Excess Spread — Rocket fuel, watching the watchers

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Market Wraps

ABF

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.

13 Feb 2026

News & Analysis

Distressed

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.

12 Feb 2026

| US

Trend Reports

LevFin

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.

12 Feb 2026

| US

9Questions

LevFin

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.

12 Feb 2026

News & Analysis

Distressed

Trinseo lenders preparing for potential Chapter 11

Trinseo could be headed towards Chapter 11 as the specialty chemicals company is in danger of running out of liquidity with limited apparent options to rework its capital structure, sources told 9fin.

12 Feb 2026

| US

News & Analysis

LevFin

IVC pulls debt extension

9fin | Jitters in the credit markets have seemingly claimed another victim. That’s after veterinary clinic group IVC Evidensia (B3/B-/B) decided to pull its 2031 A&E due to adverse market conditions, market sources told 9fin.

12 Feb 2026