We study efficient and sender surplus-maximizing information design in selection markets, specializing our application to credit markets. A borrower (sender) designs information about the riskiness of his project and seeks to finance his project through a monopolist lender. We characterize the borrower-optimal learning when the lender’s utility depends on both the demand of borrowers and on the risk composition of the borrowers. We use this characterization to describe relation between the set of efficient equilibrium welfare, risk dispersion and the shape of repayment contract (securities).