Lazard CEO: Don't believe prominent bankruptcies show broader private credit problems

Restructuring and Liability Management - Lazard has observed a significant increase in its restructuring and liability management practice [2] - The firm suggests that increasing dispersion across firms leads to M&A activity coexisting with restructuring and liability management [3] - Most activity is on the liability management side, resolving issues before formal bankruptcy [5][6] Private Credit Market - Lazard does not believe recent bankruptcies signal a broader problem in private credit [2] - The firm anticipates a potential "wobble" in the rapidly growing private credit market at some point [3][9] - Concerns about banks' loans to private credit and non-depository financial institutions (NDFIs) are present, but the current situation is viewed as idiosyncratic [8][10] Deal Advisory and M&A - There's an increased willingness to explore deals due to easier regulatory burdens [6] - Government shutdowns are affecting the closing of some transactions but not the progress towards new deals [6] - Financing markets are generally accommodating with tight risk spreads [7] Geopolitics and Oil Market - Business decisions today must consider geopolitics [12] - Lazard supports the Trump administration's actions regarding Russia oil tariffs [12] - The price effect of these actions has been modest, returning to earlier levels this month [13] - There may be pressure on Saudi Arabia and the UAE to boost production next spring and summer [15] - The US spends approximately 600 to 700 million USD per year importing Russian uranium for nuclear reactors, representing about 20% of the feedstock [16]