The banks aren’t lending the money to these SPVs. It’s mostly private credit.

The way banks get involved is that they may be lending senior financing to the private credit funds but that means they have a ton of subordination.

> It’s mostly private credit

I believe that some of the private credit is the banks' own private credit arm! It's absolutely mental: the bank can't lend to them so they have a private credit company/division that can skirt around the rules and still provide the capital!

Also, I bet that the Oracle datacenters aren't for Oracle LLC but Oracle Datacenter No 4 LLC so that if it all goes tits up, Oracle LLC walks away!