Industry Insights: Exclusive Interviews

EP 15: The Evolution of European Restructuring with Andrew Wilkinson

Octus — Thu, 11 Jun 2026 19:12:33 -0300

Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode by framing why European restructuring is at an inflection point. Part 26A is being shaped in real time through hard cases, liability management is now firmly transatlantic, and the question of what restructuring is actually for has not been this contested in years. She then hands off to Chris Haffenden, Senior Editor at Octus, in conversation with Andrew Wilkinson, restructuring partner at Weil.

Wilkinson has had a front-row seat to every major chapter of European distressed since 1985. He walks through how the scheme of arrangement, born in Bermudian insurance restructurings, became the engine for European high yield (06:04), how Eurotunnel's 14 tranches of debt accidentally created the European distressed trading market (11:01), and his Goldman years through the financial crisis, including the taxi ride to brief the Chancellor on Northern Rock (19:23). The conversation turns to the trio of Part 26A cases that have rewritten the playbook (29:54), and closes on why advisors have let restructuring get too complicated (41:31).

The throughline: fix the company, get it back to work. Somewhere the industry lost sight of that.

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Hosted by Julie Miecamp
Guest Interviewer: Chris Haffenden, Senior Editor, Octus
Guest: Andrew Wilkinson, Restructuring Partner, Weil
Producer Tanya Hubbard
A Production of The Octus Podcast Network

EP 14: Why the UK Restructuring Plan Is Winning with Peter Newman

Octus — Thu, 28 May 2026 17:50:24 -0300

Julie Miecamp opens with a simple observation: cross-border restructuring used to be a niche. A small group who knew which tools worked, which were theoretical, and how to close before the asset stopped being worth fighting over. It's not a niche anymore. She introduces Omar Vaishnavi's conversation with Peter Newman, Partner and Head of European Corporate Restructuring at Skadden, a lawyer with a simple view of what restructuring actually is: a company has too much debt, your job is to fix it, everything else is noise.

The conversation opens with how Part 26A has moved from contested novelty to a reliable instrument, with courts now applying two distinct fairness frameworks to value allocation (12:34). Newman explains why Chapter 11 remains the gold standard but isn't always the right vehicle, and how the UK restructuring plan's surgical approach made it the value-maximizing path for New Fortress Energy (17:22).

OceanRig anchors the episode's practical core (19:09): a cross-border restructuring Newman and Vaishnavi worked from opposite sides of the table, which succeeded because the deal moved faster than the dispute could. The teaching thread runs through the second half, with Newman drawing on seven years co-teaching at NYU to explain why the most powerful insight in restructuring is also the simplest (29:37). The episode closes with rapid-fire takes on the tools worth watching and what African Minerals taught him about the limits of a strong legal position (34:33).

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Hosted by Julie Miecamp
Guest Interviewer: Omar Vaishnavi, Head of Americas Coverage, Octus
Guest: Peter Newman, Partner and Head of European Corporate Restructuring, Skadden
Produced and Edited by Tanya Hubbard
A Production of The Octus Podcast Network

EP 13: What Really Happened to CLO Equity with Ian Gilbertson

Octus — Wed, 20 May 2026 22:00:07 -0300

Julie Miecamp opens the episode by framing the CLO market after a difficult 2025, noting that the pressure on CLO equity was less about credit losses and defaults and more about arbitrage compression, asset repricing, and liabilities that could not adjust as quickly. She then introduces guest interviewer Hugh Minch and his conversation with Ian Gilbertson of Invesco (00:02:09), which begins with the macro risks shaping leveraged credit today, including AI disruption, software-sector stress, geopolitical volatility, consumer pressure, and the question of whether the market still has the same shock absorbers it had during the 2022–2023 rate-hiking cycle (00:02:24).

