Best EB/BB/Big 4 bank for private credit exits in Australia?
Which lev fin or restructuring group has the best placement in private credit?
Seems like MA, HL, CBA lev fin place well, do any others stand out?
Which lev fin or restructuring group has the best placement in private credit?
Seems like MA, HL, CBA lev fin place well, do any others stand out?
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I’m sure any top rx group like pjt and evercore also has great exits on that front
Neither exist in Australia. Evercore have a minor presence though partnership with Luminis Partners, but PJT don’t have a presence at all.
Bump for JPM LevFin and DCM
PJT RSSG
CBA’s Private Equity Financing Group (PEFG) is the largest levfin group on the street and has had exits to Special Sits, IB and Private Credit in the last year alone.
You seem to work in industry in Australia, so do you know which leveraged finance group is strongest at the IBs then?
None of them are particularly “strong” in a conventional sense - due to balance sheet constraints at IBs, the vast majority of levfin underwriting is done by the Big 4 Commercial banks through their Institutional Banking arms, because the IBs just simply don’t have the capital onshore to give clients the certainty of execution within the desired timeframe. This effectively means that the IBs that are IBs first (or in other words, aren’t Commercial Banks with an IB arm, like MUFG, for example) are relegated to pure structuring or debt advisory roles and aren’t seen anywhere in the LMM/MM/UMM space (notwithstanding that for large, internationally syndicated deals their offshore networks may give them an edge). For some MFPE transactions they will play a role as they may have a pre-existing relationship offshore, however. Of the Big 4, Westpac and CBA far and above have the strongest teams and most appetite for deals, followed by NAB. ANZ are seen very rarely nowadays.
All that said, UBS, GS and Barclays have small but somewhat present domestic teams (3-5 people apiece) who seem to do meaningful work. MS and JPM rarely seen and tend to participate in transactions through the HK office. BofA and Citi only really service offshore relationship clients (American Financial Sponsors, for example).
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