Banks losing fees from a string of mega-mergers scuttled by US antitrust rulings are still eager to extend loans to investment-grade companies seeking big tie-ups, in the hope they will ultimately profit by winning business down the road.
Barclays started to build its US leveraged franchise in 2006 by hand-picking staff from competitors and a decade later is a powerhouse in leveraged and investment-grade financing. For cementing a leading position among US banking titans, Barclays is IFR’s Americas Loan House of the Year.
Junk-rated Dell sold a US$20bn investment-grade M&A bond. It was the fourth-largest corporate bond ever – but just one piece of a highly creative US$38bn fundraising effort that is IFR’s Corporate Issuer of the Year.