Hugh and Ian then move into CLO issuance, pricing, resets, and refinancing activity (00:07:44), before discussing manager tiering and the shift toward larger, more diversified books (00:12:07). Ian explains why CLO equity had a difficult 2025 (00:16:17), emphasizing arbitrage compression over crystallized credit losses, then unpacks the captive equity debate (00:20:10), the growth of CLO ETFs and what they mean for liquidity and market structure (00:23:49), and the misconceptions that still come up in investor education. The episode closes with Ian’s outlook for the rest of 2026 (00:30:43), what institutional investors should ask CLO managers (00:31:33), and a rapid-fire round on credit discipline, ratings, career advice, and making decisions with imperfect information (00:32:27)

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Hosted by Julie Miecamp
Guest Interviewer: Hugh Minch (Managing Editor of Structured Finance Insights, Octus)
Guest: Ian Gilbertson (Co-Head of US CLOs and Portfolio Manager, Invesco)
Producer: Tanya Hubbard
A Production of The Octus Podcast Network

EP 12: Why the Private Credit Panic is Overblown with Tyler Gately

Octus — Mon, 20 Apr 2026 19:33:32 -0300

Associate Editor Armie Lee sits down with Tyler Gately, Head of North America Private Credit at Barings, for a candid read on the state of direct lending in 2026. Recorded as Q1 was wrapping up, the conversation cuts through the noise. Tyler opens with a reality check on the private credit headlines (00:00:36), then walks through what is actually driving volume, why add-on activity is accounting for 60 to 70 percent of dollars going out the door (00:01:13), and the fastest market repricing since COVID, with spreads gapping out 50 to 100 basis points as the retail BDC dollar pulls back (00:03:02). He covers the Q2 pipeline and the long-predicted M&A bounce-back question (00:04:45), and explains what this dislocation means for institutional platforms that deploy their own capital (00:08:18).

The second half digs into AI and software risk in private credit, why Tyler thinks the macro fear is overblown (00:10:13), and the new questions Barings is asking software borrowers today (00:12:55). He breaks down the Barings platform and how it has reconstructed the banking landscape for sponsors (00:16:27), the tale of two markets between retail and institutional LPs (00:18:01), and what actually separates a platform worth committing to from one that just looks good on paper (00:21:12). The conversation closes with Tyler's 2026 outlook (00:24:49), what starting his career in the 2008 financial crisis taught him about discipline (00:28:08), and a rapid fire round on mindset shifts, market trends, and what young credit professionals still get wrong (00:32:48).

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Hosted by Armie Lee
Guest: Tyler Gately (Head of North America Private Credit, Barings)
Produced and Edited by Tanya Hubbard
A Production of The Octus Podcast Network

EP 11: When Creditor Coordination Becomes a Cartel with Doug Mintz & Brian Wallach

Octus — Wed, 18 Feb 2026 15:59:21 -0400

Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode (00:00) by framing the growing legal scrutiny around creditor cooperation agreements and why two recent antitrust lawsuits have put common restructuring tools under a brighter spotlight. As liability management transactions become more aggressive and creditor groups organize earlier in the process, Julie explains why the line between coordination and collusion now matters more than ever. She then introduces Kevin Eckhardt, Senior Director of Legal Analysis at Octus, who leads a detailed conversation with Doug Mintz, Co-Chair of the Financial Restructuring Group at Cadwalader, Wickersham & Taft LLP, and Brian Wallach, Co-Chair of the firm’s Antitrust Practice. The discussion begins with a practical breakdown of what creditor cooperation agreements are and how they evolved post-2020 (03:40), before turning to the Optimum lawsuit and the borrower’s claim that a creditor group functioned as a “market-blocking cartel” (07:10). From there, the conversation explores the legal theories at play, including per se versus rule-of-reason antitrust analysis (10:05), the challenges of defining the relevant market (14:20), and what discovery could mean if these cases survive early motions to dismiss (18:45). The episode then shifts to the Selecta litigation (26:10), examining creditor-on-creditor conflict and how courts may distinguish between competitive harm and ordinary restructuring behavior. The group closes by considering how these cases could reshape documentation, coordination strategy, and lender risk management going forward (34:30), offering a grounded look at how legal pressure may influence the next phase of private credit.

