Who Pays for the GPUs?

E19 – Ankur Patel (Ares) on how GPU financings are structured and what role ABF is playing in financing the AI revolution

Sep 8 • Fixed + Floating

3

2

56:15

August 2026

Do Restructurings Still Cut Debt?

E19 – Mike Harmon (Stanford GSB) maps why out-of-court processes move maturities without reducing debt + why the swaps that still happen are almost all…

Aug 26 • Fixed + Floating

8

1

1:05:36

Inside a Long/Short Credit Hedge Fund | Frits Lieuw-Kie-Song (Ironshield Capital) #18

…on why the median LME now returns within a year + what that does to the credits a fund can actually own.

Aug 4 • Fixed + Floating

4

1:11:39

How a Long/Short Credit Hedge Fund Decides What to Own

E18 - Frits Lieuw-Kie-Song (Ironshield) breaks down the seven questions a credit has to survive before it becomes a position

Aug 4 • Fixed + Floating

8

1

July 2026

The Plumbing of Private Credit: Inside the Transfer Mechanics

E17 – Alex Cordover (Tradable) maps how a $25M private loan changes hands — participations, assignments and the four-to-six-week close + what actual…

Jul 21 • Fixed + Floating

6

3

Stretch Is Not Cash: The Lesson From Strategy’s Preferred Crash

E16 — Mark Palmer (StoneX) on $22bn of leverage, retail margin calls, and the Digital Credit Capital Framework of Strategy

Jul 8 • Fixed + Floating

4

1

June 2026

Financing the Big Market Delusion — Why the AI Build-Out Puts the Loss on Credit

E15 — Aswath Damodaran (NYU Stern) on why the AI market is arithmetically capped, why lending on an equity narrative breaks corporate finance, and what…

Jun 22 • Fixed + Floating

16

1

3

The Auto‑Supplier Problem That Refinancing Cannot Fix — Part 2: How StaRUG and Jurisdiction Shape Restructurings

E14 – Dr. Hendrik Hauke (Willkie Farr & Gallagher) on the instruments that actually get used when operational fixes are no longer enough — and how they…

Jun 11 • Fixed + Floating

3

The Auto‑Supplier Problem That Refinancing Cannot Fix — Part 1: Why European Distress Is Now Structural

E14 – Daniel Steiner (PwC) and Dr. Hendrik Hauke (Willkie) map why European auto‑supplier distress is now structural rather than cyclical, and where in…

Jun 9 • Fixed + Floating

4

1

May 2026

One Housing Trade, Ten Tickers: The Floor in Building Materials Credit

E13 – Andy Belton (CreditSights) makes the structural case for why heavyside beats lightside in credit terms and why the US HY building products index…

May 26 • Fixed + Floating

6

3

Significant Risk Transfer Has Quietly Become a $1 Trillion Hedged Market — And It Is Reshaping Bank Capital, Not Bank Origination

E12 – Frank Benhamou (Cheyne Capital) breaks down the SRT market — capital relief mechanics, tranching structures, and and what SRT means for credit…

May 12 • Fixed + Floating

20

3

April 2026

Why Software Credits Are LME Catnip

E11 — Sabrina Fox (Fox Legal Training) explains, why industrial‑era covenant packages on IP‑heavy borrowers have turned software into the easiest sector…

Apr 21 • Fixed + Floating

6