Fixed + Floating - The Credit Podcast

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BDC Stress in Private Credit: Redemptions, PIK Risks & Valuation Pressure | John Giordano (Seaport Global) #07

Season 1 · Episode 7

Tuesday, February 10, 2026 • Duration 52:44

Private credit’s pressure points are harder to see than its growth story.

Josef Pschorn speaks with John Giordano of Seaport Global about BDC redemptions, PIK income, valuation marks, and what current stress signals may be telling investors about the broader private-credit market.

Key takeaways:

BDCs have become a major channel for private-credit risk
Redemption pressure may matter more than many investors assume
PIK income can obscure underlying borrower weakness
Valuation marks deserve more scrutiny in illiquid markets

Full analysis: https://open.substack.com/pub/fixedfloating/p/bdcs-and-the-private-credit-puzzle?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Transcripts and analysis: https://fixedfloating.substack.com

Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating

Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

#BDCs #PrivateCredit #PIK #BlueOwl #BlackRockBDC #CreditResearch #FixedIncome #SeaportGlobal #FixedFloating

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High Yield's Fool's Yield Trap: Why 7.9% Returns Beat 13.9% Yields | Greg Obenshain (Verdad Capital) #06

Season 1 · Episode 6

Tuesday, January 27, 2026 • Duration 01:05:59

In high yield, the highest nominal yield often produces the worst long-term result.

Josef Pschorn speaks with Greg Obenshain, Partner at Verdad Capital, about why yield-chasing can damage portfolios and how a more quantitative credit framework can improve underwriting and portfolio construction.

Key takeaways:

The highest yields often come with the weakest outcomes
Spread-chasing is not the same as good credit selection
Factor-based credit frameworks can improve resilience
Duration can behave like a form of known credit leverage

Full analysis: ⁠https://fixedfloating.substack.com/p/why-79-returns-beat-139-yields-the⁠

Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating

Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

#QuantCredit #HighYield #FixedIncome #BondMarket #FactorInvesting #FoolsYield #CreditInvesting #VerdadCapital #GregObenshain #CreditPodcast #FixedFloating

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INEOS Credit Deep Dive: Project One, High Yields & Refinancing Risk | Timothy Riminton (Bloomberg Intelligence) #05

Season 1 · Episode 5

Tuesday, January 13, 2026 • Duration 53:31

INEOS has become one of the most important issuer-specific credit stories in European chemicals.Ineos Group analysis: ⁠https://fixedfloating.substack.com/p/ineos-group-holdings-all-hinges-onIneos Quattro analysis: https://fixedfloating.substack.com/p/e4-chemicals-overcapacity-crisisJosef Pschorn speaks with Timothy Riminton of Bloomberg Intelligence about Project One, leverage, legal structure, high yields, and the refinancing pressure that matters most for bondholders and credit investors.Key takeaways:

Project One is central to the INEOS credit story
Legal structure and entity-level differences matter
High yields reflect more than just cyclical weakness
Refinancing risk may still be underappreciated

Transcripts and analysis: https://fixedfloating.substack.com

Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating

Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

#ineos #ChemicalsOvercapacity #HighYield #CreditStress #ProjectOne #fixedfloating #creditpodcast

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Chemicals Credit Stress: Overcapacity, Energy Shock & Refinancing Risk | Timothy Riminton (Bloomberg Intelligence) #04

Season 1 · Episode 4

Friday, December 19, 2025 • Duration 01:06:41

Chemicals credit is facing a difficult mix of overcapacity, weak demand, and refinancing pressure.Full analysis: https://open.substack.com/pub/fixedfloating/p/e4-chemicals-overcapacity-crisis?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=trueJosef Pschorn speaks with Timothy Riminton of Bloomberg Intelligence about the sector-level credit setup, why European issuers may be especially exposed, and what chemicals may be signaling for broader high-yield and leveraged-credit markets.

Key takeaways:

Global overcapacity is reshaping chemicals economics
Europe’s cost structure is pressuring margins and competitiveness
Weak utilization can quickly erode EBITDA and credit quality
Refinancing pressure may still be underappreciated in spreads

Transcripts and analysis: https://fixedfloating.substack.com

Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating

Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

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Private Credit Power Center: BDCs, Insurers & PE Capital | Jakub Lichwa (TwentyFour AM) #03

Season 1 · Episode 3

Sunday, December 7, 2025 • Duration 01:02:14

Private credit is increasingly shaped by insurers, BDCs, and private-equity-backed balance sheets rather than by direct lending alone.

Full analysis: ⁠https://fixedfloating.substack.com/p/private-credits-insurance-flywheel?r=718tewJosef Pschorn speaks with Jakub Lichwa of TwentyFour Asset Management about how insurance capital, ALM constraints, and private-equity ownership are changing the structure of credit markets.

