European high-yield will look to LBO activity for sustenance in 2019 given the continued appeal of takeovers for private equity firms, but the prospect of a refinancing wave is unlikely given market conditions.
In a high-yield market dominated by headline-grabbing LBOs, executing a challenging trade wasn’t enough to stand out from the crowd.
Leveraged buyouts dominated 2018. But while many banks managed deals, just one was consistently there for the trickier names. For executing the most complex LBOs in a volatile year, Deutsche Bank is IFR’s Europe High-Yield Bond House of the Year.