AMERICAS DISTRESS DAILY: HSBC Reviews Exposure to Private Credit

HSBC Holdings Plcis reviewing its exposure to smaller banks and hedge funds with large private credit businesses following the collapses of First Brands Group and Tricolor Holdings.

• HSBC’s direct exposure to private credit is small, in the “single-digit billion,” with a “very rigorous” credit framework for all lending transactions.
• JPMorgan Chase & Co. CEO Jamie Dimon warned of the potential for more failures, saying “When you see one cockroach, there are probably more.”

In Other News:

• Kroll Bond Ratings Agency placed seven classes of notes from First Help Financial on “watch downgrade” due to high delinquency rates and cumulative ...