The Default Notice — A conspicuous lack of consumption

She knows structure: an all-women panel on SPVs and Chapter 11

H2 2025 US Leveraged Loans Covenant Trends: Devil’s in the details

Excess Spread — Once upon a time, a tale of two systems

9fin | Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and asset-based finance.

How much is too much SRT?

Supervisors have been stepping up their scrutiny of the significant risk transfer market, and several have outlined views that the market could become a financial stability problem if banks start doing too much SRT. So how much is too much?

Private credit’s Italian moment — Are we all moving to Milan?

As the world descends on Milan and Cortina d'Ampezzo for the Winter Olympics, some private credit professionals might be thinking about staying. Not just for the mountain views or the great food, but for the growing opportunities in the country’s debt market.

Webinar replay — Credit series part 2 — AI capex in US high yield