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Robert Smith @bondhack.ft.com · 11h

Different Mitsui! Japanese finance is complicated....

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Robert Smith @bondhack.ft.com · 12h

V good

Robert Smith @bondhack.ft.com · 12h

Haha zero handbags. Just as soon as we found Nochu were involved we made sure to mention it for the enjoyment of the cognoscenti like Paul.

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Robert Smith @bondhack.ft.com · 12h

We were First Brands hipsters tbf, chronicling its misadventures in off-balance sheet finance before it was cool.

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Robert Smith @bondhack.ft.com · 12h

🙏🏻

Robert Smith @bondhack.ft.com · 12h

Ah…. there they were already!

FT story on September 1st.

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Robert Smith @bondhack.ft.com · 12h

Timestamp.

Metro North @metronorthcapital.bsky.social · 1d

We’re so back.

*BRUCE RICHARDS: FIRST BRANDS 'GREAT COMPANY, BAD BALANCE SHEET'

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Robert Smith @bondhack.ft.com · 12h

🤔

www.nytimes.com/2025/10/10/b...

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Robert Smith @bondhack.ft.com · 17h

thank you sir!

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Robert Smith @bondhack.ft.com · 18h

Gift link here, good for 300 clicks: on.ft.com/4o93ped

First Brands Group: dude, where’s my cash?

[FREE TO READ] Cleveland, we have a problem

on.ft.com

4 1 15

Robert Smith @bondhack.ft.com · 18h

Jefferies reassured investors in its Point Bonita fund earlier this week: you don't primarily have exposure to First Brands, but its often IG-rated customers such as Walmart.

But when is a Walmart invoice not a really Walmart invoice?

@ericgplatt.ft.com and I explain: www.ft.com/content/dfb3...

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Reposted by Robert Smith

Ian Smith @iankmsmith.ft.com · 23h

Credit insurance is back in the spotlight – my personal fomo. scoop from @leeharris.ft.com @bondhack.ft.com www.ft.com/content/de37...

Insurers prepare for wave of First Brands claims

Allianz, Coface and AIG among groups to have written credit insurance policies linked to bankrupt car parts maker

www.ft.com

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Robert Smith @bondhack.ft.com · 23h

Insurers are preparing for a wave of potential claims relating to First Brands’ bankruptcy, as one of Wall Street's biggest debacles in years ripples through the financial system

Latest on the contagion from the auto parts firm’s collapse, with the great @leeharris.ft.com here 👇🏻

on.ft.com/48iuBCO

Insurers prepare for wave of First Brands claims

[FREE TO READ] Allianz, Coface and AIG among groups to have written credit insurance policies linked to bankrupt car parts maker

on.ft.com

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Robert Smith @bondhack.ft.com · 1d

thank you!

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Robert Smith @bondhack.ft.com · 2d

A lot more exclusive detail on Point Bonita's fund structure, beyond those that Jefferies disclosed today, in update to story (w/ @ericgplatt.ft.com and @ortenca.bsky.social) on.ft.com/42soiJ9

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Robert Smith @bondhack.ft.com · 2d

🚨 JEFFERIES REVEALS $715MN FUND EXPOSURE TO FIRST BRANDS INVOICES 🚨

Jefferies has said that one of its credit funds has ~$715mn of exposure linked to First Brands Group, making the US investment bank one of the largest-known creditors to the bankrupt auto parts firm.

www.ft.com/content/8d47...

Jefferies reveals $715mn fund exposure to First Brands invoices

US investment bank is one of the largest-known creditors to the bankrupt auto parts firm

www.ft.com

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Robert Smith @bondhack.ft.com · 2d

Sorry gift link good for 300 clicks. Try this new one on.ft.com/4nGU3qx

UBS fund holds 30% exposure linked to First Brands

[FREE TO READ] Switzerland’s largest bank has multiple investments tied to bankrupt auto parts maker

on.ft.com

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Robert Smith @bondhack.ft.com · 3d

two bottles of bundaberg diet rum and vanilla are floating in the air

ALT: two bottles of bundaberg diet rum and vanilla are floating in the air

media.tenor.com

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Robert Smith @bondhack.ft.com · 3d

It’s a diversified collection of invoices tied to First Brands Group.

