LPC - Lending Lowdown Series

LSEG (London Stock Exchange Group)

The Lending Lowdown provides credit market insights and views from the lending trenches. It recaps syndicated loan and private debt market events and thought leadership on trends and the latest deal activity.

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20 episodes
Avg 16 min
English

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S1 · E41
September 17 · 23 min
Episode 41 | Islamic Finance in the Digital Assets Era
In this discussion, Rene Michau, Global Head of Digital Assets, and Dr. Alaa Alaabed, Director-Group Islamic FM Products at Standard Chartered, join CJ Doherty to explore where digital financial infrastructure is heading and how Islamic finance can be embedded into trusted digital rails to broaden participation, improve execution, and unlock new opportunities for cross-border business. "The challenge with all tokenisation at the moment is the scaling of the underlying infrastructure,” said Rene
S1 · E40
July 14 · 13 min
Episode 40 | Portfolio Debt Securities: Understanding the Asset Class and Its Role in Investor Portfolios
In this discussion, Kyle McGrady, Senior Principal and Head of Client & Partner Solutions at Eagle Point Credit Management, joins LSEG LPC's CJ Doherty to share insights on Portfolio Debt Securities, including what they are, how they fit within portfolio construction and approaches to risk management. "To date no portfolio debt security investment has experienced a credit loss,” said McGrady. "To our knowledge, we’ve had about 1.4% of our portfolio that has covenant breaches.”
S1 · E39
May 11 · 14 min
Episode 39 | Private Credit – A Perspective on Current Market Conditions
LSEG LPC’s CJ Doherty is joined by David Fann, Partner and Head of Capital Formation at VSS Capital Partners to discuss the state of the private credit market and structured capital as a financing option today. "Artificial intelligence is for real. And like any of these exogenous disruptions that have occurred, hard to figure out, truly potentially impactful in ways that none of us had ever contemplated," Fann said. "The noise around AI is a recent phenomenon. I would say, while it's been around
S1 · E38
March 2 · 19 min
Episode 38 | The Role of NAV Loans and How They Fit in GPs Financial Tool Kit
LSEG LPC’s CJ Doherty sits down with Aryeh Landsberg, Managing Director, Investments at 17Capital and Ryan Moreno, Partner and Co-Head of Private Credit and Fund Finance at DLA Piper, to discuss NAV loans made to private equity funds, how GPs deploy this product and how it fits in their financial tool kit. "NAV can be a useful tool to help manage remaining capital needs, maintain a balance between remaining uncalled capital from their LPs for additional uses such as accretive M&A opportunities b
S1 · E37
January 5 · 23 min
Episode 37 | 2025 Takeaways and Forward Look to 2026 US Direct Lending Market
Garrett Stephen, Senior Managing Director, Co-Head of Origination at Napier Park Global Capital talks to CJ Doherty, Director of Analysis at LSEG LPC, about private credit in 2025 and what is in store for 2026. "I'd say on the AI side, it's really a big focus at the business level for us on making sure that we're implementing AI more broadly within our work streams to stay ahead of the curve,” Stephen said. "If you have a large workforce and maybe not every individual within that workforce is pr
S1 · E36
Oct 13, 2025 · 19 min
Episode 36 | Non-Sponsored Lending Opportunities in the European Mid-Market
Chris Rust, Co-Head of European Private Credit at investment manager Ninety One join CJ Doherty, Director of Analysis at LSEG LPC, to discuss non-sponsored lending opportunities in the European middle market. "There certainly are a lot of misconceptions about the non-sponsored lending strategy. One of them is that non-sponsored borrowers are inherently riskier than sponsored borrowers," Rust said. "Oftentimes there's a view that they're smaller businesses and therefore they're also less credit w
S1 · E35
Sep 4, 2025 · 14 min
Episode 35 | Middle Market Direct Lending State of Play
Loan market veteran Tom Newberry, Chief Credit Officer & Executive Chairman of direct lending at Sound Point Capital Management sits down with CJ Doherty, Director of Analysis at LSEG LPC to discuss the US middle market direct lending landscape, providing insight on deal flow, pricing, fundraising and portfolio company performance. "Direct lending deal volumes were down somewhere between 10% and 40% in the first half of 2025," Newberry said. "This obviously contrasts fairly dramatically with wha
S1 · E34
Aug 14, 2025 · 13 min
Episode 34 | Is the ‘golden age’ of private credit coming to an end?
Michael Gross, co-founder and co-Chief Executive Officer of SLR Capital Partners, joins CJ Doherty to share his thoughts on private credit and BDCs, including whether the ‘golden age’ of private credit is coming to an end. “The benefits of private credit obviously is speed to market, flexible structuring,” Gross said. “I do think you will see an increased level of defaults over the next couple of years in traditional private credit lending portfolios.”
S1 · E33
Jul 22, 2025 · 17 min
Episode 33 | Asset based lending: Evolving taxonomy for direct lender vs bank arranged loans
LSEG LPC's Maria Dikeos talks with Barry Bobrow, Head of Credit Markets for Regions Business Capital and founder and chairman of Asset Based Capital, a leading conference on asset based lending, about similarities and differences of the asset based loan arranged in the bank loan market vs the direct lending market. “If done what I would call the right way,” Bobrow said, “asset based loans have a very low loss rate, a high recovery rate, relative to the broader category of leveraged lending.”
#32
May 7, 2025 · 17 min
