Fixed + Floating - The Credit Podcast

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.

Fixed + Floating - The Credit Podcast is a business podcast hosted by Josef Pschorn, with 23 episodes on record and a Required Pod Score of 80.

Josef Pschorn hosts Fixed + Floating - The Credit Podcast, a business show with 23 episodes published.

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  Episode #21

  Credit Risk's Left Tail: How Much Can You Lose? | Michael Gatto (Silver Point) #21

  Sep 22, 20261h 26m

  Michael Gatto (Silver Point Capital) on what decides a lender's recovery: the credit agreement, not the default. A lender can be right about the business and still lose money. Josef Pschorn speaks with Michael Gatto about the second question a credit committee tends to skip. Not whether a borrower defaults, but what value and control leave the structure when a structure cracks. Shownotes and analysis: https://www.fixedandfloating.com/ Michael Gatto: Partner and Head of Private Side Businesses, Silver Point Capital. LinkedIn: https://www.linkedin.com/in/michael-gatto-8a322b66/ Silver Point Capital: https://www.silverpointfinance.com The Credit Investor's Handbook: https://www.amazon.com/Credit-Investors-Handbook-Leveraged-Distressed-ebook/dp/B0CR4MMD29?ref_=ast_author_mpb Michael's latest articles: https://www.silverpointcapital.com/uploads/2026/05/47c34854a238cfef86eb78e3800da100/what-questions-should-allocators-ask-when-evaluating-direct-lending-managers.pdf https://www.silverpointfinance.com/images/news/pdf/What%20Can%20We%20Learn%20From%20First%20Brands%20-%20SPC%20Credit%20Lessons.pdf Connect with Fixed + Floating: https://www.linkedin.com/company/fixed-floating | https://twitter.com/FixedFloating | Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. Recorded: 10.09.2026 #fixedfloating #creditmarkets #privatecredit #liabilitymanagement #directlending

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  Episode #20

  Who Pays for the GPUs? How Lenders Underwrite AI Infrastructure | Ankur Patel (Ares)

  Sep 8, 202656 min

  Ankur Patel⁠ (Ares Credit Group) on asset-based finance for data centres, power and GPUs. A one-gigawatt data centre costs $15–20 billion to build. The GPUs and servers inside it can run $40 billion-plus, and they are the shortest-lived asset in the project. Josef Pschorn speaks with Ankur Patel about how that credit is structured so a lender is not relying on residual chip value to get repaid. Shownotes and analyis: https://www.fixedandfloating.com/⁠ Ankur Patel: Partner, Ares Credit Group (Alternative Credit). LinkedIn: https://www.linkedin.com/in/ankurjpatelcfa Ares Management: https://www.aresmgmt.com Connect with Fixed + Floating: LinkedIn ⁠https://www.linkedin.com/company/fixed-floating⁠ | X ⁠https://twitter.com/FixedFloating⁠ Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.Recorded: 11.08.2026#fixedfloating #creditmarkets #assetbasedfinance #privatecredit #gpufinancing #datacenters #aiinfrastructure

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  Episode #19

  Do Restructurings Still Cut Debt? How Amend-and-Extend Took Over | Mike Harmon (Stanford GSB) #19

  Aug 26, 20261h 6m

  An amend-and-extend moves the maturity and leaves the leverage where it was. A debt-for-equity swap cuts the debt and dilutes the equity. The first is routine and the second is rare, and the constraint is not legal - most of the holder base cannot take the equity or does not want it. Josef Pschorn speaks with Mike Harmon of Stanford Graduate School of Business about why out-of-court restructurings extend maturities without reducing debt, and what has to be true before a company actually deleverages. Once a company is worth less than its debt, the equity is an out-of-the-money call option, so shareholders buy time and volatility rather than repair the balance sheet Without maintenance covenants, creditors cannot force a reduction in debt Most of the holder base does not want equity: CLOs have equity buckets, mutual funds have mandates, and only distressed funds want the position Creditors are not one actor - a lender hedged with CDS or a par lender who has not marked down has a different payoff from a discount buyer Private credit changed the composition of the holder base rather than the law, which is where debt-for-equity swaps are actually getting done The US has liability management at one end and Chapter 11 at the other with nothing in between, while the UK, Japan, France and China all run a lighter court-supervised path Mike Harmon: Stanford Graduate School of Business. https://www.linkedin.com/in/mike-harmon-92b130184 The Financial Restructuring Tool Set (Columbia University Press): https://cup.columbia.edu/book/the-financial-restructuring-tool-set/9780231216982/ Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloatingFixed + Floating is for informational purposes only. Not investment, legal, or tax advice.Recorded: 24.08.2026#fixedfloating #creditanalysis #liabilitymanagement #distresseddebt #restructuring #privatecredit

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  Episode #18

  Inside a Long/Short Credit Hedge Fund: Sizing, Shorts and LME Risk — Frits Lieuw-Kie-Song (Ironshield Capital)

  Aug 4, 20261h 12m

  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 walk through how a long/short credit hedge fund is actually run. Full analysis: https://open.substack.com/pub/fixedfloating/p/how-a-longshort-credit-hedge-fund?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Josef Pschorn speaks with Frits Lieuw-Kie-Song ofIronshield Capital about building a market-neutral high yield book: which credits are eligible, how positions get sized, when a short earns its borrow, and where the tail hedge sits. Liability management exercises now bring the mediancompany back within roughly a year, because the fee-driven process fixes the balance sheet without fixing the business. Being in the co-op group is not the same as sitting on the committee, and Frits will pass on a situation where he cannot influence how the pie is divided. A 400 million single-bond capital structure is too small to matter for a fifteen-billion manager, which is where in-depth research still earns its keep. Position size is dictated by the downside case, with a loss budget of roughly 50 basis points of the fund per position. The tail hedge is put spreads 5 to 15% out of the money, six months out, rolled regularly, written for the event where correlation goes to one. Two worked trades: Evoke after the UK online gamingtax move, bought at a 70 LTV with a takeover catalyst, and Volta Grid during the data centre construction scare. Ironshield Capital: https://ironshieldcapital.com/ Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Fixed + Floating is for informational purposes only.Not investment, legal, or tax advice. Recorded: 27.07.2026 #fixedfloating #creditanalysis #highyield#longshortcredit #liabilitymanagement #europeancredit

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  Episode #17

  Illiquidity in Private Credit: Why a $25M Loan Takes Six Weeks to Sell | Alex Cordover (Tradable)

  Jul 21, 20261h 5m

  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 documentation — four to six weeks from decision to settlement, if a buyer is found at all. Full analysis: [INSERT SUBSTACK LINK] Josef Pschorn speaks with Alex Cordover , CEO of Tradable, about the exact mechanics of private credit secondaries — what happens between the decision to sell and settlement, and what a functioning secondary market requires. The full transfer anatomy: NDA, data room (loan tape, financials, original IC memo), non-binding IOI, consents, documentation, settlement Participation vs assignment: in a default, participation rights typically run against the seller, not the borrower Marks vs prices: every deal closed on Tradable has printed at par plus a buyer's premium, while valuation lag persists in software and direct-lending books Why trades die: information asymmetry and GPs unused to working together — not asset quality Where liquidity comes first: asset-backed, equipment and real estate finance before bespoke unitranche and distressed names Guest links: https://tradable.xyz | https://www.linkedin.com/in/alex-cordover-72a0a276 Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. Recorded: 15.07.2026 #privatecredit #privatecreditsecondaries #creditmarkets #fixedincome #assetbackedfinance

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