{"id":101613,"date":"2025-10-20T00:00:00","date_gmt":"2025-10-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/20\/first-brands-fallout-sparks-alarm-in-usd-2-tn-leveraged-loan-market\/"},"modified":"2025-10-20T00:00:00","modified_gmt":"2025-10-20T00:00:00","slug":"first-brands-fallout-sparks-alarm-in-usd-2-tn-leveraged-loan-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/20\/first-brands-fallout-sparks-alarm-in-usd-2-tn-leveraged-loan-market\/","title":{"rendered":"First Brands\u2019 fallout sparks alarm in USD 2 tn leveraged loan market"},"content":{"rendered":"

<\/strong>The rec<\/strong>ent fallout of US-based autoparts maker <\/strong>First Brands Group<\/a><\/strong> has sent alarm bells ringing <\/strong>across the USD 2 tn leveraged loan market<\/strong>, the Financial Times<\/a> reported on Friday. Investors warn that the sudden fallout is part of a broader pattern of stress, marking an early warning sign for a market where hasty dealmaking and rushed due diligence have become the norm.<\/p>\n

The shockwaves have spread well beyond the loan market.<\/strong> Investment bank Jefferies saw its share drop by nearly 20% after disclosing losses tied to First Brands, while hedge fund Millennium is also said to have suffered losses of around USD 100 mn from financing the company\u2019s inventory, The Economist<\/a> reports. The fallout illustrates how risk tied to a single borrower has reached across banks, hedge funds, and trade-finance lenders alike.<\/p>\n

Jefferies\u2019 CEO Rich Handler told investors <\/strong>the bank \u201cbelieves it was defrauded\u201d by First Brands<\/strong>, joining a chorus of firms alleging misconduct, Reuters<\/a> reports. Jefferies said its exposure \u2014 about USD 715 mn in receivables \u2014 is largely contained, with estimated losses of under USD 100 mn after recoveries, Morningstar analyst Sean Dunlop said. Handler\u2019s remarks reflect rising friction between banks and private lenders \u2014 each blaming the other for letting risky credit swell unchecked.<\/p>\n

The problem stems from the \u201calmost unquenchable demand\u201d for collateralized loan <\/strong>obligations (CLO)<\/strong> \u2014 investment vehicles that buy and bundle hundreds of risky corporate loans, according to the salmon-colored paper. These loans are sliced into tranches and sold to major investors such as ins. companies and pension funds, which bet on diversification as a safeguard against defaults in individual companies.<\/p>\n

The strong demand seems to have eroded the incentive to conduct proper credit checks.<\/strong> With CLO investors eager to fill their portfolios, transactions have often been pushed through in days rather than weeks, leaving little time to assess borrowers\u2019 financial health. \u201cYou\u2019re not paid to do due diligence in this market,\u201d an executive at a former lender to First Brands told the FT.<\/p>\n

The episode also exposes how difficult it has become to track risk across modern credit <\/strong>markets<\/strong>, as lending has shifted since the 2008 crisis away from banks into a web of private credit funds, business development companies, and securitized vehicles such as CLOs and collateralized fund obligations. The US Department of Justice is now investigating First Brands\u2019 accounts to determine whether the company misrepresented its borrowing and collateral, including potential multiple pledges against the same assets, The Economist reported.<\/p>\n

The lack of scrutiny allowed red flags to slip through.<\/strong> First Brands raised more than USD 750 mn in March 2024 via a loan announced on Monday and finalized by Friday, according to the salmon-colored paper. Investors who avoided the debt said the company\u2019s \u201cadjusted\u201d earnings were nearly impossible to tie back to its actual cashflow, raising doubts about the business\u2019s true financial strength.<\/p>\n

First Brands had issued more than <\/strong>USD 5 bn<\/strong> in loans<\/strong>, which are now trading at cents on the USD, implying losses of roughly USD 4 bn. Most CLOs managed by major asset firms \u2014 including PGIM, Franklin Templeton, Blackstone, CIFC, Oaktree, and Wellington \u2014 had exposure to First Brand\u2019s debt, according to an analysis by Morgan Stanley. These losses are set to wipe out the CLO equity tranches, the high-risk cushions meant to absorb the first wave of defaults.<\/p>\n

