Agents carp over PP minnows nibbling at business

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By Silas Brown
22 Aug 2019

Agents active in private debt markets in the UK are growing increasingly frustrated by a crop of advisory firms muscling in on their market share, often arranging deals without the need an investment bank. Some bankers allege that advisory firms don’t have the capacity to price deals effectively, and also that some do not have appropriate regulatory cover from the US regulators to pitch investors there legally.

The US private placement market is late to the party. Advisers and arrangers are a famously fractious double act in capital markets — in battle for the borrower’s ear, often bidding to sow doubt on the worth of their rivals.

But it is only recently in private debt ...

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