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LPC - Lending Lowdown Series

LSEG (London Stock Exchange Group)
Private Credit
Artificial Intelligence
Digital Assets Financing
Debt Portability
Private Equity
Investments
Leverage Financing
Syndicated Loans
US Corporate Bond Market
Direct Lending
Global Economy
Investment Grade Corporate Credit
Significant Risk Transfer (SRT)
Private Credit Market
Europe
Asset Based Lending
Inflation
Structured Capital
Data Centers
Telecommunication Companies

The Lending Lowdown provides credit market insights and views from the lending trenches. It recaps syndicated loan and private debt market events and thought leadership on trends and the latest deal activity.

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Artwork for LPC - Lending Lowdown Series

Latest Episodes

LSEG LPC’s CJ Doherty is joined by David Fann, Partner and Head of Capital Formation at VSS Capital Partners to discuss the state of the private credit market and structured capital as a financing option today. "Artificial intelligence is for real. A... more

LSEG LPC’s CJ Doherty sits down with Aryeh Landsberg, Managing Director, Investments at 17Capital and Ryan Moreno, Partner and Co-Head of Private Credit and Fund Finance at DLA Piper, to discuss NAV loans made to private equity funds, how GPs deploy ... more

Garrett Stephen, Senior Managing Director, Co-Head of Origination at Napier Park Global Capital talks to CJ Doherty, Director of Analysis at LSEG LPC, about private credit in 2025 and what is in store for 2026. "I'd say on the AI side, it's really a ... more

Chris Rust, Co-Head of European Private Credit at investment manager Ninety One join CJ Doherty, Director of Analysis at LSEG LPC, to discuss non-sponsored lending opportunities in the European middle market. "There certainly are a lot of misconcepti... more

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Recent Guests

David Fann
Partner and Head of Capital Formation
VSS Capital Partners
Episode: Episode 39 | Private Credit – A Perspective on Current Market Conditions
Aryeh Landsberg
Managing Director of Investments
17Capital
Episode: Episode 38 | The Role of NAV Loans and How They Fit in GPs Financial Tool Kit
Garrett Stephen
Senior Managing Director and Co-Head of Origination at Napier Park Global Capital
Napier Park Global Capital
Episode: Episode 37 | 2025 Takeaways and Forward Look to 2026 US Direct Lending Market
Chris Rust
Co-Head of European Private Credit at Ninety One
Ninety One
Episode: Episode 36 | Non-Sponsored Lending Opportunities in the European Mid-Market
Tom Newberry
Chief Credit Officer and Executive Chairman of Direct Lending at Sound Point Capital Management
Sound Point Capital Management
Episode: Episode 35 | Middle Market Direct Lending State of Play
Michael Gross
Co-founder and co-chief executive officer
SLR Capital Partners
Episode: Episode 34 | Is the ‘golden age’ of private credit coming to an end?
Barry Bobrow
Head of credit markets for Regions Business Capital; former head of asset-based syndication at Bank of America and Wells Fargo
Regions Bank / Asset Based Capital (founder and chairman)
Episode: Episode 33 | Asset based lending: Evolving taxonomy for direct lender vs bank arranged loans
Connor Fitzgerald
Portfolio Manager
Wellington Management
Episode: Episode 32 | Current Dynamics in the Corporate Bond Market
David Ells
Partner and Portfolio Manager at Ares Management
Ares Management
Episode: Episode 31 | The intersection of private credit and insurance company capital

Host

CJ Doherty
Director of Analysis, providing insight and analysis on various finance-related topics.

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Episode 33 | Asset based lending: Evolving taxonomy for direct lender vs bank arranged loans
Q: How large is the asset-based loan market and what is the breakdown between banks and non-banks?
Market sizing shows roughly $542 billion in commitments at end of 2024, with banks accounting for the majority of the loans and just under $30 billion from non-bank asset-based lenders; the picture includes extensive activity among large borrowers who also have substantial related debt.
Episode 33 | Asset based lending: Evolving taxonomy for direct lender vs bank arranged loans
Q: What are the core differences between a traditional ABL loan and asset-based lending in the direct lending market?
Traditional ABL is bank-led, primarily revolving working capital financing with a clear borrowing base and asset monitoring to keep leverage within asset values; direct lending expands into specialized stretch loans (first-in, last-out) and non-traditional collateral, often structured in unitran forms with different pricing and risk characteristics, but generally aims to complement and not replace bank-led ABL.
Episode 34 | Is the ‘golden age’ of private credit coming to an end?
Q: And last question for you, what are you thinking about or focusing on in the second half of this year? What are the key opportunities and risks?
The focus is on asset-based lending, helping companies with leverage-free liquidity by financing receivables and inventories, and structuring capital solutions with private equity sponsors to provide liquidity while avoiding expensive equity or junior debt.
Episode 34 | Is the ‘golden age’ of private credit coming to an end?
Q: And I'd also like to touch now on the ABL space that you mentioned earlier, can you talk about the difference for our listeners between specialty financing versus direct lending?
Specialty finance or ABL is a form of direct lending that uses asset values like receivables as collateral, providing strong downside protection and requiring infrastructure to monitor collateral, with the example of financing receivables on a weekly basis.
Episode 34 | Is the ‘golden age’ of private credit coming to an end?
Q: Got it. And let's delve a little bit more into the public and private credit market competition. What are you seeing now in terms of the competition or the relationship between public and private credit markets?
The relationship will ebb and flow; private credit funds use multi-strategy approaches to shift between cash flow lending and other strategies as markets cycle, and the ability of private managers to chase public-market terms keeps competition dynamic.

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Frequently Asked Questions About LPC - Lending Lowdown Series

What is LPC - Lending Lowdown Series about and what kind of topics does it cover?

Focusing on the credit markets, the content features in-depth discussions of current developments in syndicated loans and private debt. Each episode typically includes expert insights from seasoned professionals within the finance and legal sectors, reflecting on industry trends, regulatory changes, and investment strategies. Notable discussions explore the dynamics affecting corporate bonds, the intersection of private credit with insurance capital, and emerging practices in Islamic finance and risk transfer transactions. This podcast distinguishes itself through its specialized content that caters to finance professionals, including portfolio managers and legal analysts, promoting an understanding of intricate financial mechanisms and mar... more

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1. The LFI Levered Lines Podcast
2. The Credit Edge by Bloomberg Intelligence
3. The Credit Clubhouse
4. Credit Exchange with Lisa Lee
5. Private Capital Call

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LPC - Lending Lowdown Series launched 4 years ago and published 40 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 LPC - Lending Lowdown Series?

Recent guests on LPC - Lending Lowdown Series include:

1. David Fann
2. Aryeh Landsberg
3. Garrett Stephen
4. Chris Rust
5. Tom Newberry
6. Michael Gross
7. Barry Bobrow
8. Connor Fitzgerald

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