Liability management blockers and the arms race reshaping credit deals
Borrower tactics for liability management transactions trigger a corresponding lender protection. Here’s what two years of deal data show about that arms race. Highlights J.Crew blockers rose from 15% of deals in Q1 2023 to 38% in Q2 2025; anti-Serta protections reached 85% of deals. Omniblockers — a ‘poison pill’ for all liability management transactions […]