U.S. DDE Recoveries Continued to Outperform Bankruptcy Recoveries

Blended DDE recoveries were approximately 72% in 2025, with nominal recoveries of about 85%. The decline reflects deeper discounts to par, weaker post-exchange tradingprices and a higher number of transactions with very low recoveries, with deteriorationmore pronounced in below-par transactions. Content courtesy of Fitch Ratings.

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