AI Debt Spree Is Fueling a Credit Trading Frenzy: Credit Weekly
Artificial intelligence spending and the growth of the private credit market aren’t just spurring companies to borrow more, they’re also helping to generate fresh records for corporate-bond trading. An average…
- Private equity and private credit firms have been invading big banks’ turf for years, seizing underwriting and advisory business from them, but Wall Street banks now say the tide is turning and the regulatory and market environment is swinging back their way. That may be reflected in stock prices, where the six biggest US banks saw their shares surge last year, while the biggest alternative asset managers were collectively down.
- Saks Global Enterprises, the cash-strapped retailer, skipped an interest payment to bondholders totaling more than $100 million that was due Tuesday as it looks to negotiate a deal with creditors. Marc Metrick, the company’s chief executive officer is stepping down, to be replaced by Executive Chairman Richard Baker, who will hold both roles.
- First Brands creditors have hired a financial-investigations firm that probed fraud-tainted crypto exchange FTX to aid an examination of the off-balance sheet financing the auto-parts supplier relied on before filing bankruptcy.
- First Brands’ founder Patrick James said he’d likely plead his Fifth Amendment right against self-incrimination if compelled to answer questions from Jefferies Financial Group at an upcoming deposition, citing a federal criminal investigation into the bankrupt auto parts supplier.
