IFR International - 28.07.2018

(Greg DeLong) #1

People


&Markets


Houlihan Lokey launches syndicated loan platform


HOULIHAN LOKEYûHASûFORMEDûAûNEWûLEVERAGEDû
LOANûUNIT û(,û&INANCE ûTOûARRANGEûSENIORû
SECUREDûLEVERAGEDûLOANSûFORûlNANCIALûSPONSOR
BACKED ûPRIVATELYûHELDûANDûPUBLICûCOMPANIES
h4HEûCREATIONûOFûAûSYNDICATEDûLEVERAGEDû
lNANCEûPLATFORMûLEVERAGESûOURûCOREûADVISORYû
CAPABILITIESûANDûRELATIONSHIPSûANDûCOMBINESû
THEMûWITHûTHEûCREDITûUNDERWRITINGûSTRENGTHSû
OFûMARKET
LEADINGûASSETûMANAGERS vûSAIDû
(OULIHANû#%/û3COTTû"EISER
(EDGEûFUNDû(03û)NVESTMENTû0ARTNERSûWILLû
BEûTHEûINITIALûSTRATEGICûINVESTORûPROVIDINGû
UNDERWRITINGûCOMMITMENTSûOFûUPûTOû
53BNû(OULIHANSûNEWûUNITûWILLûACTûASû
ARRANGERûONûSYNDICATEDûLOANûTRANSACTIONS
(OULIHANûSAIDûTHEûINITIATIVEûISûDRIVENûBYû
hSIGNIlCANTvûCLIENTûDEMANDû'LOBALû
SYNDICATEDûLENDINGûDURINGûTHEûlRSTûHALFûOFû
ûREACHEDû53TRN ûUPûûCOMPAREDû
WITHûTHEûSAMEûPERIODûINû ûACCORDINGûTOû
4HOMSONû2EUTERSûDATA


(OULIHANSûRIVALSûHAVEûNOûPLANSûTOûFOLLOWû
ITSûLEAD
%VERCOREûANDû-OELISûWEREûBOTHûASKEDû
ABOUTûLEVERAGEDûLENDINGû!NDûWHILEûEACHû
lRMûHASûSIGNIlCANTûRESTRUCTURINGûGROUPSû
ANDûTHEûABILITYûTOûSEIZEûTHEûSAMEû
OPPORTUNITY ûNEITHERûAPPEAREDûINTERESTED
h7EûHAVEûNOûPLANSûTOûPROVIDEûFACILITIESû
ANDûGOûINTOûTHEûDIRECTûDISTRIBUTIONS vûSAIDû
+ENû-OELISûONûAûCALLûWITHûANALYSTS
h%VENûIFûITûWEREûTOûBEûDONEûWITHûSOMEBODYû
ELSESûBALANCEûSHEETû)ûHAVEûAûREALûHEALTHYûFEARû
THAT ûTHATûGETSûTOûBEûCOMPETITIVEû!NDûSOONERûORû
LATER ûYOUûGETûDRAWNûINTOûPUTTINGûOUTûAûLITTLEû
MOREûRISKûTHANûYOUûEVERûTHOUGHTûYOUûWOULDv
!Tû%VERCOREûTHEûISSUEûBOILEDûDOWNûTOû
INDEPENDENCE
h7EVEûLOOKEDûATûTHESEûTHINGSûFROMûTIMEû
TOûTIMEûBUTûWEûHAVENTûFOUNDûONEûTHATûINûOURû
VIEWûDOESNTûTAINTûORûTINGEûOURû
INDEPENDENCE vûSAIDû%VERCOREûPRESIDENTû

2ALPHû3CHLOSSTEINûh4HATSûWHYûWEûHAVENTû
PURSUEDûTHEMûUPûTOûTHISûPOINT ûBUTûWEûNEVERû
SAYûNEVERv

