Fine, we’ll start with Twitter. Elon Musk has finally closed his purchase of the notoriously underperforming social media giant, bringing to a close one of the most bizarre M&A stories of our time — or maybe just the first chapter of it.

Shareholders can breathe a sigh of relief, and while Parag Agrawal, some key top executives and other Twitter employees are now out of a job, they probably saw this coming and may be relieved not to be working for the guy their company was about to take to court.

For the credit market, however, the story is only just beginning. While the banks are reportedly holding onto Twitter’s debt for the time being, it’s extremely likely they will at some point look for an exit. Their ability to find one is now partly in the hands of a notoriously mercurial billionaire.