US Special Sits: 2H2026 Outlook & 1H2026 Review

US Special Sits: 2H2026 Outlook & 1H2026 Review

Winnie Cisar: Global Head of Strategy
Mark Lightner, Esq.: Head of Legal Strategy
Ian Feng, J.D.: Senior Covenant Analyst
Patrick Holohan: Managing Editor
Jory M. Eisenberg, CFA, FRM: Head of U.S. Special Situations
Zachary Griffiths, CFA: Head of IG & Macro Strategy
Davis Hebert, CFA: Co-Head HY Research, Head of Telecom/Media
Eric Axon, CFA: Co-Head of High Yield, Head of Healthcare
Todd Duvick, CFA: Head of Autos
Joshua Kramer: Senior Analyst, Special Situations
Nick Williams: Senior Analyst, Special Situations
Andy Li, CFA: Head of Semiconductors
Will Lee: Analyst, Autos
Kathleen Tang: Analyst, Strategy
Savannah Buzzeo: Analyst, Telecom / Media
Jennifer Lappe: Legal Analyst
Evan DuFaux: Special Situations Analyst
Kennedy Rose: Senior Reporter
Scott Flaherty: Senior Reporter

13 July 2026

Download the Full Report to gain insights on:

How widening gaps between resilient and distressed issuers may reshape credit opportunities.
What liability management trends reveal about evolving restructuring strategies and documentation risks.
Why US special situations investors should track liability management activity and covenant developments.
How litigation, creditor disputes, and bankruptcy developments could influence recovery outcomes.
Which stressed sectors and spotlight credits present key catalysts for investors to monitor.

Executive Summary

US Special Situations markets remain divided between resilient credits and stressed issuers. Funding conditions continue challenging weaker borrowers.

Investors face growing complexity across leveraged credit markets. Liability management activity remains an important market force.

Sector performance differs significantly across credit quality tiers. Technology, media, and basic industries present distinct challenges.

Meanwhile legal developments continue shaping restructuring outcomes. Litigation trends influence creditor rights and market behavior.

Consequently bankruptcy activity remains a critical area to watch. Credit catalysts increasingly drive issuer specific outcomes.

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