The ARR Reckoning: Decoding Software Stress Across Credit

Описание: Welcome to the CreditSights Topical AI & Software Webinar! [Please note: This webinar was broadcasted on February 25th 2026]

Download the presentation: https://know.creditsights.com/the-arr...

In this webinar, the discussion examines mounting stress in the software sector across high yield, broadly syndicated loan, and private credit markets, with a focus on valuation pressure, AI disruption, refinancing risk, covenant quality, and default dynamics. Winifred Cisar leads the conversation with Andrew Hedlund, John Kim, and Lyle Margolis, who share insights on private credit liquidity, Blue Owl asset sales, leverage trends, covenant protections, and how AI may reshape software business models and credit outcomes. Blending market data with lender, ratings, and covenant perspectives, this webinar delivers timely, actionable context for investors assessing risk and opportunity in an increasingly volatile software credit landscape.

Speakers
· Winifred Cisar, Global Head of Strategy, CreditSights:
Winnie leads credit strategy across investment grade and high yield markets, analyzing spread valuations, sector performance, and technical and fundamental market drivers.
· Andrew Hedlund, Managing Editor, LevFin Insights:
Andrew leads private credit coverage with expertise in BDC analysis, portfolio valuations, and leveraged finance market dynamics.
· John Kim, Director, Covenant Analyst, Covenant Review:
John specializes in covenant documentation analysis, grading deal protectiveness, and LME protection structures across BSL and private credit markets.
· Lyle Margolis, Head of Private Credit, Fitch Ratings:
Lyle oversees private credit analysis, monitoring privately rated portfolios and credit metrics from inception through maturity for insurance regulatory purposes.

Timestamps:
00:00 – Introduction
04:46 – Navigating Private Credit Challenges
13:37 – Blue Owl Liquidation Deep Dive
22:20 – Assessing Software Fundamentals
30:30 – The Leverage Question
37:33 – Inside Covenant Structures
48:17 – What's Next for Defaults
56:26 – Healthcare Sector Under Pressure
59:49 – Conclusion & Key Takeaways

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