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Excess Spread — Lendable lessons, bad bunch

Market Wraps

Excess Spread — Lendable lessons, bad bunch

Owen Sanderson3 Jul 2026 | Europe | 11 minute read

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Santé Cie TLB collapses on back of fraud investigation

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Distressed

LevFin

Santé Cie TLB collapses on back of fraud investigation

Ardian-owned French care home provider Santé Cie’s term loan debt took a pasting in trading today (2 July) following the disclosure of a fraud investigation and seizures of company cash, according to 9fin sources.

Trump’s ‘big beautiful bill’ set to fuel student loan ABS

A multi-year surge in student loan-backed ABS is on the horizon, as prospective university graduates face new caps on borrowing capacity that will steer them toward private lenders.

How credit investors use 9fin AI to analyze stressed situations faster

When a stressed credit situation develops, investors need answers fast. What's happening? What does the documentation permit? What’s the capital structure? And how does the opportunity compare with peers? This walkthrough shows how a credit analyst can use 9fin AI to answer those questions and build a relative value view in minutes. We'll use Arxada's amend-and-extend process as an illustrative example.

Nothing short of X-traordinary — How one of Wall Street’s hung LBO financings became a winning trade

It’s the ultimate Wall Street fantasy: hung LBO debt financing graduating into investment grade territory, while the company itself is poised to enter the Nasdaq-100. But in the Elon Musk ecosystem, the improbable is par for the course. Just last week, SpaceX priced a $25bn IG bond offering, hot on the heels of its blockbuster IPO earlier this month.

Antolin bondholders form co-op and oppose recap plan

A steering committee of Grupo Antolin bondholders is objecting to the terms in Antolin’s restructuring plan which was laid out last week, and have signed a cooperation agreement (co-op) that’s gathering support, according to 9fin sources.

Restructuring veteran Charles Noel-Johnson dies at 50

Prominent restructuring banker Charles Noel-Johnson passed away earlier this month at 50. A well-known market veteran, Noel-Johnson was Lazard’s managing director and co-head of Europe restructuring and liability management, based in London.

29 Jun 2026

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| Europe

Excess Spread — Lendable lessons, bad bunch

Related Posts

Santé Cie TLB collapses on back of fraud investigation

Trump’s ‘big beautiful bill’ set to fuel student loan ABS

How credit investors use 9fin AI to analyze stressed situations faster

Nothing short of X-traordinary — How one of Wall Street’s hung LBO financings became a winning trade

Antolin bondholders form co-op and oppose recap plan

Restructuring veteran Charles Noel-Johnson dies at 50