Wall Street banks re-enter junk debt market

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Lenders return to funding leveraged buyouts after painful year in which fees were hit hard

. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know.Banks have agreed to lend billions of dollars to finance leveraged buyouts by Apollo Global Management Inc., Elliott Management Corp., Blackstone Inc. and Veritas Capital Fund Management LLC in recent months, as Wall Street re-enters a market that left it nursing painful losses over the past year.

Investment banks’ revenue has been hit hard by a sharp drop in corporate and private equity dealmaking, with a darkening economic outlook and the banking crisis in the spring helping push mergers and acquisitions volumes to their lowest level in a decade in the first quarter. “We may see the pendulum swing back and forth the entire year when our market looks good to access,” she says.

Apollo’s takeover of Arconic Corp., announced May 4, is also set to be financed by banks including J.P. Morgan Chase & Co. before the loan is sold to other investors.

 

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