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Hosted by Josef Pschorn · 🇺🇸 US · EN · 20 episodes
Established thought leaders with verified media credentials.
Fixed + Floating is a credit podcast for investors and finance professionals. Hosted by credit portfolio manager Josef Pschorn, the show features conversations with leading voices from investing, research, and academia on private credit, high yield, distressed debt and credit cycles. We break down the technical mechanics of credit markets — from covenant evolution and liability management to restructuring, quantitative credit, and the impact of macro policy. New episodes twice per month.
Josef Pschorn hosts Fixed + Floating - The Credit Podcast, a business show with 20 episodes published.
A fifteen-billion-dollar manager's European analyst can look at three or four situations before the rest fail his liquidity screen. Frits Lieuw-Kie-Song runs a few hundred million and can look at hundreds. This is a full
Private credit has grown to roughly $2 trillion, but selling a single position remains a manual, bilateral process. Exiting a $25 million loan means NDAs, a data room, agent and borrower consents, and bespoke documentati
MicroStrategy’s preferred shares dropped more than 20% over a few weeks. Then an 8-K reversed the mood, handingthe company buyback authority over both its preferred and common stock for the first time. The headlines focu
Each AI company can price itself on an internally consistent story about winning its market. Sum those stories and the implied revenues exceed any market that could exist — the big market delusion. Aswath Damodaran puts
A third of Europe’s auto suppliers now sit in the distressed zone, and the share has barely moved in two years. Thesector has stopped behaving like a set of single restructuring cases and started behaving like a structur
US high-yield building products are a leveraged play on the US housing cycle dressed up across ten different tickers — and the concurrent distress in Cornerstone, JELD-WEN, Old Castle, and USLBM is the proof. Full writte
Significant Risk Transfers have quietly grown into a $1T+ hedged market — now bigger than European CLOs — and they sit at the centre of how banks manage RWAs, capital, and CET1 ratios. Full analysis: https://open.substa
Covenant quality is weakening at a measurable rate, and software credits are where it is going to matter most. Full analysis: https://open.substack.com/pub/fixedfloating/p/why-software-credits-are-lme-catnip?r=718tew&utm
A three-notch downgrade on a zero-default portfolio can more than double an insurer's capital requirement. Read the full investment breakdown on Substack: https://open.substack.com/pub/fixedfloating/p/when-annuities-meet
Many dominant firms may be harder to disrupt today than popular narratives suggest. Josef Pschorn speaks with James Bessen of Boston University’s Technology & Policy Research Initiative about how proprietary software cre
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 cred
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
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 quanti
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:
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&u
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-flywhe
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 defa
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 hidde
Inside First Brands’ Collapse - Snippet
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 giv
Matthew Hughes
business affairs manager · Birdie Management
1 appearance on this show
Dr. John Giordano
Partner, Co-Leader Manufacturing & Distribution Practice · Citrin Cooperman
1 appearance on this show
Mark Palmer
Benchmark-StoneX
1 appearance on this show
Andy Belton
CreditSights
1 appearance on this show
Frank Benhamou
Cheyne Capital
1 appearance on this show
Sabrina Fox
Fox Legal Training
1 appearance on this show
Jakub Lichwa
TwentyFour Asset Management
2 appearances on this show
James Bessen
Boston University
1 appearance on this show
Alec Keblish
9fin
1 appearance on this show
John Giordano
Seaport Global
1 appearance on this show
Greg Obenshain
Verdad Capital
1 appearance on this show
Timothy Riminton
Bloomberg Intelligence
2 appearances on this show
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Fixed + Floating - The Credit Podcast is hosted by Josef Pschorn. The show is categorised under business (investing) and has published 20 episodes.
Fixed + Floating - The Credit Podcast has published 20 episodes.
Fixed + Floating - The Credit Podcast regularly covers business, investing. It sits in the business category, with a investing focus.
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