KKR leads firms into junk sales

The Pak Banker - - Front Page -

AMSTERDAM

Pri­vate- eq­uity firms re­spon­si­ble for is­su­ing $366 bil­lion of debt dur­ing the lever­aged- buy­out boom are try­ing their hand at man­ag­ing sales of junk bonds and loans as wan­ing takeover vol­umes prod them to seek new rev­enue.

KKR & Co. has un­der­writ­ten $2.7 bil­lion of high-yield bond and loan sales this year, up 54 per­cent from last year, ac­cord­ing to data com­piled by Bloomberg. Leon Black's Apollo Global Man­age­ment LLC (APO) has helped syn­di­cate two lever­aged-loan of­fer­ings in 2012, the first year it's ranked sell­ing the debt.

"The larger pri­vate-eq­uity shops, par­tic­u­larly the ones that are pub­lic, are look­ing for other rev­enue streams," said Steven Ka­plan, a fi­nance pro­fes­sor at Univer­sity of Chicago's Booth School of Busi­ness.

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