What happened at First Brands and Tricolor?

First Brands Group, a roll-up of car parts manufacturers, is preparing a bankruptcy filing after amassing as much as $10bn in debt. And last week, Tricolor, a subprime auto loan lender, ran into trouble. Today on the show, Rob Armstrong and Katie Martin ask if we are at a turning point in credit markets. Also they go long collective nouns for groups of canaries. 

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You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

Read a transcript of this episode on FT.com

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