Santé Cie TLB collapses on back of fraud investigation

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Market Wraps

ABF

Excess Spread — Lendable lessons, bad bunch

Among UK non-bank lenders, Lendable probably has the most extreme public presence vs balance sheet ratio — that is, a very large and successful lending business, with a very limited public profile. In general the firm has stayed out of the limelight (a notable exception being an enthusiastic FT article this May), and we haven’t written much either. So let’s make up for lost time, as the firm readies its debut public securitisation, Hoxton Consumer Loan Funding 2026-1.

3 Jul 2026

| Europe

News & Analysis

ABF

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.

1 Jul 2026

| US

Guides

Distressed

LevFin

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.

1 Jul 2026

| US

| Europe

News & Analysis

Investment Grade

LevFin

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.

30 Jun 2026

| Europe

| US

News & Analysis

Distressed

LevFin

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.

30 Jun 2026

| Europe

News & Analysis

Distressed

LevFin

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

| US

| Europe