Loan market steams ahead with new launches as more deals line up in Europe
Flex-downs abound, but Hologic’s sub-300bps spread raises eyebrows, while performance in focus for Archroma, Seqens and Lipton Tea

Repricings comprise half of European levloans’ record year, new money drops to lowest level since GFC
The European leveraged loan market reached its highest yearly issuance volume ever in 2025, according to Debtwire data, driven by repricings

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

LME litigation in Europe in focus as Hunkemöller and Selecta bondholders fight back
ANALYSIS: Selecta sees use of creditor cooperation agreement challenged as anticompetitive in court; More LMEs and litigation expected in Europe next year and beyond

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

Janus Henderson warns of underperformance in stressed loan market
The asset manager highlighted ‘pockets of fragility’ as the loan markets bifurcate

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

First Brands' German subsidiaries file for insolvency
Four entities impacted, including Diepersdorf and SMK; Over 1,000 employees' salaries secured for two months

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

Platinum talks A&E with Biscuit International’s lenders, could subordinate sponsor debt
EXCLUSIVE: Bilateral talks held; Platinum holds EUR 80m notes ranking pari passu with TLB

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

Apollo, Oaktree and Searchlight among funds sitting on USS debt as company doesn’t make payment
EXCLUSIVE from Debtwire: Forbearance agreement reached between USS and creditors, as USS struggles financially despite recent LME efforts

First Brands' distorted balance sheets serve as warning to private credit lenders – Market React
Company secured fresh debt despite missing payments to Onset Financial; Special committee investigates double invoice pledging

Altice France new capital structure starts trading as investors consider M&A potential
Restructuring completed as secured debt trades; break-up of Altice France business possible through sector consolidation

First Brands rolls through operational motions in second half of first day hearing
EXCLUSIVE: USD 1.5bn rollup approved as part of USD 4.4bn DIP financing package including USD 175m new money to support company's continued operation

First Brands Bankruptcy: financial tune up raised red flags that Wall Street overlooked
First Brands files for chapter 11 bankruptcy protection; Stakeholders anticipate significant discovery into company's practices

Apollo to launch three evergreen funds in Europe to tap individual investors
Apollo has secured regulatory approval in Luxembourg for three semi-liquid evergreen private markets funds including two credit ones