group, a global leader in financial information services with operations in 30 countries. Fitch Group is owned by Hearst.
Further information:.

 

About Octaura

Octaura is a provider of electronic trading, data, and analytics solutions for syndicated loans and CLOs. Founded in 2022, Octaura represents a significant milestone in the advancement of trade modernization for these markets through common operational criteria, automation across pre- and post-trade life cycles, improved ease in transactions and advanced data and analytics. To learn more, visit.

 

׶Ƶ Contact:

Eleis Brennan

Tel: +1 646 582 3666
Email:eleis.brennan@thefitchgroup.com

 

Octaura Contact:

Rita McNeil

Email: Octaura@peppercomm.com

The post ׶Ƶ and Octaura Forge Strategic Partnership to Boost Syndicated Loan Market Data and News Delivery appeared first on ׶Ƶ.

]]> ׶Ƶ Launches AdvisorEdge: Enhancing Wealth Management with Unique Insights /creditsights-launches-advisoredge-enhancing-wealth-management-with-unique-insights/ Tue, 20 May 2025 12:00:16 +0000 /?p=27492 MAY 20, 2025 – New York, NY– ׶Ƶ, a leading provider of research, analysis, data, and news for global credit markets, announced today the launch of AdvisorEdge, the latest product...

The post ׶Ƶ Launches AdvisorEdge: Enhancing Wealth Management with Unique Insights appeared first on ׶Ƶ.

]]> MAY 20, 2025 – New York, NY– ׶Ƶ, a leading provider of research, analysis, data, and news for global credit markets, announced today the launch of AdvisorEdge, the latest product addition to its wealth management service, ׶Ƶ Wealth. Designed to digitally enhance the Advisor and Client relationship, AdvisorEdge provides insights, data, and analysis to support improved investment returns, risk management, and elevated client engagement.

“As market volatility has made fixed income investments increasingly attractive, advisors are being asked to deliver more personalized, proactive guidance,” said Erin Lyons, Co-Head of ׶Ƶ. “׶Ƶ is a well-established partner to institutional investors; we are pleased to offer this customized solution for the Wealth ecosystem that brings the same best-in-class analysis in a format that caters to advisors. AdvisorEdge empowers advisors with the real-time insights they need to stay competitive, deepen relationships, and deliver the kind of value that today’s clients desire.”

By offering access to research, recommendations, and detailed company analysis for over 1,200 fixed income issuers, AdvisorEdge delivers valuable insights through tailored solutions, aligning client investment preferences with improved investment returns. AdvisorEdge is available via web and API feed, enabling digital connectivity to advisor and client investor portals through growing partner networks.

The full ׶Ƶ Wealth platform offers:

  • In-Depth Research and Analysis: 200+ articles / week to support investment thesis and ideation across various portfolio advisory groups, discretionary portfolio managers, and model creation teams.
  • Trading Ideas and Portfolio Monitoring: idea generation, portfolio monitoring, and integration of SMAs and UMAs for timely and suitable investment insights.
  • Company Snapshots and Customizable Delivery:quick and easy-to-digest profiles of client investments, with customizable delivery options via a web portal or API for seamless integration.

 

׶Ƶ AdvisorEdge is available on the

 

About ׶Ƶ, Inc.

׶Ƶ combines credit market research, covenant analysis, and leveraged finance news into one comprehensive platform to help our clientsKnow More.Risk Better.׶Ƶ delivers timely and actionable research to institutional investors, enabling them to make informed decisions. Our team of experienced analysts covers a wide range of sectors and regions, providing clients with comprehensive assessments of credit risk and opportunities. With a commitment to excellence and innovation, ׶Ƶ continues to be a trusted partner for financial institutions worldwide.

 

Get in Touch

For any inquiries, feel free to reach out:

Eleis Brennan
Fitch Group
Tel: +1 646 582 3666
Email:eleis.brennan@thefitchgroup.com

The post ׶Ƶ Launches AdvisorEdge: Enhancing Wealth Management with Unique Insights appeared first on ׶Ƶ.

]]> The bankruptcy world in your inbox. Welcome to Post Petition. /blog-the-bankruptcy-world-in-your-inbox-welcome-to-post-petition/ Wed, 02 Apr 2025 16:00:47 +0000 /?p=26363 The post The bankruptcy world in your inbox. Welcome to Post Petition. appeared first on ׶Ƶ.

]]>

The debts are staggering. Dockets seem to have no end. The byzantine legal procedures can make heads spin. The courts do not rest.

Thankfully, LevFin Insights’ US Post Petition team is here to take the sprawling world of bankruptcy and show our readers what matters in the morass, turning thousands of documents and millions of words into a running narrative that is a must have for any industry professional.

