Phoebe Appenteng and Katie McMahon return for their first Credit Lens Europe and Beyond episode of 2026, diving into the software sector selloff that has investors questioning whether AI will render traditional SaaS companies obsolete. The hosts examine how artificial intelligence capabilities are challenging subscription software models, with the tech software ETF IGV down 24% since January. Katie explains the "rule of 40" metric and why private credit markets, particularly U.S. Business Development Companies, are feeling the pressure from software sector exposure representing 16% of the $1.5 trillion loan market.

From there (08:28), the conversation shifts to Ghana-focused upstream oil company Tullow Oil's successful debt restructuring. What began as an anticipated court battle ended with overwhelming bondholder support at 90% consent for their $1.285 billion senior secured notes due May 2026. Wayne Jambao, Octus analyst, joins to discuss the "turbocharged amend and extend" deal that increases the coupon from 10.25% to 15% while extending maturity to 2028, though most payments will be payment-in-kind, potentially growing the debt stack from $1.685 billion to nearly $1.9 billion by maturity.

The episode's unofficial sponsor, Polymarket prediction betting, makes its case (15:18). The hosts explore the wild west of prediction markets where thousands place bets on future outcomes, from oil prices hitting $90 by June to Taylor Swift's wedding occurring before June 30th. The segment highlights ethical concerns about insider information advantages and regulatory restrictions across European jurisdictions.

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Produced and Edited by Fawaz Muhammed