Best EB/BB/Big 4 bank for private credit exits in Australia?

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).