Bennett Goodman is somewhat wary of his title as global head of high-yield debt for Donaldson Lufkin and Jenrette. “It’s something of a misnomer,” he says. “We don’t simply underwrite high-yield bonds. We’ve placed a comparable amount of leveraged loans and mezzanine debt. We have a $1.7 billion fund for the latter which has been particularly active.”
It’s a sentiment repeated all over Wall Street: this business should be called leveraged finance. Given the lack of high-yield deals over the past 12 months or more a mixture of loans and mezzanine, as well as high-yield issuance, has been used to raise capital for companies, especially in the US.
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