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

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

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

Iran conflict weighs on primary but cross-border European loan deal flow continues
Europe Loan Digest: Electronic Arts prices euro-dollar loan; Grifols launches refi

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

Investors scrutinise AI disruption and opportunities in the European loan market
Lower EV, high leverage elevate credit risk and refi challenges; AI-driven sell-off creates selective buy opportunities

ABS primary braves geopolitical uncertainty as spreads start to feel pressure – European ABS Weekly Digest
The European ABS primary market mostly shunned geopolitical risk this week as seven deals priced, two of which were pre-placed

Group.ONE TLB and Cision loan fall on continued AI selloff
Market Comment: Software leveraged loans are under pressure on continued AI fears

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

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

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

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

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

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 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

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

Buyout Highlights - Overview of Europe Buyout and Financing Trends 1Q25
Leveraged loans are again the main source of financing for LBOs in Europe, providing 65% of the total volume issued in 1Q25  

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 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  

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.

Altice France reminds creditors that unrestricted subsidiaries can be freely spun-off
Altice France's debt documents permit the XpFibre spin-off, and most credit agreements and high yield bond indentures permit the distribution of the equity in unrestricted subsidiaries

US loan volume nears record levels
In Q1 2024 quarterly institutional loan issuance reached its second highest level on record. The period also saw the lowest quarterly share of new money issuance, at just 13% of total activity

Wave of legal hires becomes a tsunami
In February alone legal heavyweights Allen & Overy, DLA Piper, Fried Frank, Kirkland & Ellis, Proskauer Rose and White & Case all announced the arrival of partners in the credit space