How do MM Lev Fin groups like Jefferies or William Blair usually place? Do these groups model or is that done by coverage/FSG?
Additionally, how does an MM group differ from that of a BB leveraged finance group? From my understanding they work with direct lenders more often?
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Jefferies has a balance sheet and operates in a similar manner to the BBs from a LF perspective. Probably in the top 3-4 banks for LF on the street for US LBOs. Was #1 last year. This year LevFin has gotten completely destroyed. Worst the loan market has been in maybe greater than 5 years.
all the other MMs don’t have true levfin practices where they underwrite and actually commit to acquisition financings because they don’t have a balance sheet to commit off of. They are all best efforts, very small private placement deals. Basically they will get a best efforts mandate from a sponsor and sell the credit to direct lenders. Extremely different than broadly syndicated, committed, LBO financing at CS, BofA, JEF, DB, UBS, RBC, etc
MM LevFin doesn’t really exist bc the broadly syndicated markets only accept certain quantums.
JEF, however, has one of the better LF teams on the street. #1 in US LBOs last year. They have a proper balance sheet and compete with BBs
Didn’t even realize William Blair had a LevFin team.
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