Does lev fin underwrite TLA and TLB?
Outside of bond issuance do they underwrite these facilities? I was wondering about this because I know some banks have separate teams that work on this.
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There's a lev fin credit and lev fin capital market. Lev Fin credit is the team that will need to get credit risk committee approval to underwrite the TLA, TLB. However, Lev Fin will be doing the syndication for TLA, TLB and ABL credit facilities.
is there a separate team that originates the deal within the lev fin
Highly dependent upon bank. CS LFO&R, for example, originates (in the name lol). They also most likely would not touch TLA’s, as that falls under DCM
They have a separate levfin cap markets team that handles more of the pricing/syndication stuff
so who actually underwrites the TLA I know syndication just pitches it to other banks. but who under writes what the bank would hold on their balance sheet?
That team depends on the bank. Some call it credit, some wholesale credit some credit risk but its a middle office team effectively
credit risk doesn’t underwrite the deal they act as an officer to determine if to do the deal or not
This guy doesn't know what he's talking about. Please name one firm that have credit risk team originate TLA or TLB.
In the BB that I'm at, there's Lev Fin capital market and Lev Fin Credit. Capital market will be solely responsible for syndication of the Lev Fin Credit product + responsible for the whole deal cycle on high yield issuance.
Lev Fin Credit will be responsible for a small amount of pitching on existing deals such as extension or winning agency over another deal that the firm is currently a participant. Most Pitching are done by the corporate bankers. There's the Lev Fin credit (underwriting / portfolio management) and credit risk. Lev Fin credit analyst will do all the modeling on the credit product. Credit risk team is typically just a credit committee consist of senior credit executives.
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