CAPITAL NEEDS
4HROUGHûITSûNEWûPLATFORMû(OULIHANûSAIDûITû
WILLûPARTICIPATEûINûCOMMITTEDûANDûBESTû
EFFORTSûTRANSACTIONSûACROSSûAûBROADûRANGEûOFû
lNANCINGS ûINCLUDINGûLEVERAGEDûBUYOUTS û
ACQUISITIONS ûDIVIDENDûRECAPITALIZATIONS ûANDû
RElNANCINGS ûPRIMARILYûFORûBORROWERSûWITHû
%")4$!ûOFûMOREûTHANû53MûANDûCAPITALû
NEEDSûOFûMOREûTHANû53M
4HEûUNITûWILLûOPERATEûASûPARTûOFû(OULIHANSû
CAPITALûMARKETSûGROUP ûLEDûBYûGLOBALûCO
HEADSû#HRISû$UNLOP û!NTHONYû-ARTINOûANDû
'REGGû.EWMAN
-ATTHEWû,YNESSûANDû%Dû2IBAUDOûWILLûALSOû
BEûASSIGNEDûTOûTHEûNEWûGROUPû"OTHûMENû
JOINEDû(OULIHANûFROMû'%û!NTARESûLASTûYEAR
Philip Scipio

UK seeks to restore Barclays


court case over 2008 cash call


"RITAINSûFRAUDûOFlCEûISûSEEKINGûTOûRESURRECTûAû
HIGH
PROlLEûPROSECUTIONûOFûBARCLAYSûOVERû
UNDISCLOSEDûPAYMENTSûTOû1ATARIûINVESTORSû
DURINGûTHEûCREDITûCRISIS ûTWOûMONTHSûAFTERûAû
,ONDONûCOURTûDISMISSEDûITSûCASE
4HEû3ERIOUSû&RAUDû/FlCEûHADûBEENûPRAISEDû
ASûhFEARLESSvûFORûTAKINGûONûONEûOFûTHEûWORLDSû
LARGESTûBANKSûWHENûITûlRSTûCHARGEDû"ARCLAYSû
ANDûFOURûFORMERûSENIORûEXECUTIVESûnû
INCLUDINGûAûFORMERûCHIEFûEXECUTIVEûnûWITHû
CRIMINALûOFFENCESûINû*UNEû
"UTûTHEûPROSECUTIONûFELLûATûTHEûlRSTûHURDLEû
AFTERûAû,ONDONûCOURTûINû-AYûTHREWûOUTûITSû
CHARGESûOFûCONSPIRACYûTOûCOMMITûFRAUDûANDû
UNLAWFULûlNANCIALûASSISTANCEûAGAINSTû
"ARCLAYSû0LCûnûANDûAûCHARGEûOFûUNLAWFULû
lNANCIALûASSISTANCEûAGAINSTûITSûSUBSIDIARY û
"ARCLAYSû"ANKû0LC


"ARCLAYSûHADûBEENûCHARGEDûOVERûPAYMENTSû
TOû1ATARIûINVESTORSûINûCONNECTIONûWITHûAûTWO
PARTûaBNû53BN ûEMERGENCYû
FUNDRAISING ûANDûAû53BNûLOANûTOû1ATARûATû
THEûHEIGHTûOFûTHEûCREDITûCRISISûINûû4HEû
DEALûALLOWEDûTHEûBANKûTOûAVOIDûAûSTATEûBAILOUT
4HEû3&/ûSAIDûITûHADûAPPLIEDûTOûTHEû(IGHû
#OURTûFORûPERMISSIONûTOûSERVEûAûDRAFTû
INDICTMENT ûAûRAREûLEGALûPROCEDUREûONCEû
CALLEDûAûhVOLUNTARYûBILLûOFûINDICTMENTv û
WHICHûALLOWSûPROSECUTORSûTOûCHALLENGEûAû
DECISIONûMADEûINûTHEûLOWERû#ROWNû#OURT
4HEû3&/ûLASTûAPPLIEDûFORûAûVOLUNTARYûBILLûOFû
INDICTMENTûUNSUCCESSFULLYûINûAû7ELSHû
MININGûRIGHTSûCASEûINûûnûANDûLAWYERSû
SAIDûITûWASûAûRISKYûSTRATEGY
h4HEû3&/ûISûATTEMPTINGûAûSECONDûBITEûOFû
THEûCHERRY ûWHICHûCOULDûBEûAûHIGH
RISKû