Our news

If a case has $250 million or more in funded debt, our team of four experts, with more than four decades of experience between them, is providing everything you need to know.

Every case that meets our debt threshold gets its own Case Intro, where we dig into the company’s history, capital structure, reasons for filing bankruptcy, and how it plans to reorganize in chapter 11, all illustrated with helpful charts.

At the close of every bankruptcy, the team publishes a Bookend taking stock of every notable part of the case and providing detailed creditor recoveries and exit capital structures.

Along the way, we hit every beat. The first-day hearing, the second-day hearing, DIPs, bid procedures, litigation, confirmation, Rule 2019 statements, and more. Our team gets a constant feed of what’s happening in the dockets, allowing us to report immediately on what our readers need to know.

Our analysis

The coverage is not limited to straight news. While our reporters tell readers what happened and when, our legal analysts dig into the why, how, and what’s next.

We have a fleet of regular reports on DIP Data, highlighting postpetition loans; the Runway to Emergence, running down all the companies set to exit chapter 11 in the near term; the Fees Calculator, showing what professionals are charging their debtor clients in bankruptcy; the Post Petition Weekly, providing a broad look at everything we covered that week; and the Advisor Leaderboard, showing what firms worked the most cases.

Our data

We wrote an article about a document, but you want to read the filing yourself. That’s no problem. Subscribers can access every filing on every docket that the Post Petition team covers, complete with the context of the court, case number, judge, when the case was filed, and when the docket was last updated.

Want to know what firm worked on any given case? We have the data showing every advisor that worked for a major party in a bankruptcy case.

Join the Post Petition experience today to get everything you need to know about the bankruptcy world.

 

Contact us to learn more.
Pat Holohan, Managing Editor at LevFin Insights

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Sub-investment grade tranches of European CLOs have widened in secondary to levels last seen during the spread blow-out that followed…
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US Insight: Loan volatility makes CLO equity interesting again at the JP Morgan Global Leveraged Finance Conference

US Insight: Loan volatility makes CLO equity interesting again at the JP Morgan Global Leveraged Finance Conference

Sentiment at the 2026 JP Morgan Global Leveraged Finance Conference was surprisingly positive across many asset classes, and CLOs were…
March 5, 20264 min Read More

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]]> LevFin Lens – Q&A with Blackstone’s CLO head Robert Post /levfin-lens-qa-with-blackstones-clo-head-robert-post/ Mon, 24 Feb 2025 18:15:30 +0000 /?p=25743 The post LevFin Lens – Q&A with Blackstone’s CLO head Robert Post appeared first on ׶Ƶ.

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In an exclusiveLFIinterview, Robert Post, Managing Director and the Head of US CLOs forBlackstone Credit and Insurance(BXCI),shared views on the outlook for US BSL CLOs following the firm’s record year, with 35 US CLO deals printed (19 new-issue/16 repriced). Post explained that the loan and CLO markets are experiencing a period of rapid spread tightening, yet relative value remains attractive and the longer-term fundamental outlook remains constructive. CLO equity remains an attractive asset class, as tightening liabilities mitigate asset spread compression and the default environment should remain low.

The market is undergoing a repricing wave driven by strong technicals and high demand from CLOs and retail investors. This scenario allows borrowers to reprice, and Blackstone focuses on relative value and reducing risk through the sale of underperforming assets. The firm is strategically targeting refi/reset opportunities, especially in deals with high capital costs or nearing the end of their reinvestment period, expecting market growth this year with positive net new deal issuance.

Blackstone manages its open warehouses flexibly, adjusting the number based on current market conditions to capture unexpected volatility and move efficiently. This approach can involve maintaining a few open warehouses or as many as a dozen, depending on investors’ pipelines. Despite a traditional default rate of around 1% last year, Blackstone expects low traditional defaults this year with a few percentage points of shadow defaults.

 

LFI: What’s currently top of mind for CLOs, especially in relation to BSL CLOs?

 

Blackstone: Right now, we’re navigating a unique period where spreads are getting squeezed, yet the long-term outlook is constructive. We’ve seen significant tightening in loan spreads and CLO liabilities, particularly over the last six months…

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]]> LevFin Lens – Q&A with Palmer Square’s Taylor Moore and Jeremy Goff on their CLO ETF plans in Europe /levfin-lens-qa-with-palmer-squares-taylor-moore-and-jeremy-goff-on-their-clo-etf-plans-in-europe/ Fri, 17 Jan 2025 11:10:51 +0000 /?p=25654 The post LevFin Lens – Q&A with Palmer Square’s Taylor Moore and Jeremy Goff on their CLO ETF plans in Europe appeared first on ׶Ƶ.

