Core Viewpoint - The bankruptcy of First Brands has triggered a significant decline in the stock prices of major private equity (PE) firms, despite the overall stability of the U.S. stock market, indicating a deep-rooted concern about the financial health of the private credit market and its potential systemic risks [2][3][19]. Group 1: Impact of First Brands Bankruptcy - First Brands filed for bankruptcy on September 28, with liabilities estimated between $10 billion and $50 billion and assets between $1 billion and $10 billion [18]. - The bankruptcy has affected numerous lenders, including traditional financial institutions and private credit funds, leading to concerns about broader implications for the financial system [18][19]. - The incident has raised fears that First Brands' collapse could be the first in a series of failures, potentially leading to a wider financial crisis, reminiscent of the subprime mortgage crisis [18][19]. Group 2: First Brands Company Overview - First Brands was a rapidly expanding automotive parts manufacturer, focusing on the aftermarket with a wide range of products [4][8]. - The company was founded in 2013 and grew through aggressive acquisitions, becoming a major player in the automotive aftermarket by 2024, with net sales reaching $5 billion [8][10]. - The company employed a "paired acquisition" strategy, acquiring brands with strong market presence and those with local manufacturing capabilities to enhance production efficiency [7][10]. Group 3: Financial Practices and Risks - First Brands' expansion was heavily financed through unconventional means, including private credit and complex off-balance-sheet financing, leading to a significant accumulation of hidden debt [11][12]. - The lack of regulatory oversight allowed First Brands to avoid disclosing the full extent of its off-balance-sheet liabilities, creating a misleading picture of its financial health [11][12]. - The company's financial troubles became apparent when it attempted to refinance $6.2 billion in debt, leading to a collapse in bond prices and a downgrade to junk status by rating agencies [12][13]. Group 4: Broader Industry Implications - The rapid growth of the private credit market, which has expanded tenfold over the past decade, has created a new "shadow banking" system, raising concerns about the quality of assets held by investors [19]. - Major PE firms, despite not being directly linked to First Brands, have seen their stock prices decline due to fears surrounding their own private credit operations, which have become crucial revenue sources [19].

该公司同时担任First Brands的投行顾问和融资方， 在为后者安排再融资时提供的债务数据与破产后 披露的实际负债相差近一倍，而其资管部门持有的应收账款融资敞口也面临巨额损失。 First Brands上月底申请破产，并承认超过20亿美元的投资者资金下落不明。Jefferies自上月底以来股 价暴跌约18%，市值蒸发约25亿美元，正面临市场对其业务判断力的严重质疑。 今天，我们将回顾下昔日意气风发、意图跻身全球第五大投行的Jefferies是如何深陷First Brands"暴 雷"风暴中的？ Jefferies：双重角色埋下隐患 First Brands Group，总部位于克利夫兰，是一家拥有百年历史的汽车零部件巨头，其产品包括机油 滤清器、雨刷等，客户涵盖 沃尔玛、亚马逊 和 AutoZone等零售商。 投行Jefferies在First Brands破产案中身陷双重角色困境：既担任First Brands投行顾问，又通过旗 下资管部门提供保理融资。在推介再融资时，Jefferies披露债务约59亿美元，但破产后实际负债超 116亿美元，且逾20亿美元应收账款融资存在巨额缺口。事发后Jefferie ...

一场看似平静的融资合作，最终演变成一场震撼华尔街的信任危机，更是有人将此比喻为"贝尔斯登"翻 版事件。 10月16日，据媒体报道，汽车零部件巨头First Brands Group的突然倒闭，不仅让市场损失惨重，也让长 期合作伙伴——投行Jefferies Financial Group陷入舆论与监管的漩涡。 该公司同时担任First Brands的投行顾问和融资方，在为后者安排再融资时提供的债务数据与破产后披露 的实际负债相差近一倍，而其资管部门持有的应收账款融资敞口也面临巨额损失。 资产管理方面：其旗下投资部门Leucadia通过一家名为Point Bonita Capital的实体，购买First Brands的应收账款，提供保理融资，并成为主要融资方之一。 所谓 "factoring"（保理融资） 模式，是First Brands 把未来应收账款卖给金融机构换取现金流。 但问题在于，在某些交易中，资金并非直接由零售客户流入金融机构，而是先经过First Brands之手。 这意味着，如果企业操纵账目或重复质押，整个融资链将变成"资金黑洞"。 First Brands上月底申请破产，并承认超过20亿美元 ...