Leyla Kunimoto (@leylakunimoto): "First Brands bankruptcy gives us a rare view into the opaque world of structured private credit

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Oct 2, 2025

First Brands bankruptcy gives us a rare view into the opaque world of structured private credit - just published a write up on CLOs

What’s interesting here: Apollo was on a disqualified lender list, which means it wasn’t supposed to trade First Brands’ loans, and yet managed to build a short position against the company’s debt a full year before Fitch even downgraded it.

Leyla Kunimoto

Oct 2

at

2:08 PM

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