US IG Wrap — Borrowers prep for higher rates with SpaceX, Fox debt waiting in the wings

Cache flow — How GPU-backed financings are breaking ground

When CoreWeave tapped the syndicated loan market for billions of dollars in GPU-backed financing earlier this year, demand was so strong that one lender described it as a “food fight.”

Santé Cie lenders appoint Gibson Dunn ahead of call with company

Ardian-owned Santé Cie lenders have formed a steering committee and hired Gibson Dunn as legal advisor, according to 9fin sources, after the company’s debt halved following the disclosure of a fraud investigation.

Europe IG Wrap — SpaceX said to be looking at new markets as volumes fall into summer

Asia weekly — Shapoorji moves ahead with $2.7bn refi

US IG Wrap — Financials take over, June hits record supply

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.