Excess Spread - Rejecting ratchets, Fidelity’s ESG innovation, Elliott’s big bridging bet

Long yarn — How Michaels Stores weaved through distressed debt, tariffs and bankrupt competitors to clinch refinancing

LatAm Weekly — Oil price shock means upside for some producers, and Braskem gets a green light

Q4 2025 BDC earnings roundup — Insights from the 19 largest public BDCs

This report tracks results across the 19 largest public BDCs, examining NAV movement, income durability, portfolio composition and early indicators of credit stress.

Software v2.0 — Private credit’s buy/hold/sell conundrum

9fin | The ‘SaaS-pocalypse’ was supposed to dampen demand for software credits, but they don't call this sector the darling of the private credit market for nothing. In fact, 11 software names joined 9fin's European private credit pipeline this week and last week.

Asia weekly — Shapoorji hits the road in Singapore, Hong Kong

Excess Spread — 9 Questions about MFS

9fin | We thought we’d go deep into Crédit Agricole’s equipment leasing ABS, particularly the choice of the controversial “new war in the Middle East” execution window for the re-offer of the senior notes... Nah, we’re doing Market Financial Solutions again!