HSBC’s rise up the equity capital markets rankings in the past 15 months has caught the eye but it is not the only high-margin area where the bank aims to build on its core capacity as a lender. Kevin Adeson was first hired to build an acquisition and leveraged finance business, at the peak of the LBO market. He hasn’t lost sight of that business, even as it collapsed and other banks pulled out or shrank down. Today he thinks it is more attractive than ever before.
"Leverage multiples on deals are half what they were before, or even less. You are seeing deals with 40% equity, 60% equity, even 100% equity. So for those lenders with...
