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The recent high profile bankruptcies of Tricolor and First Brands have cast an uncomfortable spotlight on the private credit market. For commentators and investors alike, these events trigger a familiar debate. 
            
        
  
    
    Physical infrastructure, once seen as boring and ex-growth, has become one of the hottest areas for capital markets and M&A, and that is set to accelerate in 2026
    
    
      
        
    
      
    
    
    
  It has added three year loans to the autumn round after bringing them back in the spring
    
    
      
        
    
      
    
    
    
  
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            Manufacturers and suppliers have been hit hard by costs and Chinese competition
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            Hit by an alleged ‘fraud’ at the bankrupt US car parts maker, Wall Street’s last pure play investment bank has its sights set on European leveraged finance as it expands its alliance with SMBC
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            Luxembourg-based steel maker and French spirits company get warm welcome
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            MDBs see financing regions and cities as a crucial growth area, since they handle much of social development but lack access to capital
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            Grandiose construction plans are having to be scaled back as Saudi borrowing rises, but the main point is social progress
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            Trump administration is on a spree of buying stakes in tech and minerals companies. Market participants wonder whether this is a grand strategy or desperation
 
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