STRATEGYûANDûVIEWEDûASûAûMISSTEPvûSAIDû
#HARLESû+UHN ûAûPARTNERûATûLAWûlRMû#LYDEûû
#O
"ARCLAYS ûWHICHûSAIDûINû-AYûITûEXPECTEDû
THEû3&/ûTOûTRYûTOûREINSTATEûTHEûCASE ûPLANSû
TOûOPPOSEûTHEûAPPLICATIONû)TûDECLINEDûTOû
COMMENTûONûTHEûSUBSTANCEûOFûTHEû3&/Sû
CASE
4HEûCASEûCENTRESûONûAGREEMENTSûBETWEENû
"ARCLAYSûANDû1ATARIûINVESTORSûDURINGûTWOû
FUNDRAISINGSûINû*UNEûANDû/CTOBERû
1ATARû(OLDING ûPARTûOFûTHEû1ATARû
)NVESTMENTû!UTHORITYûSOVEREIGNûWEALTHû
FUND ûANDû#HALLENGER ûANûINVESTMENTûVEHICLEû
OFûFORMERû1ATARIûPRIMEûMINISTERû3HEIKHû
(AMADûBINû*ASSIMûBINû*ABRûAL
4HANI ûINVESTEDû
MOREûTHANûaBNûINû"ARCLAYS
!UTHORITIESûEXAMINEDûWHETHERûPAYMENTSû
FROMû"ARCLAYSûTOû1ATARûATûTHEûSAMEûTIME û
SUCHûASûhADVISORYûSERVICESûAGREEMENTSvûANDû
THEû53BNûLOAN ûWEREûHONESTûANDûPROPERLYû
DISCLOSED
Kirstin Ridley

BNP Paribas integrates credit units


BNP PARIBASûHASûCREATEDûAûNEWûUNITûCALLEDû
GLOBALûCREDITûMARKETSû!MERICASûANDû
APPOINTEDûMatthew SalvnerûASûITSûHEADûANDû
Dan CozineûASûDEPUTYûHEAD
4HEûUNITûINTEGRATESûALLûPRIMARYû
ORIGINATION ûlNANCINGûANDûSYNDICATIONû
ANDûSECONDARYûSALES ûTRADINGûANDû
RESEARCHûACROSSûCREDITûPRODUCTSûINTOûONEû
PLATFORM


)TûWILLûBRIDGEûEXISTINGûCREDITûUNITSûOFûGLOBALû
MARKETSû!MERICASûANDûGLOBALûBANKINGû!MERICAS
4HEûNEWûUNITûWILLûBEûBROKENûINTOûHIGH
GRADEûlNANCE ûASSETûlNANCEûANDû
SECURITISATIONûANDûLEVERAGEDûlNANCE
3ALVNERûWASûPREVIOUSLYûHEADûOFûPRIMARYûANDû
CREDITûMARKETSû!MERICASûANDûGLOBALûHEADûOFû
ASSETûlNANCEûANDûSECURITISATION ûWHILEû#OZINEû
WASûHEADûOFûlNANCINGûSOLUTIONSû!MERICAS

4HEûBANKûHASûALSOûAPPOINTEDûChristopher
BlumûASûHEADûOFûLEVERAGEDûlNANCEûFORû.ORTHû
!MERICA
"LUMûJOINEDû".0ûINûEARLYû*ULYûFROMû
$EUTSCHEû"ANKûWHEREûHEûWASûCO
HEADûOFû
LEVERAGEDûDEBTûCAPITALûMARKETSû(EûHASûCLOSEû
TOûûYEARSûOFûEXPERIENCEûINûLEVERAGEDû
lNANCEûANDûHIGH
YIELD
Shankar Ramakrishnan
Free download pdf