Private Capital, Public Interest: The Rise of Alternative Investing with Claire Madden

In this episode of Debtwired! Dan Dooley, CEO at MorrisAnderson, joins Debtwire senior reporter Danielle Saba, to discuss the state of burger and pizza restaurant brands and their franchisees, restructuring triggers and processes, along with what signs to watch for special situations to come.#restaurantfranchisees #burgerking #hardees #deltaco #bankruptcy

In this episode of the Debtwired! Podcast, Horst Fuerpass, partner at Falkensteg, joins Johannes Koch, restructuring reporter at Debtwire, to talk about the precarious and often overlooked role trade credit insurers play in financial restructurings.With a particular emphasis on cases in the automotive sector, a hotbed of restructuring activity in Germany, Horst unpacks how trade credit insurers operate, the potential risks you can run into if they are brought into a process too soon or too late, and how to manage this key stakeholder that has the potential to gate crash a restructuring if not appropriately managed.

On the Debtwired! Podcast, Clark Nicholls, CIO of Aucit Investment Management, joins Debtwire Europe’s Head of High Yield Adam Samoon to explore trade ideas in the European High Yield asset class.Aucit Investment Management focuses on capturing the richest alpha trades in high yield and identifying the best yields per unit of risk.European High Yield index spreads have tightened in recent weeks but there are still reasons to consider investing in the asset class. There are opportunities in high rated credits as well as lower rated CCCs depending on risk tolerance according to Nicholls.The podcast explores which sectors and thematic trades can offer the best considerations for investors currently.#highyield #highyieldbonds #bonds #debtwired

In this episode of Debtwired!, Brian Resnick, partner in Davis Polk's restructuring group and head of the firm’s Liability Management & Special Opportunities practice, joins Debtwire co-managing editor, Madalina Iacob, to discuss the current state of restructurings, how LMEs have evolved in the past year, what creative workaround structures he has seen post the Fifth Circuit decision in Serta, and the evolution of Davis Polk’s preeminent restructuring practice.Brian also shares with us how he transitioned to law from being a Juilliard-trained professional musician playing on Broadway and Saturday Night Live, and how he co-produced a Tony Award-winning Broadway show.

In this episode of the Debtwire podcast, Justin Lee, partner at Weil, Gotshal & Manges, joins Melina Chalkia, Debtwire’s primary market reporter for North America, to unpack the evolving landscape of liability management exercises. Justin Lee is the co-head of Weil’s banking and finance practice and global head of liability management and strategic capital solutions. His practice involves advising institutional lenders, direct lenders, asset managers and corporate borrowers on all types of financing transactions. Lee has worked on high profile deals for companies like Clarios Global, Hertz, Krispy Kreme and Dye & Durham. With 2024 dubbed the “year of LMEs,” this episode explores whether that momentum is carrying into 2025. Lee weighs in on how sponsor creativity is evolving and whether the tariff-driven market volatility is shifting the tone. He dives into the structural trends shaping deal terms, the rise of co-op groups and how borrower-lender dynamics are changing. Lee also goes through Weil’s practice, what the pipeline looks like and what the future holds for LMEs.

In this episode of Debtwired, Scott Greenberg, global chair of Gibson Dunn’s restructuring practice and a member of the firm's executive committee, joins Debtwire co-managing editor, Madalina Iacob, to discuss how the shifting market dynamics are influencing deal activity, liability management exercises (LMEs), and the restructuring outlook for the year.Scott talks about multi-tier LME trends, carve-out premiums, group formation strategies, and the impact of cooperation agreements on deal outcomes. He also takes a deep dive into cross-border LMEs and the cultural differences impacting investment decisions.

In this episode of Debtwired, Oaktree’s Brook Hinchman, head of North America for the global opportunities strategy, and Jared Parker, co-head of the team, join host Debtwire reporter Ayse Kelce to discuss credit strategies during macroeconomic volatility and their outlooks on different sectors. Oaktree raised USD 16bn with its Oaktree Opportunities Fund XII this year to invest in opportunistic liquid credits, rescue financings, debtor-in-possession financings, exit financings, loan portfolios, platforms and opportunistic capital solutions. In this conversation, Hinchman and Parker share their perspectives on how to create opportunities in public and private credit during market uncertainty. They share insights about sectors that are expected to experience more pressure and others that are more resilient to tariff and rate pressures.

In this episode of the Debtwired! podcast, Mike Nowakowski, Head of Structured Products at Conning, joins Melina Chalkia, Debtwire’s primary market reporter for North America, to break down why esoteric ABS has become one of the most compelling areas of the credit market for 2025. Nowakowski leads the structured products team at $ 170bn global asset manager Conning, which invests across ABS, CMBS, RMBS and other securitized markets. Esoteric ABS is gaining traction, now making up more than 30% of total ABS issuance, with outstanding supply at nearly $900bn. In this conversation, Nowakowski explains the advantages of investing in esoteric assets, like shipping containers, data centers and music royalties, compared to traditional fixed-income investments. He shares insights on data center ABS deals, the increasing crossover between ABS and CMBS, how institutional investors are increasingly allocating capital to esoteric ABS, and the rapidly evolving solar ABS market.

On this episode of the Debtwired! podcast, Michael Ewald, Bain Capital’s global head of private credit, joins Melina Chalkia, Debtwire’s primary market reporter for North America, to unpack how one of the biggest players in the space is navigating a volatile credit environment. Ewald, who joined Bain Capital in 1998, is a Partner, Global Head of the Private Credit Group, Portfolio Manager for the Middle Market Credit and Senior Direct Lending strategies, and a Credit Committee member. He also serves as CEO of Bain Capital Specialty Finance, a registered business development company. In this conversation, Ewald discusses how Bain is deploying capital amid the volatility driven by President Trump’s tariff threats. He explains where he finds opportunities in today’s market, what sectors he avoids and his continued focus on the core middle market. The conversation also touches on key shifts in covenant protections and pricing. As syndicated deal flow slows, private credit continues to draw interest.

In this episode of Debtwired, Claire Madden, a founding partner at Connection Capital, discusses the evolution of private capital since the firm’s inception in 2010. She explores changing investor appetite, the sectors and asset classes currently attracting interest, and how macroeconomic and political factors are influencing investment strategies. Claire also highlights Connection Capital’s approach to addressing risks, liquidity concerns, and the future of private capital investments.