Insurance Float, Private Credit, and Rating Games

Robert Smith, Corporate Finance Editor at the FT, joins Jack to discuss the recent $12 billion bankruptcy of First Brands Group that has shocked the financial world. He explains the history of First Brands, its collapse, and the company’s ongoing bankruptcy proceedings. Robert also discusses the larger world of private credit and if First Brands is the first of many ‘credit cockroaches.’ The bankruptcy is of particular interest given the fact that it could be a signal of further problems on the horizon of the private credit market. Recorded on November 21st, 2025.

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Follow Robert Smith on Twitter https://x.com/BondHack

Follow Robert Smith on Bluesky https://bsky.app/profile/bondhack.ft.com

Read Robert’s FT Articles https://www.ft.com/robert-smith

First Brands Collapse in a Nutshell https://on.ft.com/48ptTUu