EP 10: How Asset-Based Lending Really Works with Marc Sole

Octus — Wed, 24 Dec 2025 15:40:00 -0400

Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode (00:03) by explaining why asset-based lending has moved from a niche strategy to one of the most closely watched areas of private credit. As high-profile bankruptcies and fraud allegations have put ABL under a brighter spotlight, Julie frames why understanding the mechanics behind these deals matters more than ever. She then brings in Senior Private Credit Reporter Dayna Fields to introduce her conversation with Marc Sole, Deputy CIO and Portfolio Manager of Sound Point’s Capital Solutions Strategy and Tactical Loan Opportunity Strategy.

Dayna and Marc explore why asset-based lending has accelerated in recent years (06:37), tracing the shift of lending from banks into private credit and explaining how ABL differs from traditional direct lending across credit cycles. The discussion turns to headline cases (10:58), including First Brands, and why failures in collateral control can expose lenders in ways the market does not always expect.

Marc then breaks down what disciplined ABL underwriting looks like in practice (15:00), from controlling cash flows and verifying receivables to tracking inventory and enforcing legal protections. He outlines the red flags lenders should never ignore and why strong back-office infrastructure is critical as banks continue to pull back from complex lending situations.

The episode closes with a rapid-fire segment (28:58) on market consolidation, emerging risks, and career advice for professionals entering private credit, before Julie wraps the conversation.

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Disclaimer: This material does not constitute an offer to sell or a solicitation of an offer to buy any securities. It is being provided solely for informational and reference purposes only and is not intended to be, and must not be, the basis for any investment decision. Statements represent the subjective views of Sound Point and cannot be independently verified and are subject to change. All investing involves risks, including the risk of a total loss. Past performance is not necessarily indicative of future results.

EP 09: Private Credit Has a PR Problem with Randy Schwimmer

Octus — Thu, 18 Dec 2025 01:20:00 -0400

Julie Miecamp opens the episode (00:00) by introducing guest interviewer Katherine Schwartz, Primary Reporter at Octus, who shares why she wanted to sit down with Randy Schwimmer, Vice Chairman and Chief Investment Strategist at Churchill Asset Management LLC. The conversation then transitions into Katherine’s interview with Randy before Julie returns to close the episode.

Katherine and Randy explore the current state of the private credit markets (04:33). What began as media skepticism toward private credit has evolved into a more nuanced discussion about fundamentals and investor education. Randy emphasizes that while headlines focus on concerns, the underlying opportunity set remains constructive, supported by declining rates, resilient credit markets, and increasing private equity activity. They dig into why private credit draws negative media bias and why education is the differentiator for managers in this space.

From there (15:15), the discussion shifts to deal structuring and credit fundamentals. Randy details Churchill’s disciplined approach, noting they review approximately 1,000 deals annually but close only 5%–7% due to restrictive credit filters developed over 20 years of experience. They get into leverage ratios, covenant structures, and why middle market transactions often hold more conservative terms than larger syndicated deals.

The episode’s unofficial sponsor, “The Cov-Light Cycle Tracker,” makes its case (24:25). The tongue-in-cheek concept highlights the migration of covenant-light structures into smaller EBITDA companies before Randy and Katherine pivot to industry consolidation trends, weighing the benefits of scale against the risks of market concentration.

The show closes with rapid-fire questions (40:05), where Randy talks about talent retention and career mentorship. The exchange highlights the value of humanities education in finance and the importance of maintaining genuine human connections in an increasingly data-driven industry.

