In Episode 3 of Credit Lens: Europe & Beyond, hosts Phoebe Appenteng and Chris Haffenden tackle the big credit themes shaping European markets right now.

They start with Cerba and the rising fear of LMEs in Europe, questioning whether Altice-style tactics are becoming the new normal. Then it’s on to French retail, where Casino’s failed turnaround has investors wondering if ELO might be next. The conversation zooms out to IPO delays, buyout debt flowing into private credit, and why execution risk is changing how deals get done.

Finally, it’s time for Afternoon Tea. From Elon tweets moving Dogecoin to a British roadside sofa turned art exhibit, the show ends with weird, wonderful headlines and some questionable biscuit science.

Insightful, sharp, and just the right amount of strange.