Credit Lens: Europe & Beyond
Credit Lens: Europe & Beyond explores the people, stories, and forces shaping credit across EMEA and beyond. Hosted by Octus editor Phoebe Appenteng and reporter Katie McMahon, the show offers timely analysis of distressed debt, restructurings, new issuance, private capital flows, and the political and economic shifts moving markets. It is aimed at credit investors, legal advisors, syndicate desks, and anyone curious about how European credit really works. Episodes are smart, conversational, and focused on what matters most, with new episodes every two weeks.
Episodes
EP 23 | Aston Martin's £550M Lifeline and the LME Blocker Problem
Aston Martin just moved what looks like most of its intellectual property into a chain of Cayman Islands subsidiaries, and bondholders are still trying to figure out how it was allowed. Phoebe Appenteng and Katie McMahon take it on in the latest Credit Lens: Europe & Beyond, joined by Bart Capeci, Senior Covenants Analyst at Octus, and Aditya Khanna, Head of EMEA Legal Research at Oct
EP 22 | European Heat, Dry Rivers, and Virgin Media's £22 Billion Question
Europe's rivers are running low, and the credit implications are running deeper than the earnings calls suggest. Phoebe Appenteng and Katie McMahon take it on in the latest Credit Lens: Europe & Beyond, joined by Wayne Jambawo, Financial Analyst at Octus.The conversation opens on why the Rhine and Danube dropping to record lows is not a chemicals story alone (02:06), before working th
EP 21 | Grupo Antolin's Secret Filing and Thames Water's Golden Share
A Spanish auto supplier quietly filed for insolvency without telling its bondholders. A UK utility is dangling a golden share at the government to fend off nationalization. Two of the messier situations in European credit right now, worked through in one episode.Phoebe Appenteng and Katie McMahon are joined by Rob Schach, managing editor, EMEA at Octus, to unpack Grupo Antolin's restructu
EP 20 | Aston Martin's Cash Problem, Plus a Distressed Holiday
Aston Martin has survived seven bankruptcy proceedings in a century, and the eighth chapter is now being written in a bondholder co-op agreement. Phoebe Appenteng and Katie McMahon are joined by Rafi Rees, Credit Analyst at Octus, to work through the iconic British carmaker's latest brush with distress.The conversation opens on Lawrence Stroll's 2020 turnaround plan and where the volume m
EP 19 | Private Credit's Push Into European Sport, Grupo Antolin's Spanish Restructuring, and a Prime Minister Power Ranking
Private credit has found a new frontier, and it looks a lot like a football stadium. Phoebe Appenteng and Katie McMahon take it on in the latest Credit Lens: Europe & Beyond, joined by Oscar Laurikka, Head of Europe Private Credit and Deal Origination at Octus.The conversation opens on why private capital is flowing into European sport, from league-level infrastructure and media right
EP 18 | Denby's Last Kiln, the GCC Reset, and a 1936 Insolvency Test
A 217-year-old British pottery just fired its last kiln, and the waterfall tells a familiar story: secured lenders absorb the hit, trade creditors get wiped, and a discount retailer circles the brand. Phoebe Appenteng and Katie McMahon work through the collapse of Denby Pottery in the latest Credit Lens: Europe & Beyond, with Katie dialing in from Dubai and Abu Dhabi after the announc
EP 17 | Ubisoft's Gaming Crisis, Pokémon Card Fraud, and Diamond Mine Collapse
Phoebe Appenteng and Katie McMahon open with Ubisoft's mounting financial crisis, where the gaming giant faces a critical November deadline on its convertible debt. What began as disappointing game sales has spiralled into a 1.6 billion debt stack review by White and Case. Charlie Ward, Credit Analyst at Octus, joins (02:11) to break down the failed Star Wars Outlaws release that sold one
EP 16 | CLO Market Dynamics, European Credit Trends, and Regulatory Shifts
Phoebe Appenteng and Katie McMahon open (00:00:05) with a look at how European CLO issuance has held its ground through a turbulent macro backdrop, from last year's tariff shock to the Iran war and ongoing ceasefire uncertainty. With roughly 70 active CLO managers, 19 more in the new manager pipeline and north of 150 registered warehouses, the structural demand picture is clear: there are
EP 15 | Creditors in the Driver's Seat
This week on Credit Lens Europe and Beyond, Phoebe Appenteng and Katie McMahon unpack the inaugural EMEA Restructuring Outcomes Report from Octus. The headline across 30 large-cap deals: amend-and-extend is losing its grip. Debt-for-equity swaps now make up half of all transactions, creditors walked away with the keys in over 40% of deals, and original sponsors were wiped out or diluted t
EP 14 | INEOS Chemical Reckoning, and Air Baltic Tailspin
Phoebe Appenteng and Katie McMahon open with European chemicals giant INEOS Group, where geopolitical chaos has created an unexpected windfall. What began as Middle East conflict disrupting global supply chains has turned into a potential EBITDA doubling opportunity for Sir Jim Ratcliffe's petrochemical empire. Daniel Avis, Primary Reporter at Octus, joins (01:17) to discuss how INEOS's e
EP 13 | MFS Turmoil, Gulf War Impact, and Market Disruption
Credit Lens hosts Phoebe Appenteng and Katie McMahon open with the unfolding MFS situation, where what began as routine market positioning has escalated into significant operational challenges. The fund faces mounting pressure from regulatory scrutiny, liquidity concerns, and investor redemption requests. Connor Lovell, Senior Legal Reporter here at Octus joins (05:30) to discuss MFS's cu
EP 12 | SaaS Apocalypse, Tullow's Turnaround, and Polymarket Predictions
Phoebe Appenteng and Katie McMahon return for their first Credit Lens Europe and Beyond episode of 2026, diving into the software sector selloff that has investors questioning whether AI will render traditional SaaS companies obsolete. The hosts examine how artificial intelligence capabilities are challenging subscription software models, with the tech software ETF IGV down 24% since Janu
EP 11 | APAC Capital Glut, Lowell’s Liability Reset, and Hong Kong Real Estate Risk
In this episode of Credit Lens: Europe & Beyond, Phoebe Appenteng and Katie McMahon begin with a wide-angle look at regional credit conditions (00:54), before welcoming Chaim Estulin, Head of APAC Editorial at Octus (01:30).
