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Excess Spread — Crypto bonds, end of a Century

9fin | Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABF.

Empire Today and lenders re-hire advisors

Home furnishing company Empire Today brought on an advisor as it faces earnings pressure and depressed debt prices following a 2024 LME, according to 9fin sources.

H2 25 US Leveraged Loans Covenant Trends Report

9fin's H2 2025 US Leveraged Loans Covenant Trends Report analyzes the full loan universe (144 deals) — giving teams defensible, structured visibility on where the market is clearing.

9Questions — Michael Graham, AXA IM Core at BNP Paribas Asset Management — Outlook for 2026

9fin | 9Questions is our Q&A series featuring key decision-makers in the corporate credit markets. This interview is with Michael Graham, AXA IM Core at BNP Paribas Asset Management.