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

Evolving M&A is transforming the capital formation landscape – KKR
'Critical' link between M&A and credit is set to fuel growth in private markets

Rush to exit bankruptcy pushes more companies to file a second time
Four companies file for second time in 2025, up from one last year; Poor prognosis for Chapter 22 filers, with high liquidation rates  

Corporate default rates predicted to fall despite tariff uncertainty - S&P
Speculative-grade corporate default rates expected to fall on both sides of the Atlantic as trade tension uncertainty eases, but some concerns remain

PetSmart, Upbound Group find refi opportunities as summer lull sets in
PetSmart, Upbound Group refinance debt amidst favorable conditions, as market participants eye a pick up in primary activity after Labor Day
 

KKR grows ABF business to USD 75bn, expands origination
The alternative asset manager acquired a majority stake in a biopharma royalties business this week to add to its asset-backed finance business

Pimco urges caution in credit markets despite recent resilience
The resilience of the private sector has supported the credit market in the first half of the year, despite “whipsawing” market volatility, a new report from Pimco has found. 

Volatility could cause credit markets to break this year – TCW’s Bryan Whalen
PODCAST: Investors aren’t being paid enough of a premium for the risks in US corporate credit, TCW’s chief investment officer of fixed income told Creditflux’s Lisa Lee on the latest ‘Credit Exchange’ podcast  

Tariffs will push up default rates for several years, say agencies and managers
After an uptick in leveraged loan defaults culled weaker credits in 2024, many expected default rates to fall in 2025. But the uncertainty stemming from the Trump administration’s tariffs means those assumptions are now under threat

Lenders hit by LMEs will eventually have to increase the cost of capital
Chipping away at what has made loans successful has a cost

Clearlake abandons bank-led option for a private credit loan to replace Dun & Bradstreet financing
EXCLUSIVE: The private equity firm is going with the Ares-led private credit loan rather than tapping banks to raise debt in the capital markets 

Economic uncertainty clouds Milken conference but lev fin markets keep moving
Attendees leave a cloudy LA with few answers but a little more faith in the US leveraged finance markets

Uncertainty challenges credit underwriting but deal making continues
Panelists at the annual Milken Institute Global Conference this week said the environment is more favorable than many initially expected post 2 April

Private credit’s golden era never really ended – Blackstone’s Michael Zawadzki
On the Credit Exchange podcast, Lisa Lee speaks with the CIO of Blackstone Credit and Insurance about opportunities in volatile markets and the durability of private credit premiums

A&O Shearman exits continue with two partners jumping to Proskauer
Leveraged finance partners Alexandra de Padua and Frank Oliver join Proskauer’s global finance practice in New York

Leveraged loan, HY defaults to pick up as tariff pause adds more uncertainty - Goldman
The bank expects macro challenges to continue despite the tariff pause  

US CLO and leveraged loan market roiled by dramatic Trump tariffs
ANALYSIS: Leveraged loans and CLO fell lower in the aftermath's of President Donald Trump's new tariffs 

Peraton taps Guggenheim, lenders organize with Davis Polk on DOGE worries
DEBTWIRE EXCLUSIVE: Lenders of Peraton, which has USD 6.145bn loan maturity in 2028, are preparing to take FA ptiches as company is reliant on federal contracts, and faces downgrade risk  

KKR, Capital Group set to launch a hybrid private-public credit fund for individuals
The new fund with a low minimum will invest across corporate direct lending, private asset-based lending and public fixed income

US leveraged loan default rate set to rise to 1.6% by end of 2025: S&P
Macroeconomic headwinds, policy uncertainty and the reduced likelihood of interest rate cuts could contribute to the uptick  

Welcome to Miami, good luck getting on the deal
JPM leveraged finance conference attracts over 3000 to South Beach where participants expect LME activity to remain high and saw increased private credit presence
 

Go upmarket when investing in credit, says Oak Hill's Schrager
Senior managing partner at Oak Hill Advisors, Alan Schrager, discusses private credit volumes, cross-currents in credit markets, and issues including tariffs and defaults in Credit Exchange with Lisa Lee podcast

US leveraged loan A&E reach all-time high—Baird
Amend & Extend volume for US leveraged loans hit a record USD 226bn, driven by a lack of M&A activity in 2024 and a still-high cost for refinancing.