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Hosted by Julie Miecamp
Guest Interviewer: Katherine Schwartz (Primary Reporter, Octus)
Guest: Randy Schwimmer (Vice Chairman & Chief Investment Strategist, Churchill Asset Management)
Produced and Edited by Tanya Hubbard
A Production of The Octus Podcast Network

EP 08: Inside the Rise of Private Credit with Joseph Glatt

Octus — Mon, 01 Dec 2025 14:21:44 -0400

Private credit has become one of the most important forces in global finance, and host Julie Miecamp opens the episode (00:00) by bringing in Guest Interviewer Paola Aurisicchio, Chief Correspondent for Large Cap Private Credit at Octus (00:45). Paola explains why she wanted this conversation and why Guest Joseph Glatt, Partner and Co-Chair of the Global Private Credit Group at Paul Weiss, offers a rare long-cycle perspective before handing things over to him (01:30).

Joseph begins by outlining how private credit accelerated after the financial crisis (03:40) and the forces shaping its next chapter (05:01). He then breaks down what differentiates asset-based finance (06:50), why it has expanded so quickly (08:45), and which sectors are seeing the most momentum (09:45), from data centers to healthcare receivables to music and media royalties.

The conversation moves into how documentation and structures are evolving (10:56), before Paola asks why investment-grade companies are increasingly turning to private credit (12:40). Joseph explains at (13:00) that speed, certainty, and customization now often outweigh public-market pricing, with customization emerging as the major advantage (14:49).

Joseph then walks through financing the digital infrastructure boom (17:20) and why capacity underwriting matters more than deal size (19:56). The discussion expands into sports financing (20:37), including the legal and structural challenges around media rights, cross-collateralization, and league consents (23:00), and the growth ahead in women’s sports and esports (24:00).

Looking forward (24:52), Joseph predicts deeper global expansion, more collaboration between banks and private credit, and greater transparency. At (25:38), he outlines the qualities that will define the next generation of leading platforms.

The episode closes with a personal segment (26:09) where Joseph reflects on what drew him to the law, the career moment he is most proud of (27:04), his advice for young lawyers (27:29), and a few rapid-fire questions (28:17). Julie wraps at (29:02).

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Hosted by Julie Miecamp (Deputy Global Head of Editorial, Octus)
Guest Interviewer: Paola Aurisicchio (Chief Correspondent Large Cap Private, Octus)
Guest: Joseph Glatt (Partner and Co-Chair of the Global Private Credit Group at Paul Weiss)
Produced and Edited by Tanya Hubbard
A Production of The Octus Podcast Network

EP 07: The State of Sponsor Finance with Tom Amster

Octus — Thu, 13 Nov 2025 07:48:00 -0400

Host Julie Miecamp opens the episode and sets up this week’s focus on how sponsor finance has shifted after two years of uneven activity. With sponsors returning to market and financing options expanding, she brings in Octus Leveraged Finance Editor Michael Haley to frame the themes that emerged in his conversation with this week’s guest.

The interview begins at (02:42), when Michael sits down with Tom Amster, Global Head of Financial Sponsor Coverage at Macquarie Capital. Tom explains why, from a financing perspective, the market is “absolutely back,” and how competition between private credit and the syndicated loan market is giving sponsors more flexibility than they have had in years. He breaks down the wave of repricings and dividend recaps earlier in the year, what tariff driven volatility briefly interrupted, and why activity accelerated through the summer.

At (07:00), Tom turns to sector activity, noting broad based recovery across technology, aerospace and defense, healthcare, and infrastructure including the growing importance of data centers. The conversation moves into the sponsor backed IPO window at (12:00), with Tom outlining how leverage expectations, valuation arbitrage, and pent up scale are shaping which companies come to market.

Beginning at (17:00) Michael and Tom widen the lens to fundraising trends and what Tom calls the decade of differentiation. They discuss why some private equity firms are raising larger funds than ever while others are shrinking targets, how limited partners are evaluating performance, and why continuation vehicles have become a durable part of the liquidity toolkit.

The episode closes around (24:00) with rapid fire insights from Tom on market indicators to watch, before Julie returns at (25:00) with closing remarks and a reminder to subscribe.

