US LevFin Wrap — Baxter taps direct lenders, travel demand boosts Ryman, Arcis tees up expansion

Electronic Arts — Ratings event ambiguity and the Fitch substitution question

9fin | Electronic Arts finds itself at the center of one of the most closely watched bondholder disputes in recent LBO history.

AI fears drive investors into HALO trade — but it’s no safe haven

9fin | HALO credits — issued by companies with heavy assets and low obsolescence — have become a go-to destination for investors rotating out of software and services, as fears around AI disruption push capital toward asset-heavy businesses.

FCA finalises UK motor finance redress scheme, pegs total cost at £9.1bn

9fin | The UK’s Financial Conduct Authority confirmed its long-awaited scheme for settling complaints over motor finance commissions on Monday (30 March), tightening eligibility to exclude a couple millions of agreements initially expected to qualify and estimating a total cost to the industry of about £9.1bn.

Pricing emerges on Boyu’s Starbucks China acquisition loan

9fin | Boyu Capital has closed a 10-year acquisition loan of around CNY 10bn-equivalent ($1.45bn) for its proposed purchase of up to 60% of Starbucks China, 9fin sources said.

Winding Up — Co-ops. A double-edged sword?

SRT spreads after Iran – will they, won’t they?

Since the start of the Middle Eastern conflict on 26 February, the significant risk transfer market has been waiting to see if, when and how much it would affect spreads. Certainly, no one could accuse investors in this market of a knee-jerk reaction.