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Artwork for Fixed + Floating

Fixed + Floating - The Credit Podcast

Josef Pschorn
Private Credit
Distressed Debt
Artificial Intelligence
Inventory Financing
Chemicals Industry
First Brands
China
Ineos Group Holdings
Ineos Quattro
Covenants
Heavy Side Building Materials
Light Side Building Materials
Business Development Companies (bdcs)
Fraud
Returns On Inventory Vehicles
Liability Management
Software Industry
Life Insurance
Software As a Service
Credit Cycle

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 restr... more

PublishesTwice monthlyEpisodes17Founded8 months ago
Number of ListenersCategories
InvestingBusiness

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Artwork for Fixed + Floating

Latest Episodes

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 ceiling on it: $142 trillion... more

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 structural problem — one where operati... more

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 written analysis: open.subs... more

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.substack.com/pub/fixedfloating/p/si... more

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Recent Guests

Andy Belton
Head of Basic Materials at CreditSights
CreditSights
Episode: HY Building Materials: Why It’s Really One Housing Trade | Andy Belton (Creditsights)
Frank Benhamou
Partner and portfolio manager at Cheyne Capital, risk transfer strategy lead
Cheyne Capital
Episode: Significant Risk Transfer (SRT) Mechanics: Capital Relief, Tranching, and Cycle Risk | Frank Benhamou (Cheyne Capital)
Sabrina Fox
Covenant Analyst and founder of Fox Legal Training
Fox Legal Training
Episode: Liability Management in Software Credit: Covenant Erosion, Drop-Downs & the Xerox JV Maneuver | Sabrina Fox (Fox Legal Training)
James Bessen
Economist, legal scholar and former software CEO
Boston University
Episode: Software Moats & AI Capex Risk: Why Dominant Firms Stay Dominant | James Bessen (Boston University) #09
Alec Keblish
Senior Analyst at 9fin, AI/credit analytics expert
9fin
Episode: Software Credit Below 80: Who Survives AI in a $40B Loan Market? | Alec Keblish & Matthew Hughes (9fin) #08
Matthew Hughes
Senior Analyst at 9fin, AI/credit analytics expert
9fin
Episode: Software Credit Below 80: Who Survives AI in a $40B Loan Market? | Alec Keblish & Matthew Hughes (9fin) #08
John Giordano
Co-Head of Credit Research at Seaport Global
Seaport Global
Episode: BDC Stress in Private Credit: Redemptions, PIK Risks & Valuation Pressure | John Giordano (Seaport Global) #07
Greg Obenshain
Partner at Verdad Capital, quantitative credit investor
Verdad Capital
Episode: High Yield's Fool's Yield Trap: Why 7.9% Returns Beat 13.9% Yields | Greg Obenshain (Verdad Capital) #06
Tim Riminton
Bloomberg Intelligence credit analyst
Bloomberg Intelligence
Episode: INEOS Credit Deep Dive: Project One, High Yields & Refinancing Risk | Timothy Riminton (Bloomberg Intelligence) #05

Host

Josef Pschorn
Host of the podcast, credit portfolio manager with extensive involvement in Fixed + Floating discussions

Reviews

5.0 out of 5 stars from 19 ratings
  • Highly recommend

    Rare combination of academic rigor and front-line market intelligence with quality guests!

    Apple Podcasts
    5
    SirRogerMoore83
    Germany2 months ago
  • Great show

    Love the independent angle!

    Apple Podcasts
    5
    Joe_6000
    Germany2 months ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

The show is valuable for anyone evaluating credit structures and market dynamics.
Receives praise for combining academic rigor with frontline market insight.
Listeners appreciate independent perspective and quality guests.

Chart Rankings

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Talking Points

Recent interactions between the hosts and their guests.

BDC Stress in Private Credit: Redemptions, PIK Risks & Valuation Pressure | John Giordano (Seaport Global) #07
Q: How would you say that a BDC's credit profile differs from a bank or an insurer making the same loan?
The key differences are regulatory and funding structure: BDCs are leverage-driven and must pay out 90% of taxable income, with asset coverage rules (around 150% asset coverage) and no traditional deposit base or RBC framework like banks, which makes their risk profile more sensitive to credit quality and mark-to-market pressures rather than funding stability from deposits.
Private Credit, Life Insurers, and Rating Arbitrage | Jakub Lichwa (TwentyFour AM)
Q: Why is private credit seen as suitable for insurers compared to banks?
Because insurers have longer liabilities (annuity-like) and can tolerate illiquid, higher-yield assets, private credit's liquidity premium is attractive to back stable liabilities; private placements historically offer extra yield for backstopping annuities.
Private Credit, Life Insurers, and Rating Arbitrage | Jakub Lichwa (TwentyFour AM)
Q: Walk us through the main US life insurance products and where private credit becomes relevant.
Jakub explains the split between protection-oriented products (term life, whole life, guaranteed universal life) and spread-based products (fixed and fixed index annuities). Private credit fits as a source of higher-yield assets to back liabilities in spread-based annuities, enabled by the liquidity premium and the ability to source longer-duration assets.
Software Moats & AI Capex Risk: Why Dominant Firms Stay Dominant | James Bessen (Boston University) #09
Q: Is disruption risk overstated for large, dominant firms?
Disruption risk is nuanced; while AI accelerates rivalry and can threaten incumbents, firms with entrenched data and processes may see reduced disruption risk because their systems create real, hard-to-reproduce advantages.
Software Moats & AI Capex Risk: Why Dominant Firms Stay Dominant | James Bessen (Boston University) #09
Q: Could you walk us through the mechanisms of how proprietary IT translates into market power?
Proprietary IT creates deeper data access, faster decision-making, and the ability to tailor offerings at scale; large firms collect vast data sets, enabling sophisticated risk assessment and product customization that are hard for smaller players to replicate.

Audience Metrics

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Frequently Asked Questions About Fixed + Floating

What is Fixed + Floating about and what kind of topics does it cover?

A rigorous, analytically driven show that examines credit markets from both practitioner and academic angles. Episodes routinely unpack complex topics like covenant structures, liability management, distressed credit, private and alternative lending, and the impact of macro policy on leverage and risk. Guests range from professors and researchers to portfolio managers and bankers, with a strong emphasis on credit fundamentals, risk modeling, and real-world case studies that illuminate how capital structures, restructurings, and evolving regulation shape outcomes for lenders and investors. A notable strength is the blend of historical context, data-driven frameworks, and forward-looking risk assessment, making it particularly useful for prof... more

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Which podcasts are similar to Fixed + Floating?

These podcasts share a similar audience with Fixed + Floating:

1. The Credit Edge by Bloomberg Intelligence
2. FICC Focus
3. Exchanges
4. Invest Like the Best with Patrick O'Shaughnessy
5. Value Investing with Legends

How many episodes of Fixed + Floating are there?

Fixed + Floating launched 8 months ago and published 17 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Fixed + Floating?

Recent guests on Fixed + Floating include:

1. Andy Belton
2. Frank Benhamou
3. Sabrina Fox
4. James Bessen
5. Alec Keblish
6. Matthew Hughes
7. John Giordano
8. Greg Obenshain

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