Awards for Excellence 2013: Best Leveraged finance house
Best Leveraged finance house: Credit Suisse
Also shortlisted: Goldman Sachs and Deutsche Bank
Leveraged finance was the asset class most affected by the excess liquidity in the credit markets over the past year. As the search for yield among credit investors intensified it was to the high-yield and leveraged-loan markets that many of them turned. It was therefore of little surprise that many houses intensified their efforts in high yield. But in order to really read this market you need longevity, and Euromoney’s best global leveraged finance house is one that sticks with this market through thick and thin – Credit Suisse.
It was that deep market knowledge that enabled it to anticipate one of the key themes of the year – the switch in investor appetite from bonds to loans and convergence of the credit product – more effectively than many of its peers.
It is Credit Suisse’s strength across both high yield and leveraged loans that has really borne fruit this year. This was perhaps best exemplified by the $5 billion covenant-lite term loan B arranged for Australian iron-ore producer Fortescue Metals Group last September.