I've been on a couple processes where unregulated banks such as Jefferies / RBC have been able to offer much higher leverage than us and ended up leading the deal
They're obviously not executing the deals well (see TOMS/Compuware), but they are taking a good chunk of the market share that we typically dominate.., Barc and CS definitely aren't doing as well as they should be right now
TOMS was what I would call "the shittiest of the shit." I puked in my mouth a little as I went through the deck.
They did SurCen as well, which was also a crappy MM deal.
Anyways, I get runs from all 3 of the aforementioned banks daily, and I can definitively say nothing has changed. Maybe at the fringes, but not much. The big guys are still winning the majority of the big stuff.
I think we may be talking past eachother, though. Im a credit/distressed guy, so im looking for investable assets - and I wouldnt classify many Jef deals as investable.
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What?
Jef continues to lead only the shittiest of the shit deals, like they always have. Barc & CS continue to dominate the lev fin market.
http://www.bloomberg. com/news/2014-10-22/fed-s-loan-scrutiny-leaves-banks-passing-on-buyout-deals.html
I've been on a couple processes where unregulated banks such as Jefferies / RBC have been able to offer much higher leverage than us and ended up leading the deal
They're obviously not executing the deals well (see TOMS/Compuware), but they are taking a good chunk of the market share that we typically dominate.., Barc and CS definitely aren't doing as well as they should be right now
TOMS was what I would call "the shittiest of the shit." I puked in my mouth a little as I went through the deck.
They did SurCen as well, which was also a crappy MM deal.
Anyways, I get runs from all 3 of the aforementioned banks daily, and I can definitively say nothing has changed. Maybe at the fringes, but not much. The big guys are still winning the majority of the big stuff.
I think we may be talking past eachother, though. Im a credit/distressed guy, so im looking for investable assets - and I wouldnt classify many Jef deals as investable.
Ut voluptates est excepturi excepturi quae. Optio sint dolor eos tempora minima. Neque iusto rem beatae repudiandae. At nostrum optio et voluptatibus commodi reiciendis. Iusto libero perspiciatis sunt harum illum sed.
Animi placeat ut porro maiores velit deserunt rerum. Dolorem eum deleniti repellendus accusamus cumque quia quia.
Ea et blanditiis voluptate aspernatur soluta. Quo id molestiae porro odio. Ex sint itaque numquam ut atque ea dolore.
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