Episode 32 | Current Dynamics in the Corporate Bond Market
Connor Fitzgerald, Portfolio Manager at Wellington Management, joins LSEG LPC’s CJ Doherty to discuss current conditions in the corporate bond market. "I think the Trump administration is in a challenging spot right now," Fitzgerald said. "While we tend to agree with some of the long term objectives that they're trying to achieve, we think the risk that the administration may be under-appreciated a little bit is that if we get too aggressive with some of our trading partners by way of tariffs th
#31
Apr 23, 2025 · 24 min
Episode 31 | The intersection of private credit and insurance company capital
CJ Doherty sits down with David Ells, Partner and Portfolio Manager at Ares Management and Ryan Moreno, Partner and Co-head of Leveraged Finance at DLA Piper, to discuss the intersection of private credit and insurance company capital. “The first thing about being an insurance company is that everything is viewed through a lens of capital,” Ells said. “You have to allocate capital against everything that you own.”
S1 · E30
Mar 26, 2025 · 15 min
Episode 30 | Understanding Debt Portability in Loan Agreements
Arek Maczka from Ropes & Gray joins host Chris Piccirillo to provide insight on debt portability provisions. Arek explains the concept of portability along with its purpose and benefits, outlines customary terms and conditions, and gives us his views on today’s market landscape and whether portable capital structures are here to stay. "Portability has become increasingly normalized over the past few years," Maczka said. "I agree that it does tend to ebb and flow, especially in the syndicated mar
Feb 27, 2025 · 15 min
Episode 29 | Spotlight on Significant Risk Transfer (SRT) Transactions
Frank Benhamou from Cheyne Capital joins host CJ Doherty to shed light on the Significant Risk Transfer (SRT) Market. "What we're seeing is an expansion both in terms of count, in terms of jurisdiction, as well as asset classes that it's being used on," Benhamou said. "So that create effectively a new opportunity."
S1 · E28
Dec 17, 2024 · 13 min
Episode 28 | Islamic Financing Overview
Mustafa Adil, Head of Islamic Finance at LSEG, joins CJ Doherty to discuss the basic tenets of Islamic Financing and looks ahead to 2025. “The market has been growing substantially in the core markets in in which it operates,” said Adil. “There are 57 countries that have introduced Islamic finance regulations and where governments are actively supporting the development of Islamic finance.”
S1 · E27
Nov 7, 2024 · 12 min
Episode 27 | Capital Solutions Lending Insights
Host CJ Doherty speaks with Brian Himot, Head of Structured Capital at Strategic Value Partners, about capital solutions lending in both the US and Europe. "We think of ourselves as fitting in the space that is between traditional direct lending and private equity," said Himot. "There are a lot of opportunities that present themselves at different times through the cycle and when you have an evergreen strategy like ours, you need to have flexibility."
S1 · E26
Oct 3, 2024 · 17 min
Episode 26 | The Role of ARR Lending in Today’s Market
Host CJ Doherty sits down with Ben Radinsky, Partner at HighVista Strategies to discuss annual recurring revenue (ARR) loans and how they allow lenders to facilitate the financing of growth-stage companies. "ARR loans, what you're doing is you're trying to isolate cash flows that you actually know with high certainty will exist overtime," Radinsky said. "You can predict what that cash flow looks like in terms of ultimate profitability and because of that, you can have very tight covenants as a l
S1 · E25
Sep 5, 2024 · 20 min
Episode 25 | Deep Dive into the CLO ETF and Broader Securitized Market
John Kerschner, Head of U.S. Securitized Products & Portfolio Manager at Janus Henderson Investors joins CJ Doherty to discuss the growing CLO ETF and broader securitized market. "Securitized products are issued at the short end of the yield curve between one and five years," said Kerschner. "Now that the yield curve is inverted, meaning the short end has higher yields than the long end, that makes the overall yields of securitized products look very attractive."
S1 · E24
Aug 1, 2024 · 12 min
Episode 24 | Current state of the US Direct Lending Market
Alex Gorokhovskiy, Head of Direct Lending and Venture Debt at Deutsche Bank, joins host CJ Doherty to discuss current conditions in the US direct lending market and the outlook for the remainder of 2024. "There's consumer health that's ever evolving," said Gorokhovskiy. "Sponsors are now focused on making differentiated investments as opposed to paying the highest multiple for the next best asset."
S1 · E23
May 28, 2024 · 8 min
Episode 23 | Opportunities in Digital Assets Financing
The huge growth in AI applications and data consumption is driving the need for financing of digital assets. Host CJ Doherty sits down with IFR Senior Reporter Richard Leong to discuss the demand for financing in this asset class. "Private credit and insurers are stepping in to provide longer term capital to fund this tremendous amount of money needed," said Leong. "For the capital markets...just increasing use of securitization to term out loans for these players.
S1 · E22
Apr 4, 2024 · 22 min
Episode 22 | European Capital Solutions Lending in 2024
Host CJ Doherty sits down with David Brooks and Alice Cavalier, Partners & Co-Heads of Capital Solutions at Arcmont Asset Management, to discuss capital solutions lending and the outlook for the rest of 2024. "Loans have been up about 250% year to date and accounting for about 60% of the market as of last week and bond issuance has increased as well significantly," said Cavalier. "People are busy, more bullish on M&A."

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