Key takeaways:

Insurers are central to private credit’s funding model

ALM and solvency frameworks shape allocation decisions

PE-backed insurers create new incentive structures

Market growth may also be building hidden fragility

Transcripts and analysis: https://fixedfloating.substack.com

Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating

Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

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Shadow Defaults & Private Credit Risks in Credit Markets | Edward Altman (NYU Stern) #02

Season 1 · Episode 2

Sunday, November 23, 2025 • Duration 01:04:41

Official default rates can understate what is really happening beneath the surface of credit markets.

Josef Pschorn speaks with Edward Altman, Professor Emeritus at NYU Stern and creator of the Z-Score, about shadow defaults, distressed exchanges, private credit, and the hidden stress that does not always show up in headline data.

Key takeaways:

Shadow defaults distort the real picture of credit-market stress
Private credit may be shifting risk away from public visibility
Loan defaults and bond defaults do not always tell the same story
Loss severity often matters more than default-count narratives

Transcripts and analysis: https://fixedfloating.substack.com

Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating

Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

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First Brands Collapse: Chapter 11 & Distressed Credit Lessons | Jared Muroff (Octus) #01

Season 1 · Episode 1

Sunday, November 9, 2025 • Duration 01:18:11

First Brands became a case study in how stressed credit can unravel faster than many investors expect.

Josef Pschorn speaks with Jared Muroff, Head of Special Situations at Octus, about what drove the collapse, how hidden financing and liquidity pressure shaped the restructuring, and why Chapter 11 complexity matters for distressed-debt investors.

Key takeaways:

Hidden financingcan accelerate downside
Chapter 11 mechanics matter for recoveries
Restructruing complexity can destroy more value than expected
Distressed-credit underwriting requires more than leverage analysis

Transcripts and analysis: https://fixedfloating.substack.com

Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating

Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

#CreditInvesting #FinancePodcast #MacroMarkets #FixedFloating #FirstBrands #DistressedDebt

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Inside First Brands’ Collapse - Snippet

Sunday, November 9, 2025 • Duration 00:38

Inside First Brands’ Collapse - Snippet

Fixed+Floating - The Credit Podcast: Official Trailer

Sunday, November 2, 2025 • Duration 00:58

Welcome to Fixed + Floating: The Credit Podcast! 🎙️

Launching this November, Fixed + Floating brings institutional credit investors in-depth conversations with leading voices in credit and macro markets. Our trailer gives you a sneak peek of the insights and strategies we’ll cover in full episodes.

Listen to expert discussions on:

- Credit markets and investment strategies

- Macro trends shaping global finance

- Interviews with industry leaders and market experts

Subscribe now on Spotify to never miss an episode: https://open.spotify.com/show/1AVhofAsVGoyC1xeIUda9K?si=4vjGpUrVQhS_KMboAsFUmg

Connect with us and learn more:

LinkedIn: https://www.linkedin.com/company/fixed-floating/

Twitter/X: https://x.com/FixedFloating

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Software Credit Below 80: Who Survives AI in a $40B Loan Market? | Alec Keblish & Matthew Hughes (9fin) #08

Season 1 · Episode 8

Tuesday, February 24, 2026 • Duration 01:28:32

A growing pool of software loans is trading below 80 as the market reassesses durability, pricing power, and AI disruption risk.

Josef Pschorn speaks with Alec Keblish and Matthew Hughes of 9fin about which software credits look fragile, which still have resilience, and how investors should distinguish repricing from real impairment in software credit.

Key takeaways:

Loans below 80 need a more differentiated framework than simple “cheap or distressed”
Software business models will not be affected equally by AI
Recurring revenue and switching costs still matter, but not uniformly
Investors need to separate spread pain from lasting impairment risk

Full analysis: https://open.substack.com/pub/fixedfloating/p/40b-below-80-a-credit-analysts-framework?r=718tew&utm_medium=ios

Transcripts and analysis: https://fixedfloating.substack.com

Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating

Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

#CreditMarkets #HighYield #PrivateCredit #LeveragedFinance #FixedIncome #SaaS #AIDisruption #SoftwareCredit #LBOs #PrivateEquity #CreditAnalysis #DistressedDebt #9fin #BDC #TechDebt

Fixed + Floating - The Credit Podcast – Details, episodes & analysis

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Fixed + Floating - The Credit Podcast – Details, episodes & analysis

Podcast details

Recent rankings

Apple Podcasts

Spotify

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Other43

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Publication history

Latest published episodes

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Related Shows Based on Content Similarities

Apple Podcasts

Spotify

Related Shows Based on Content Similarities

Other43

LinkedIn5

Twitter1