Mark Lies, head of leveraged debt for Europe and Asia at Lehman Brothers, has moved from New York to London to capitalize on the growing European market in high-yield bonds, leveraged loans and mezzanine financing.
"This is a great time to integrate and expand our leveraged product platform in Europe, given the robust market growth we have seen over the past 18 months in high-yield bonds in particular," said Lies. He added now is an attractive time in the economic and debt cycles for companies to increase their leverage. Furthermore, it is becoming increasingly acceptable in Europe for non-investment-grade corporates to access leveraged financing, he added. Lehman will focus on sponsors and corporates in Italy, Germany, France and the U.K., given the bank already has platforms established in these countries.
Lehman has added seven people to leveraged finance in Europe over the last three to six months, bringing the London-based team to about 40. Additions have included both internal transfers and external hires, such as Goldman Sachs' Pierluigi Volini and ING Capital Markets' Angus Rosborough in high-yield research (BW, 5/17). "From now on we will only be expanding selectively," added Lies.