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Reposted by Robert Smith

Nick @sregorn.bsky.social · 3d

chat is my fund diversified?

Robert Smith @bondhack.ft.com · 3d

🔥FIRST BRANDS NIGHTMARE ON WALL STREET SPREADS TO PARADEPLATZ 🔥

A UBS fund has 30 per cent of its portfolio tied to the failed First Brands Group, leaving Switzerland’s largest bank grappling with a bankruptcy that has convulsed global finance.

Lots more scoopy detail here: on.ft.com/46VXxhD

UBS fund holds 30% exposure linked to First Brands

[FREE TO READ] Switzerland’s largest bank has multiple investments tied to bankrupt auto parts maker

on.ft.com

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Reposted by Robert Smith

Peter Atwater @peteratwater.bsky.social · 3d

The game of "Where's Waldo?" begins...

Robert Smith @bondhack.ft.com · 3d

🔥FIRST BRANDS NIGHTMARE ON WALL STREET SPREADS TO PARADEPLATZ 🔥

A UBS fund has 30 per cent of its portfolio tied to the failed First Brands Group, leaving Switzerland’s largest bank grappling with a bankruptcy that has convulsed global finance.

Lots more scoopy detail here: on.ft.com/46VXxhD

UBS fund holds 30% exposure linked to First Brands

[FREE TO READ] Switzerland’s largest bank has multiple investments tied to bankrupt auto parts maker

on.ft.com

1 1 3

Robert Smith @bondhack.ft.com · 3d

🔥FIRST BRANDS NIGHTMARE ON WALL STREET SPREADS TO PARADEPLATZ 🔥

A UBS fund has 30 per cent of its portfolio tied to the failed First Brands Group, leaving Switzerland’s largest bank grappling with a bankruptcy that has convulsed global finance.

Lots more scoopy detail here: on.ft.com/46VXxhD

UBS fund holds 30% exposure linked to First Brands

[FREE TO READ] Switzerland’s largest bank has multiple investments tied to bankrupt auto parts maker

on.ft.com

6 7 25

Robert Smith @bondhack.ft.com · 4d

The previously unreported “side letter” between Jefferies and First Brands threatens to heap more scrutiny on the US bank for its dealings with the bankrupt firm.

Last month, we first revealed that Jefferies provided substantial off-balance sheet financing to First Brands on.ft.com/3VTPM6N

Jefferies among private credit investors exposed to US auto company invoices

[FREE TO READ] Ohio-based First Brands Group has appointed Deloitte to review its invoice factoring

on.ft.com

2

Robert Smith @bondhack.ft.com · 4d

BREAKING: Jefferies earned undisclosed fees on financing it provided to First Brands Group, in an arrangement other lenders say may have violated terms of their own credit agreement with the bankrupt car parts company.

Full story w/ @ericgplatt.ft.com & @ortenca.bsky.social here: on.ft.com/430jWZT

Jefferies earned undisclosed fees on First Brands ‘side letter’ financing

[FREE TO READ] Lenders to bankrupt car parts group believe arrangement may have breached loan covenant

on.ft.com

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Robert Smith @bondhack.ft.com · 5d

If you can stomach going over to LinkedIn, I had some words for the CLO community on all that! www.linkedin.com/posts/robert...

I have had a lot of very kind messages about the Financial Times's coverage of the First Brands Group fiasco. I want to underscore that the reason a London newspaper has been ahead of a massive… ...

I have had a lot of very kind messages about the Financial Times's coverage of the First Brands Group fiasco. I want to underscore that the reason a London newspaper has been ahead of a massive finan...

www.linkedin.com

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