Navigating the high yield autos sector

On the Debtwired! podcast, Robert von Finckenstein and Chris Hall at Interpath, join Johannes Koch, restructuring reporter at Debtwire, to delve into the mechanics of rising distress in European private credit – a trend both speakers expect will continue to captivate the market with more restructurings and debt-to-equity swaps.We look at the main triggers for continued stress in private credit, assess rising default rates, highlight which sectors are under pressure and explore whether private credit, ultimately, is equipped to handle portfolio stress.#restructuring #privatecredit #distress #debtfund

On the Debtwired! Podcast, James Hogarth, a Partner at long-short credit fund PVTL Point, joins Debtwire Europe’s Head of High Yield Adam Samoon to explore trade opportunities in the European automotive sector.PVTL Point is a London-based investment firm founded by Kunal Shah in 2024. They operate an opportunistic European long/short credit strategy across the breadth of European credit, from performing through to distressed.The European automotive sector has faced a prolonged period of structural transformation and cyclical volatility. Challenges include the capex cycle, EV transition, supply chain issues and tariffs.The podcast explores the difficulties ahead as well as which sub-sectors and thematic trades can offer the best considerations for investors. The podcast also examines the outlook for high yield sector credits such as Adler Pelzer, Jaguar Land Rover and Aston Martin.#highyield #highyieldbonds #bonds #debtwired

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.