1Q26 offered no respite from 2025’s volatility. The “Saaspocalypse,” Middle East tensions, and shifting private‑credit sentiment reignited turbulence across markets and documentation. Read full coverage.
A year of macroeconomic volatility translated into overall borrower-friendly paper, the continued pursuit of liability management transactions (LMTs) and the emergence of novel drafting technologies.
The themes for global financial markets in 2Q25 were uncertainty and volatility.

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