AI disruption fears and Middle East-driven macro volatility weigh on loan and bond issuance – 1Q26 LevFin Highlights
LevFin issuance across the US and European institutional loan and high-yield bond markets saw a strong start to the year before fears of artificial intelligence (AI) disruption and escalating macro volatility stemming from the US and Israel war with Iran weighed on market activity

First Brands Group examiner delays report as Onset seeks to strike CarVal Mexican law expert report, declaration
Examiner pushes status report deadline to 17 April, eight days past the original deadline; Onset, CarVal dispute reportedly centers on competing claims to about USD 16m held in escrow

Three former First Brands Group executives move to dismiss fraud claims in adversary suit
Three former executives moved to dismiss alleged fraud suit, claim no individualised misconduct; former executives contend conspiracy lacked a viable underlying unlawful act

Global issuance falls 22% QoQ and 12% YoY amid tech selloff and geopolitical insecurity – 1Q26 Loan Highlights
Loan issuance in the Americas, EMEA and Asia-Pacific (APAC) regions reached USD 1.37tn in 1Q26, according to Debtwire data; this volume was 22% down compared to the previous quarter and 12% below 1Q25

Investors push rebound in quality software credits
Credit markets are sanguine in the face of geopolitical and macro-economic disruptions, as investors shrug off the possibility that a prolonged war in the Middle East will send energy prices soaring and global economies tumbling into recession

M&A volume leap 20% to USD 1.38tn in first quarter of 2026
Even the Iran conflict has not arrested momentum among larger deals. A mammoth USD 122bn capital raise from OpenAI closed on the last day of the quarter, according to Mergermarket data

AI blockbuster deals surge as Middle East conflict test dealmaker confidence
Mergermarkets M&A Highlights 1Q26: Global M&A volume jumped 22% to the second highest start ever

First Brands secures final mediation extension to advance case resolution talks, judge warns against further delays
Judge approves extension of FBG case resolution mediation with Judge Isgur through 27 March; likely the final extension for case resolution talks

AI’s potential may be underestimated despite investing concerns – Howard Marks
AI’s potential is likely underestimated, but worries about job losses and an AI investment bubble persist, said Oaktree co-founder Howard Marks in a new memo

Raistone enters Chapter 7 to liquidate following major customer First Brands’ collapse into Chapter 11
Raistone provided factoring services to First Brands, its largest revenue source; First Brands faces fraud allegations, with Raistone having significant unsecured credit exposure

Software private credit names face refinancing risks amid AI fears – KBRA
ANALYSIS: The ratings agency also noted that software exposure alone is not a risk to BDCs, private credit CLOs and direct lending portfolios

Retail and consumer credits show weaker fundamentals – BlackRock co-head of leveraged finance Mitch Garfin
PODCAST: There are opportunities in the market, according to Mitch Garfin, co-head of leveraged finance at BlackRock – but consumer and retail-oriented sectors are under pressure 

Investors scrutinise ABF managers' collateral diligence standards
Investors are keeping a close eye on how private credit managers lending against collateral are conducting diligence on those underlying assets, following prominent bankruptcies that have spotlighted the risk of lending against assets

US regulators walk back post GFC leveraged lending restrictions
The OCC and FDIC now say the guidance was overly restrictive and that banks should rely on general risk management principles to manage their leveraged lending activity

First Brands’ disputes raise alarming concerns that all SPV lenders should be watching – Legal Analysis
SPV lenders face potential risks, including substantive consolidation and collateral devaluation

First Brands examiner officially approved following negotiations on scope
Key parties agree on scope and budget after negotiations; Examiner to probe allegedly missing funds, review company transactions within USD 7m budget

First Brands Group faces UMB Bank objection to Weil Gotshal, Lazard, and Alvarez retentions over conflict concerns
UMB Bank questions Weil’s independence, dual representation of debtors and non-debtors; Bank cites removal of Global Assets’ independent director and potential SPE conflicts

Borrowers gear up for January window as activity in 2025 slowly winds down
EXCLUSIVE: Bankers more credit focused as year comes to an end; IAS could come to market next week to fund Novacap's USD 1.9bn acquisition

Investors leverage AI disruption bet with term loan shorts
Short sellers believed to target SonicWall, Internet Brands, Consilio and Epiq; naked shorts used in the leveraged loan market, posing reputational risk to funds and dealers

Carlyle anticipates 4Q25 exit uptick from USD 4bn realization pipeline
Medline IPO not expected in 4Q25; More than USD 1bn raised from UBS private wealth partnership

Co-op activity heats up as creditors prep for heavy restructuring slate – EU and Northam Restructuring Insights Report
EXCLUSIVE: Peraton, Resource Label and RDM creditors sign new co-ops: Selecta noteholders file legal challenge to co-op

Finastra's banking software assets pique sponsor interest ahead of NBO deadline
EXCLUSIVE: Non-binding offers due on 11 November; Cinven, Brookfield, Warburg Pincus among suitors

First Brands bankruptcy seems to be a problem separate from private credit - Blue Owl
CEO Marc Lipschultz is not seeing an uptick in private credit defaults and says concerns around the asset class are misplaced

Thoma Bravo’s LBO loan deal for Calabrio draws mixed reactions over AI risk
EXCLUSIVE from Debtwire: USD 1.5bn first-out term loan marketed at SOFR+ 400bps, 97-98 OID; Investors divided on AI risk, some betting on Thoma Bravo's software expertise

First Brands factoring provider Raistone seeks examiner over USD 2.3bn in missing funds
Alleged disappearance of third-party factored receivables sparks demands for the appointment of an examiner