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 20 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Josef Pschorn hosts Fixed + Floating - The Credit Podcast, a business show with 20 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

• 

  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

  ListenShow Notes
• 

  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

  ListenShow Notes
• 

  Episode #16

  Stress in MicroStrategy’s Preferreds: Why the Doom Loop Didn’t Happen | Mark Palmer (StoneX)

  Jul 8, 20261h 6m

  MicroStrategy’s preferred shares dropped more than 20% over a few weeks. Then an 8-K reversed the mood, handingthe company buyback authority over both its preferred and common stock for the first time. The headlines focused on a small Bitcoin sale; the more important story was buried underneath it. Full analysis: https://open.substack.com/pub/fixedfloating/p/stretch-is-not-cash-the-lesson-from?r=718tew&utm_campaign=post&utm_medium=web Josef Pschorn speaks with Mark Palmer of Benchmark-StoneX, the first Wall Street analyst to cover Strategy, about how the company’s capital structure actually holds together and what genuinely changed. Key takeaways: The 8-K gave Strategy “two-way capital management” for the first time — the ability to buy backpreferred and common stock, not just issue new securities to buy Bitcoin. Perpetual preferred stock behaves like near-permanent capital: no maturity wall, not dilutive while outstanding, and tax-advantaged as return of capital for as long as the company posts no positive net income. The recent Stretch selloff was driven by forced deleveraging among investors who had levered the position, not by any change in the Bitcoin backing the instrument. A common misconception — that a falling Stretch price increases Strategy’s cash dividend obligation — is simply wrong; the dollar obligation is fixed regardless ofprice. Strategy’s $6.75 billion convertible debt carries a blended coupon of just 0.52%, with the real risk being the 2028–2032 maturity wall rather thaninterest expense. Guest links: https://www.benchmarkcompany.com/leaders/1601/ 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: 01.07.2026

  ListenShow Notes
• 

  Episode #15

  Big Market Delusion: Why Private Credit Is AI’s Biggest Loser | Aswath Damodaran (NYU)

  Jun 23, 202659 min

  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 in global revenues last year against $20–25 trillion in employee costs, which makes the $26 trillion addressable market in SpaceX’s IPO pitch fiction. The sharper question for credit investors is who absorbs the loss when it corrects. Full analysis: https://open.substack.com/pub/fixedfloating/p/financing-the-big-market-delusion?r=718tew&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true Josef Pschorn speaks with Aswath Damodaran of NYU Stern about valuing the AI boom, the corporate life cycle, and why the credit side of the build-out carries the asymmetric risk. Key takeaways: ​The biggest loser when the delusion corrects is private credit, not equity — lenders carry the downside without the upside, and “you can’t make interest payments withpotential and promise.” ​Financing should act its age: young companies should use converts or no debt; default risk belongs in the cash flows (value the firm twice, weight by survival probability), not in an inflated discount rate. ​In distress, equity is a call and debt is a put — a passive lender in a levered company is short an option whose variance the equity holder controls. Connect with Aswath Damodaran: https://pages.stern.nyu.edu/~adamodar/ | X https://x.com/AswathDamodaran Connect with Fixed + Floating: 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: 15.06.2026#fixedfloating #creditmarkets #privatecredit #valuation #Damodaran

  ListenShow Notes
• 

  Episode #14

  Distress in Auto Suppliers: Why Operational Fixes No Longer Work | Steiner (PWC) & Hauke (Willkie)

  Jun 9, 20261h 33mS1

  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 operational stabilization no longer fixes the credit story. Full written analysis: https://open.substack.com/pub/fixedfloating/p/the-autosupplier-problem-that-refinancing?r=718tew&utm_campaign=post&utm_medium=web Josef Pschorn speaks with Daniel Steiner of PwC and Dr. Hendrik Hauke of Willkie Farr & Gallagher about whyEuropean auto-supplier distress has become structural, and how the restructuring toolkit actually gets used when it does. Key takeaways: 40% of automotive CEOs expect their company not to last ten years on the current path; 33% of Europeansuppliers are already distressed. The binding constraint is the cost ofcapital — German suppliers carry the highest interest-to-EBIT ratio of anyregion. Europe runs 25–30% overcapacity and China around 50%, making consolidation, not refinancing, the real cure. LEONI’s StaRUG delevered successfully the balance sheet Guest links: PwC https://www.pwc.de | Willkie https://www.willkie.com Fixed + Floating: ⁠https://www.linkedin.com/company/fixed-floating⁠⁠ | ⁠⁠https://twitter.com/FixedFloating⁠⁠ | ⁠⁠https://fixedfloating.substack.com/⁠⁠ This podcast is for informational purposes only and does not constitute investment advice. Recorded: 04 June 2026. #fixedfloating #creditmarkets #autosuppliers #restructuring #distresseddebt

  ListenShow Notes

Recent guests on Fixed + Floating - The Credit Podcast. Study who booked and why before you pitch.

Based on semantic analysis of episode topics and host coverage, this show is a strong guest fit for executives in:

Industry fit is computed by PitchCentric using vector embeddings of the show's episode catalog.