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The number of US-centric CLO ETFs surged during 2024, and now Europe is poised for growth too.

LFI spoke to Palmer Square’s Jeremy Goff (managing director) and Taylor Moore (managing director and portfolio manager) about the upcoming launch of the firm’s three new ETFs in Europe.

They discuss motivations for launching CLO ETFs, asset selection for both the passive and active funds, and projections for growth in the sector.

Q: Why is Palmer Square launching CLO ETFs in Europe?

Taylor: ETFs are a natural progression for the CLO market in Europe, which has now grown to over €250bn with an established investor and issuer base. The funds follow the launch of our Euro CLO debt indices in 2024.

We’re launching two passive UCITS CLO ETFs in Europe: one mirrors the assets in our Euro CLO senior index [ticker: ECLOSE] and the other the assets in our US CLO senior debt index [ticker: CLOSE].

The third ETF will be an active, multi-asset fund that invests across the CLO debt stack (AAA to BB), leveraged loans, corporates and IG ABS.

Allocations to each asset class will depend on where we see the best relative value, and we have flexibility to invest purely in one specific asset class if that’s the best proposition.

All three funds are targeting launch by the end of Q1.

Q: What will the ETFs’ AUM be at launch, and what are your projections for growth?

Taylor: We envisage each fund will launch with a strong level of seed AUM. We’re having conversations with authorised participants in Europe about seed investments and have a number of potential partners for investments across all three funds.

We’re anticipating good demand for our funds and, given the growth in the US CLO ETF market, I wouldn’t be surprised if combined European CLO ETF AUM is above €1bn by this time next year.

Q: How do you select assets for the passive European CLO ETF?

Taylor: Most of our purchases will be made on the secondary CLO market, as the ETF’s constituents mirror the assets that are in our senior CLO index. The index gets rebalanced quarterly, so it’s possible that we will buy in primary in these instances.

We limit investments to a subset of the most liquid part of the market, which accounts for ~40%-50% of the entire European CLO market. Each manager has to have at least two deals under management.

Unlike other European CLO ETFs, there will also be a component of Double A CLOs in both passive ETFs, but less than 20% of the total exposure.

Q: How do the passive funds respond to inflows, given the high number of assets they reference?

Taylor: When the passive funds receive inflows, it’s not possible to buy exposure to every bond referenced in the index as there are too many.

We would therefore buy a representative sample, eg. by manager, vintage, coupon, to try and closely match the overall profile of what’s in the index.

Q: In which jurisdiction will the CLO ETFs be established, and why?

Jeremy: The ETFs will be registered in Ireland, and that decision was largely driven by personal preference. The jurisdiction has an established ecosystem for ETFs and CLOs alike, and the existing relationships we have make it more efficient to register our funds there.

The Central Bank of Ireland (CBI) became comfortable with 100% CLO ETFs around the time we were drawing up plans, so timing also played a role.

Q: What are the main challenges you faced in establishing CLO ETFs in Europe?

Jeremy: European regulators are new to the idea of putting CLOs into liquid wrappers, so they are inevitably more cautious. We have to make sure we’re targeting the right set of buyers (i.e. institutional or professional) and need to create barriers that prevent retail investor interest.

For example, within the UCITS that these funds will be launched in, there will be minimum investments of €125,000, which be a natural guardrail against retail investments. From a marketing perspective, we’re purely targeting institutional and professional investors.

Q: How might CLO ETFs react in times of market volatility?

Taylor: Liquidity in CLO Triple As has increased significantly in recent years, and as a result we think CLO ETFs are ready to handle any periods of stress, particularly at the top of the stack.

During the UK LDI crisis in 2022, money managers discovered that CLOs were the most liquid instruments they had and used them to raise cash quickly. That’s a good case study for CLOs in periods of volatility.

Jeremy: To some degree, periods of volatility are good for ETFs because it shows the regulators how the instrument behaves in times of stress, so they can get more comfortable with the product.

Q: Do you plan to launch a mezz-focused CLO ETF in Europe?

Taylor: Even though the European CLO market has grown and gotten more liquid, it’s still a little early for a purely mezzanine CLO ETF in Europe. But it’s certainly something that we’ll look at in time.

 

Anna Carlisle
anna.carlisle@levfininsights.com
+44 (0)20 7469 0981

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]]> LevFin Lens – CLO Q&A with PineBridge’s Kollmorgen and Remeza /levfin-lens-clo-qa-with-pinebridges-kollmorgen-and-remeza/ Wed, 11 Dec 2024 18:52:46 +0000 /?p=25606 The post LevFin Lens – CLO Q&A with PineBridge’s Kollmorgen and Remeza appeared first on ׶Ƶ.

