Benchmark prior transactions, bonds, loans or company profiles using over 300 credit metrics.

Comparables

AI transcripts & instant analysis, making earnings season easier than ever.

Earnings

A full suite of ESG data and analysis. Built for your workflow

Spot undervalued credits and potential future restructurings with our purpose-built tools.

Distressed and Restructuring

Full Financial profiles with 3 statements, KPIs, segment splits & credit metrics. All traced to source documents.

Financials

New deal analysis and covenant comparison tools, understand key risks in seconds not days.

Covenants

Say goodbye to CTRL + F with our powerful search. Thousands of documents text searchable for any keyword or phrase.

Search

We've successfully predicted more than 65 price sensitive events - before they happened.

Deal predictions

We use AI to aggregate newsflow from 2,000 sources, and deliver it to your inbox quicker than anyone else.

News

Track high yield deals from issuance through to maturity, with integrated legal, credit and ESG analysis.

High Yield Bonds

Shine a light on private markets with 9fin's news and legal analysis of syndicated loans

Leveraged Loans

21st century tech and expert analysis to help CLO teams make informed decisions faster.

Structured Credit 

Find information others can't see in one of the fastest growing corners of finance

Private Credit 

Sasha Padbidri

Bill Weisbrod

Spooky season is once again upon the leveraged finance market — thanks in part to 10-year Treasury yields near 5 percent — making debt raises a bit more daunting, particularly for lower-rated issuers. 

"The refinancing window is kind of closed,” a buysider said. “If you needed to do a refinancing you should have done it 3 months ago. It’s much more expensive now.”

For example, facilities management company BGIS withdrew a $916m refi loan deal on Monday. And gas station operator FR Refuel had to downsize its TLB add on due 2028 by $100m and widen the OID to get it across the finish line. 

In high yield, aircraft lessor Avolon’s $1.95bn of senior PIK toggle note due 2028 was supposed to price last week but is languishing. That has sparked volatility in the existing bonds of its majority owner Global Aircraft Leasing Company, which are supposed to be paid off by the new issuance. 

Some investors speaking with 9fin at the ABS East conference in Miami this week told us they’re beginning to wrap up participation in this year’s deals after a busy September. (9fin clients can check out our conference coverage here and here)

“We are now only looking at deals opportunistically,” said a portfolio manager. “Some lower-rated deals may or may not get done.”

To that point, not every single-B issuer is struggling to raise debt. 

In an example of a refinancing deal from a well-liked but lower rated issuer that did get done, B3/B CFR-rated insurance broker Acrisure’s $1bn term loan B due 2030 priced at the tight end of guidance earlier this week. 

And B3/B-rated rigging manufacturer Kito Crosby’s $205m term loan due 2026 is also being viewed positively by investors. As we reported, the company is refinancing its second-lien loans following improved second-quarter earnings. 

“This deal will get done, the combined company is crushing it with getting business,” the portfolio manager said, pointing to the successful integration of KKR-owned Crosby with Japanese peer KITO Corporation.

The jury is still out on a $500m term loan due 2030 backing commercial door and frame company Cook & Boardman’s buyout by Platinum Equity. While the company has performed well, some prospective lenders raised concern over possibly peaked earnings and exposure to the commercial real estate industry. 

The doom and gloom talk from investors hasn’t stopped some European companies from launching dollar deals. UK-based rigs operator Borr Drilling did a speedy placement of $1.54bn dual-tranche senior secured notes on Tuesday, while French animal health company Ceva Santé Animale made its dollar debut this week. 

German software company SUSE is also raising $1.255bn of term loans due 2030, of which $727m are existing loans that are being extended. 

Looking ahead in primary issuance, investors are eyeing satellite broadcaster Sirius XM Radio as it combines businesses with Liberty Media. While a financing package has not yet been lined up to fund the merger, investors have said that the transaction will raise Sirius XM’s leverage without any synergies, leaving the company dependent on free cash flow to pay down debt at a time when satellite radio growth may have plateaued. 

The new high yield supply would be welcome though, because that market might shrink materially thanks to more than 20 companies nearing investment grade status over the next few years — more on that here. 

Investors also told 9fin that they are modeling out what the potential broad adoption of diabetes drugs Ozempic and Wegovy could mean for leveraged credits. 9fin clients can click here to get the skinny on how this could affect everything from healthcare to retail clothing brands, but don’t let that stop you from feasting on Halloween candy this weekend.

If your tastes lean slightly morbid, check out this week’s Cloud 9fin podcast, where we dive into the trend of private credit firms buying life insurance policies. Tune in to learn everything you need to know about the death capital markets!

Vibrant working with Morgan Stanley to explore sale options (9fin)

Living in the middle of Halloween central is not wicked fun (WSJ)

KKR nears $2.3bn private credit loan for PetVet recapitalization (Bloomberg)

White House to unveil sweeping AI executive order next week (Washington Post)

How Ted Pick won the Morgan Stanley CEO succession race (FT)

One year on, Twitter continues to burn a hole through bank balance sheets (WSJ)

Worldline shock fuels European payments sector slump (Reuters)

JP Morgan promotes Woehrn and Lee to lead PE M&A unit (Financial News London)

UBS to lay off Credit Suisse investment bankers in Spain (Bloomberg)

SEC removes ESG from 2024 audit priorities (Forbes)

US LevFin Wrap — Scary time for single-B credits, Sirius set to lever up, Life insurance policies are to die for

Owen Sanderson

Excess Spread — Sweet release, baked Danish

9fin team

Webinar Replay — Free fallin': Chapter 11 trends that defined 2025 and what's next

Luke Viner

The Singapore cross-class cramdown provision’s future is now

Webinar Replay — The art of the LME: defining trends in 2025, and looking ahead to what’s next

Save time, react faster to news, outperform your peers.

Asset Managers & Hedge funds

Save time, pitch more efficiently, and win business.

Investment Banks

Turbocharge your trading desk P&L, with the market's fastest news alerts.

Sales & Trading

Spot novel covenants, save time drafting and win business.

🍪 Our Cookies

US LevFin Wrap — Scary time for single-B credits, Sirius set to lever up, Life insurance policies are to die for

Read all our public content for free

Recently Published

Excess Spread — Sweet release, baked Danish

Webinar Replay — Free fallin': Chapter 11 trends that defined 2025 and what's next

The Singapore cross-class cramdown provision’s future is now

Webinar Replay — The art of the LME: defining trends in 2025, and looking ahead to what’s next

What are you waiting for?