Shapoorji to price $2.25bn refi dollar tranche Friday

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Market Wraps

ABF

Excess Spread — PayPal print, farewell to Mileway

We don’t always spend much time on the public markets in this column, but when there are this many fascinating deals to examine, how could we do otherwise? Last week saw the launch of the mighty Lendable into the public securitisation market, and this week we have the first public slice of an absolutely emblematic private asset-based deal — KKR’s forward flow with PayPal Europe.

10 Jul 2026

| Europe

Podcasts

Private Credit

Cloud 9fin — Can Indian private credit growth hit 30%?

India’s private credit market is moving from IBC-era rescue finance to a broader asset class. Performing credit is hot, but complexity-driven capital remains scarce and potentially higher alpha.

9 Jul 2026

| Global

News & Analysis

ABF

One WBS, Mike’s Way — Sandwich chain could tap IPO proceeds to repay debt years early

Sandwiched into Jersey Mike’s latest whole business securitization is a borrower’s option that could allow the company to repay more than $300m of debt years before expected, if and when the company follows through on plans to go public.

9 Jul 2026

| US

News & Analysis

Distressed

UPDATE — Trinseo seeks intel on CastleKnight trading in shadow of excluded lender group standing motion

Trinseo pressed Judge Christopher Lopez to force CastleKnight to turn over documents detailing its trading strategy, investment thesis and diligence around more than $300m of debt and equity purchases through a motion to compel. In turn, the CastleKnight-led group of excluded lenders seeks standing to pursue estate claims against the supporting lender group. The motions escalate a fight at the center of looming plan confirmation and LME challenges.

9 Jul 2026

| US

News & Analysis

Distressed

Private Credit

Short sellers swarm BDCs as earnings season approaches

Publicly traded business development companies, or BDCs, are drawing a surge in short seller interest as investors make big bets that the quality of their underlying loan books is worse than what meets the eye.

8 Jul 2026

| US

News & Analysis

LevFin

Nigeria swaps transparency for liquidity as eurobond planned

As Lagos battles weeks of heavy rain, Nigeria's fiscal position is beginning to look similarly waterlogged. Deficits and debt are rising like lagoon levels, while the fiscal safeguards meant to channel borrowing into the open are increasingly clogged by opacity.

8 Jul 2026

| CEEMEA