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In an exclusive interview,LFIspoke withPineBridge Investments‘ ($203.1bn AUM) Laila Kollmorgen (PM CLO tranche) and Helen Zhou Remeza (head of insurance investment strategies) about US CLO spreads across the capital stack and demand from insurance firms. Kollmorgen noted that the CLO market remains strong with tighter spreads and robust support. She highlighted that seasonal factors and low net supply are driving strong demand. Remeza explained that higher interest rates have boosted demand for annuity products, which may be supported by CLOs and other high-yield assets. Remeza discusses that insurance companies are increasingly allocating to CLOs.

LFI: What’s top of mind regarding the CLO market’s direction?

PineBridge (LK):The markets are at a high level of global confidence, very euphoric. The Santa rally continues. Despite any volatility or backup in rates away from the CLO market, the CLO market continues to work in its own way. It remains strong, with tighter spreads and strong support.

LFI: One of the themes in market is strong demand stoked by low net supply. Are you seeing this?

PineBridge (LK):That’s right. It’s also seasonal. We’ll see that going into the end of the calendar year. Once we start the new year, it starts again. We have the promise of animal spirits, deregulation and other aspects that could happen in 2025. The timing is unknown, but January will start strong, maybe into February. After that, we tend to see wider spreads as primary supply increases. We have a new administration coming in, and everyone is talking about that. It’s hard to predict beyond the next few weeks.

LFI: Where do you think spreads will be in the next four to six weeks for Triple A and mezzanine tranches?

PineBridge (LK):It feels like we are going tighter across the cap stack. Anyone able to buy in the primary or secondary market now is chasing dwindling supply. Many managers are looking to refinance or reset transactions given the tighter spreads. We anticipate increased supply. The market will die down for about two weeks at the end of December, but by January 6, we’ll be off to the races again.

LFI: On the ownership trend, I saw that about $1tln in annuities have been sold since 2021. How does that impact demand and potential structures?

PineBridge (HR):Given the higher interest rates, demand for annuity products has been quite strong overall. ׶Ƶ like MYGA (multi-year guaranteed annuity) are alternatives to bank CDs, offering competitive rates. These products may be partly supported by CLOs, private credits and other higher-yielding assets. Insurance companies are well-positioned to earn the perceived illiquidity premium due to their asset-liability matching programs. The trading volumes in the secondary market for CLOs have expanded, enhancing their liquidity.

LFI: Are insurance companies looking to buy more CLO products?

PineBridge (HR):Yes, we do asset allocation analysis for insurance clients. Some sophisticated insurers have over 10%-15% CLO allocation, while some newer entrants have 3%-5%. It varies by type of insurance, but CLOs are becoming a mainstay on insurance balance sheets due to their relative value and consistent performance.

LFI: Where are insurers in terms of equity and lower mezzanine tranches? Some say returns are strong enough to keep investing despite capital charges.

PineBridge (HR):The life insurance industry faces higher capital charges for CLO equity, up from 30% to 45% as an interim solution. There are proposals for permanent solutions, including maintaining a 30% charge for CLOequity with the next tranche up being investment-grade. The timeline for resolution is unclear. The residual interest charge is increasing, which may limit demand for CLO equity from insurers. However, insurers with strong capital cushions may be less sensitive.

LFI: What else is topical for insurance solutions with the CLO format?

PineBridge (HR):The revision of insurance capital charges for CLO debt is being closely watched. PineBridge is involved in the NAIC Ad Hoc CLO working group, helping refine assumptions and calibrate results. The NAIC aims to replace rating agency ratings with model-based assessments for regulatory purposes. The timeline for rolling out results is delayed, but senior CLO tranches are likely to have the same or reduced risk based capital charges.

LFI: How has the NAIC process impacted the CLO market?

PineBridge (LK):The process has already impacted the market. We see senior and junior tranches within Triple B tranches, with senior tranches expected to have lower capital charges. This trend will continue, affecting CLO structures and pricing.

LFI: What about rated feeder notes for private credit CLOs?

PineBridge (HR):Rated feeder notes are often used for direct lending platforms, less so for broadly syndicated loans. They have simpler structures with fewer tranches and are typically not secured like CLOs. They offer flexibility and capital efficiency, making them insurance-friendly. PineBridge was one of the first to have publicly rated feeder notes, promoting transparency in this space.

LFI: Are they shadow rated or difficult to track?

PineBridge (HR):Most are privately rated, but PineBridge’s feeder notes carry public ratings. We promote transparency and better disclosure in this space.

For more information, see is an October report co-authored by Remeza and Kollmorgen on insurance firms involvement in CLOs:.

 

David Graubard

+1646 361 6095

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