The discussion opens with the core imbalance shaping Asian markets today: too much capital chasing too few compelling opportunities (01:42). Despite global volati
EP 10 | Petrofac’s Administration, Kloeckner Pentaplast’s Texas Pre-Pack, and Great British Railways
Phoebe Appenteng opens at and Katie McMahon sets the Update Corner format at (00:08). Petrofac begins at (00:52): a once solid engineering group tries to buy time under Part 26A, then loses the anchor TenneT contract and tips into High Court administration. The segment covers expected recoveries, dissenting creditors, and whether Saipem and Samsung benefit.
Kloeckner Pentaplast starts at
EP 09 | Merlin’s Debt Rollercoaster and Ukraine’s Corporate Resilience
Merlin Entertainments might be best known for Legoland and Madame Tussauds, but at 00:00:17, the magic starts to fade. Phoebe Appenteng and Katie McMahon unpack how a 2027 refinancing, falling EBITDA, and a triple C downgrade have turned the world’s second-largest theme park group into a test of financial creativity. By 00:06:55, the sale of Lego Discovery Centres to part-owner Kirkbi rai
EP 08 | Intralot, Tullow, and the Rapid-Fire Reality of Europe’s Credit Markets
Phoebe Appenteng and Katie McMahon open with Intralot’s groundbreaking return to the primary markets, four years after executing Europe’s first aggressive liability management exercise. What began as a distressed Greek gaming company has transformed into a case study in creditor-led restructuring tactics. Nikhil Varsani, Financial Analyst at Octus, joins (02:28) to dissect how Intralot’s
EP 07 | Aggregate Restructuring, Prax Collapse, and Autumn Check-In
Phoebe Appenteng and Katie McMahon open with the landmark Aggregate case (02:18), where a German court ruling has cast doubt on London’s position as Europe’s restructuring capital. What began as a standard Part 26A restructuring plan has turned into a jurisdictional battle that could reshape cross-border insolvency. A Berlin-based developer’s billion-dollar debt restructuring faces challe
EP 06: Klöckner liquidity crunch and Selecta’s Dutch court battle
This week Phoebe Appenteng is joined by a fresh voice, Katie McMahon, as co-host. They open with Klöckner Pentaplast at (01:21), where a refinancing has slipped into a liquidity crisis. The German packaging group is facing €79.4 million in overdue invoices and €1.7 billion in 2026 maturities. With leverage at 8.7x and operations in decline, the debate is whether creditors and sponsor SVP
EP 05: AI Takeover Credit Shakeup and the Foundever Fallout
AI isn’t knocking politely—it’s blowing the doors off European credit.
Chris Haffenden and Phoebe Appenteng go deep into how generative AI is hammering the business process outsourcing sector, with Foundever and Transcom debt trading at distressed levels, and bondholders scrambling for clarity. Klarna's call center pivot? Already reversed. But the damage is done.
They unpack which credits
EP 02: Restructuring Drama, DPI Pressure, and Europe’s Defense Awakening
In Episode 2 of Credit Lens: Europe & Beyond, hosts Phoebe Appenteng and Chris Haffenden break down the pressure points moving Europe’s credit markets.
They open with Petrofac’s UK restructuring, where a judge called the process a “car crash,” and explain why legal timelines are under fire. From there, they unpack the private equity world’s scramble to deliver DPI, with IPO buzz aroun
EP 04: Restructurings, Tariffs, and the Rise of Rizz
In Episode 4 of Credit Lens: Europe & Beyond, hosts Chris Haffenden and Phoebe Appenteng dig into the latest wave of telecom restructurings, global tariff tensions, and the financial fallout hitting oil producers like Tullow.
They break down Altice International’s debt position and ask whether Patrick Drahi is about to run the same playbook again. Then it’s on to tariffs, where legal
EP 03: Designer Debt, Petrofac’s Power Play, and the Fish Doorbell of Amsterdam
In Episode 3 of Credit Lens: Europe & Beyond, hosts Chris Haffenden and Phoebe Appenteng break down how fashion, restructuring law, and unexpected animal tech are all making waves in European credit.
They open with the rise and fall of high-yield fashion. From Golden Goose’s tight issuance to Isabel Marant’s sinking notes, they examine which brands are holding up and which are losing
EP 02: LMEs in Europe, Casino’s Post-Restructuring Struggles, and the Sofa Heard Round the Village
In Episode 2 of Credit Lens: Europe & Beyond, hosts Phoebe Appenteng and Chris Haffenden tackle the big credit themes shaping European markets right now.
They start with Cerba and the rising fear of LMEs in Europe, questioning whether Altice-style tactics are becoming the new normal. Then it’s on to French retail, where Casino’s failed turnaround has investors wondering if ELO might b
EP 01: Defaults, DPI, and Defense Budgets: Europe’s Credit Crossroads
In the premiere of Credit Lens: Europe & Beyond, hosts Phoebe Appenteng and Chris Haffenden zoom out from single-name headlines to explore the bigger themes shaping European credit.
They unpack Petrofac’s restructuring chaos, decode the rise of DPI as private equity’s pressure point, and explain why IPO chatter might be more about signaling than actual exits. The duo also dive into th
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