Host: Julie Miecamp
Guest Interviewer: Michael Haley, Leveraged Finance Editor, Octus
Guest: Tom Amster, Global Head of Financial Sponsor Coverage, Macquarie Capital
Produced and edited by: Tanya Hubbard

EP 06: The CLO Boom and What Comes Next with John Kerschner

Octus — Fri, 07 Nov 2025 17:30:07 -0400

Julie Miecamp sets the stage at (00:00:04), framing how CLO ETFs jumped from niche to mainstream and why that shift matters now. She brings in Octus reporter Diana Bravo at (00:01:04) to lay out the stakes and context for the interview. John Kerschner joins Diana at (00:03:12) and walks through the ETF origin story, why CLOs fit the wrapper, how active design and investor education drove scale, and what the adoption curve really looked like for retail vs institutions.

Midway, they use the April “Liberation Day” wobble as a live case study, starting at (00:12:22), to explain spread moves, why price and NAV briefly diverged, and how the structure behaved under stress. The conversation then moves into ETF plumbing at (00:26:08) and in-kind vs cash creates/redeems at (00:28:23), clarifying why AUM down doesn’t automatically mean forced selling.

The global lens opens at (00:15:24) with Europe and UCITS access, including offshore tax considerations and early AUM. Competition and market share dynamics kick in around (00:13:10), highlighting how education and liquidity helped sustain first-mover advantage. Kerschner’s macro and risk outlook starts at (00:33:27), followed by a growth view on potential AUM scaling in the next 12–18 months. The rapid-fire close begins at (00:39:46). Julie returns to wrap the episode at (00:42:16) with takeaways and the subscribe nudge.

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Credits
Host: Julie Miecamp
Guest Interviewer: Diana Bravo
Guest: John Kerschner, Global Head of Securitized Products, Janus Henderson
Produced and edited by: Tanya Hubbard

EP 05: Odd Ducks and the Future of Restructuring with Ameneh Bordi

Octus — Mon, 08 Sep 2025 14:06:40 -0300

At (00:00), host Julie Miecamp opens the episode and introduces reporter Dia Gill, who explains at (01:21) why she wanted to interview Ameneh Bordi, Senior Managing Associate at Sidley Austin. From there, the conversation turns at (05:41) to Ameneh’s unconventional career path, spanning Kirkland & Ellis, Amazon, and now Sidley, and at (12:43) she unpacks what she calls “odd duck” cases, the unusual matters that sit outside the typical Chapter 11 mold.

The discussion deepens at (13:04) as Ameneh reflects on navigating a male-dominated field while staying true to her own personality, and at (17:24) she describes how becoming a mother reshaped the way she balances boundaries, mentorship, and the demands of big law. At (19:58), the focus shifts to the Plenty bankruptcy, a case that showed the power and promise of Chapter 11, which moved from filing to emergence in just two and a half months (25:47). By (26:57), she’s exploring what venture-backed companies should learn from that experience, before turning at (28:53) to international restructurings and the evolving role of Chapter 15.

Later in the episode, at (33:25), Ameneh discusses whether US companies could realistically take their cases abroad, and at (35:14) she weighs in on the state of pre-packs, LMEs, and the tools companies actually use when time and panic are factors. The conversation closes at (37:03) with her big-picture reflections on 2025 restructuring activity, her predictions for the second half of the year (38:12), and a rapid-fire segment (39:03) on the phrases, skills, and rules she’d most like to change.

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Show Host: Julie Miecamp
Guest Interviewer: Dia Gill
Guest: Ameneh Bordi
Produced and Edited by: Tanya Hubbard

EP 04: The End of Easy Private Credit and What Comes Next with Michael Gross

Octus — Mon, 21 Jul 2025 07:00:00 -0300

In this episode of Industry Insights: Exclusive Interviews host Julie Miecamp introduces a sweeping conversation on the evolution of private credit with someone who helped shape the space from the ground up.

Octus reporter Katherine Schwartz sits down with Michael Gross CEO and co-founder of SLR Capital Partners to explore how the once niche asset class has transformed into a highly liquid increasingly commoditized segment of global finance. From his early days at Apollo to building one of the most diversified platforms in the industry, Gross brings more than 30 years of experience to a candid and timely discussion.