Back-to-back bankruptcies: <\/strong>The bankruptcies of First Brands and subprime lender Tricolor \u2014 the latter amid fraud allegations \u2014 have triggered a sell-off in corporate debt that is now weighing on the broader leveraged loan market, which is on track for its biggest monthly loss since 2022, the FT cites data from PitchBook LCD.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Hong Kong\u2019s Hang Seng is leading the gains among Asian markets this morning<\/strong>, rising 2.1% in early trading after China held lending rates steady. The Shanghai Composite is up 0.6%, while Japan\u2019s Nikkei remains unchanged. Meanwhile, Wall Street futures are in the green as investors await a busy earnings week ahead.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

11,691<\/p>\n<\/td>\n

\n

-0.1% (YTD: -2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,552<\/p>\n<\/td>\n

\n

-0.1% (YTD: +0.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

NomuC<\/strong><\/p>\n<\/td>\n

\n

25,484<\/p>\n<\/td>\n

\n

-0.4% (YTD: -19.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates<\/strong><\/p>\n<\/td>\n

\n

4.75% repo <\/p>\n<\/td>\n

\n

4.25% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

37,910<\/p>\n<\/td>\n

\n

+0.6% (YTD: +27.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,124<\/p>\n<\/td>\n

\n

-0.2% (YTD: +7.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

5,992<\/p>\n<\/td>\n

\n

-0.6% (YTD: +16.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

6,664<\/p>\n<\/td>\n

\n

+0.5% (YTD: +13.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

9,355<\/p>\n<\/td>\n

\n

-0.9% (YTD: +14.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

5,607<\/p>\n<\/td>\n

\n

-0.8% (YTD: +14.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 61.09<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 3.15<\/p>\n<\/td>\n

\n

+4.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 4,257<\/p>\n<\/td>\n

\n

+1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC <\/strong><\/p>\n<\/td>\n

\n

USD 108,845<\/p>\n<\/td>\n

\n

+1.5%(YTD: +16.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Sukuk\/bond market index<\/strong><\/p>\n<\/td>\n

\n

921.25<\/p>\n<\/td>\n

\n

0.0% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

151.76<\/p>\n<\/td>\n

\n

+0.1% (YTD: +8.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

20.78<\/p>\n<\/td>\n

\n

-17.9% (YTD: +19.8%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI <\/strong>fell 0.1% yesterday on turnover of SAR 4.2 bn. The index is down 2.9% YTD.<\/p>\n

In the green:<\/strong> Acwa Power (+5.9%), Chubb (+3.6%) and DWF (+3.4%).<\/p>\n

In the red: <\/strong>Naseej (-6.4%), Amiantit (-3.0%) and Almunajem (-2.6%).<\/p>\n

\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> fell 0.4% yesterday on turnover of SAR 22.5 mn. The index is down 19.0% YTD.<\/p>\n

In the green:<\/strong> Aictec (+7.9%), Wajd Life (+7.4%) and NBM (+7.2%).<\/p>\n

In the red:<\/strong> Rawasi (-9.1%), AME (-5.7%) and Mayar (-5.0%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Tou<\/a><\/strong>rism Enterprises Company<\/a><\/strong> (Shams) will increase its shares\u2019 value to SAR 10 apiece <\/strong>from SAR 0.5 by reducing the number of shares to 57.8 mn from 1.2 bn<\/strong>, it said in a Tadawul disclosure<\/a> yesterday. The company\u2019s capital will not undergo any changes.<\/p>\n","protected":false},"excerpt":{"rendered":"

First Brands issued over USD 5 bn in loans, which are now trading at cents on the dollar, with a USD 4 bn estimated loss<\/p>\n","protected":false},"author":1,"featured_media":101614,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2565],"tags":[10,55,59],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam-ksa","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"a51a94d6-c09b-47b7-b26f-11565829f0ee","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/9\/1678.jpg","photo_position":"above","homepage_title":"","full_issue_title":"First Brands\u2019 bankruptcy signals early signs of trouble for leveraged loan market investors","related_issue":[101594],"teaser":"First Brands issued over USD 5 bn in loans, which are now trading at cents on the dollar, with a USD 4 bn estimated loss","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.5afbf538-492a-43af-800e-593166514d43.mp3"},"yoast_head":"\nFirst Brands\u2019 fallout sparks alarm in USD 2 tn leveraged loan market - 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