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Everyone knows interest rates are higher than they were last year. No-one can say for sure where they’ll be this time next year, but people have a fairly good idea.

Given those expectations, it’s no surprise that some brokerage companies are using rate-related adjustments to boost their EBITDA. But is there a way these adjustments could go awry?

This week, Will Caiger-Smith and Emily Fasold dig into Cetera Financial’s latest loan deal, and the add-backs the company is using to flatter its credit profile.

What is Cloud 9fin?

Get the download on debt markets with Cloud 9fin, where our team pulls back the curtain on corporate credit and gives you the inside scoop on leveraged finance, private credit, distressed debt and everything in between.

Through its AI-powered data and analytics platform, 9fin provides everything you need to get your head around credit or win a mandate — all in one place. We help subscribers win business, outperform their peers and save time.

Come and join the discussion on the hottest debt market stories, with our expert in-house team and special guests.