They examine the post–golden age hangover, the decline of illiquidity premiums, and the shift from cash flow lending to asset-based strategies. Gross explains why real edge today comes from underwriting complexity, not chasing scale, and how institutional appetite is reshaping the market from the inside out.

The conversation also covers retail capital, documentation risk, and platform evolution... offering hard-earned perspective on where opportunity lives now and what investors are still getting wrong.

Plus, a rapid-fire close on what keeps Gross up at night, what he misjudged about life sciences, and the overlooked corners of credit he believes still hold real promise.

If you are trying to understand where private credit creates value in 2025, this is the episode to hear.

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Hosted by: Julie Miecamp
Guest: Michael Gross
Interview by: Katherine Schwartz
Produced and edited by: Tanya Hubbard
An Octus Podcast Network Production

EP 03: Behind the Yield with John Miller on Where Munis Go from Here

Octus — Mon, 30 Jun 2025 08:00:00 -0300

In this episode of Industry Insights: Exclusive Interviews, host Julie Miecamp introduces a timely conversation on municipal credit as the market reaches the halfway point of 2025.

Reporter Hoa Nguyen sits down with John Miller, Chief Investment Officer and Head of the Municipal Credit Team at First Eagle investments, to explore how investors are responding to tax policy uncertainty, April’s rate volatility, and shifting fund flows. They examine key sectors including senior living, charter schools, and state housing authorities, as well as the impact of ETF outflows, refunding rules, and the proposed increase to the SALT cap.

Drawing from more than thirty years in the market, Miller shares how institutional investors are thinking about credit risk, duration, and pricing power in a year that continues to evolve.

If you follow public finance or fixed income, this is a clear and focused look at what matters now.

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Hosted by Julie Miecamp
Interview by Hoa Nguyen
Produced by Tanya Hubbard
Recorded in New York Studio

EP 02: Volatility, Tariffs, and the CLO Machine, A Global Look with Steve Baker

Octus — Tue, 17 Jun 2025 00:21:01 -0300

Hosted by Julie Miecamp, this episode of Industry Insights: Exclusive Interviews features a timely and wide-ranging conversation between Hugh Minch and Steve Baker, Global Head of CLO Primary at J.P. Morgan. From April’s tariff shocks to shifting investor dynamics, they break down what’s really happening in the CLO market and what might come next.

You’ll hear why Japanese investors have remained steady, how ETFs are adding both access and volatility, and where the opportunities are emerging across U.S. and European structures. Julie opens the episode with essential context, and Steve closes with a perspective built on 25 years of market experience.

If you’re navigating credit markets, this is the one to queue up.

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Hosted by: Julie Miecamp
Interview by: Hugh Minch
Guest: Steve Baker
Produced by: Tanya Hubbard

EP 01: Navigating Today’s Credit Landscape with David Hirschmann

Tanya Hubbard — Thu, 14 Nov 2024 00:53:52 -0400

Welcome to the debut episode of Industry Insights: Exclusive Interviews on the Octus Podcast Network! In this episode, Maryna Irkliyenko, Deputy Managing Editor of Debt Origination and Private Credit at Octus, sits down with David Hirschmann, Head of Credit Strategy at Permira, to explore the evolving dynamics of the credit market in Europe and beyond.

From analyzing the impact of the reopened syndicated loan market to uncovering opportunities in the European mid-market, Maryna and David dive into key trends that are reshaping private credit. They discuss the increased competition from direct lenders, the rise in club deals, and the pricing shifts influenced by dry powder levels and changing economic conditions. David also shares insights into Permira's approach to risk-adjusted returns, strategic focus areas, and the future of base rates.

This episode delivers exclusive perspectives on the current challenges and opportunities within credit markets, with valuable takeaways for investors, asset managers, and finance professionals looking to stay ahead.