Prudential Fixed Income added a portfolio manager to its European leveraged finance team. Arvinder Chowdhary joined the group as a portfolio manager and principal.
Monroe Capital has fired and filed a lawsuit against a former managing director and fund partner who has launched his own firm. The lawsuit claims Warren Woo sent trade secrets and client information to his firm Breakaway Capital Partners.
Babson Capital Management raised $917 million for a U.S. mezzanine and private equity fund. The Tower Square Capital Partners IV fund will focus on the middle market LBO space.
Guggenheim Securities has hired Andrew Booth as its head of leveraged finance. Booth will also have the title of senior managing director.
John Cokinos has joined RBCs U.S. high yield and loan capital markets group as managing director. He was most recently head of U.S. leveraged finance capital markets for Bank of America.
In the further development of electronic trading for the fixed income markets, MarketAxess and BlackRock launched a partnership to provide iShares Fixed income exchange-traded fund trading services.
Monroe Capital said Lee Stern has joined the firm as a managing director in its New York office. Stern will lead the firms efforts in club and co-lending investment partner work.
A decade of waning interest in small business investment companies is quickly reversing course among banks big and small. One reason is that SBICs - essentially pooled investment funds that can get matching money from the Small Business Administration - are exempt from the restrictions on equity investments imposed by the Volcker Rule, as well as the Bank Holding Company Act.
Participation loans are back en vogue, leaving some to wonder if bankers have learned from past mistakes. Banks are eager to put deposit funding to use, prompting some executives to give loan participation a second chance. Still, it's debatable whether banks are exercising enough restraint with these credits.
Community banks have seized on a chance to book more loans as larger institutions tap the brakes. Large banks, who generally dominate the leveraged loan space, face increased regulatory scrutiny and are slower to back deals that may include high leverage. Smaller banks, as a result, are reporting better loan-to-deposit ratios that, along with stable net interest margins, are lifting earnings.