A quick question. Which group, LevFin (or DCM) vs Credit, is supposed to work on amendment and debt buyback deals that seem to be more happening these days due to the lack of new issuance market, first of all, and secondly the fact that many issuers who have borrowed debt in the past are struggling making interest payments given the state of the economy?
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LevFin/DCM do.
DontMakeMeShortYou, what do you mean by DCM works on "investment"?
I wrote something else earlier. Edited my post but did not change the title. Earlier I had said that DCM works on investment grade and LevFin on high yield, but assumed that the OP already knew the distinction between the two.
At my bank Lev Fin does it.
LevFin/DCM do the initial work but you'll need credit on board to get it passed internally...
it depends on the credit rating and leverage of the company buying back debt
LevFin vs Credit Research HY (Originally Posted: 06/12/2014)
Your thoughts?
Credit research HY if you want to go to a distressed debt/HY credit fund as long as bank is strong in the area, as lifestyle etc will almost certainly be better there than Lev fin anyway
I see your point. However, if I look at the profiles of the most junior people of some distressed/corporate deb funds (Oaktree for example) and I have the feeling that someone coming from a group LevFin group has a wider range of exit ops. I have seen people in traditional buyout funds and in more market focused debt funds.
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