Friday Workout - Auditing the Auditors; Recounting our Blessings

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Market Wraps

Private Credit

Taking the Credit — If you can’t beat EM, join EM

LPs are rethinking their private credit portfolios as geopolitical headwinds and wobbles in US private credit raise new questions about concentration risk in more mature, or ‘developed’ markets. As a result, investors are giving emerging markets a closer look.

24 Jul 2026

| Europe

Market Wraps

ABF

Excess Spread — Selling misselling, Blue solution, who buys CMBS?

Would you like a 15% risk-free return, backed by REAL ASSETS*? Several years ago, I saw an advert for whiskey-backed bonds — having an interest both in whiskey and in asset-backed bond structuring, I naturally clicked and entered my details. A VERY enthusiastic salesperson was soon connected with me, who hung up as soon as I said I was a journalist and interested in understanding the collateral package. Red flag!

24 Jul 2026

| Europe

News & Analysis

ABF

Distressed

No more movie magic — film studio CMBS flirts with maturity default

The pandemic changed the game for CRE valuations. But the asset class which illustrates this best isn’t offices, but film and television studios.

23 Jul 2026

| US

News & Analysis

Distressed

Ambipar RJ injunction puts $134bn FX‑hedge market at risk, Brazil Central Bank warns

The Central Bank of Brazil has asked a Rio de Janeiro bankruptcy court to reverse an injunction that froze derivative collateral in Ambipar‘s judicial restructuring, warning that the ruling undermines the legal protections designed to prevent contagion in the financial system.

23 Jul 2026

| LATAM

News & Analysis

Distressed

Archie Comics family ownership in jeopardy after CEO's courtroom loss

Archie Comics chief executive Jonathan Goldwater is days away from losing his grip on his comic book empire. Goldwater’s attempt to block a forced sale of his stake in the publisher has failed, setting the stage for a private credit lender to seize control of a quarter stake in the 88-year-old publisher.

23 Jul 2026

| US

Trend Reports

Distressed

LevFin

Debtflix — H1 2026 European Restructuring Data Review

Overall restructuring and LME activity ticked up in H1 26, with 20 deals compared to 16 in H1 25. Nine of these 20 deals were loan-only structures, with five bond-only cap stacks and six a mix of bonds and loans.

23 Jul 2026

| Europe

| US