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A Pragmatist’s Guide to Leveraged Finance: Credit Analysis for Bonds and Bank Debt by Robert S. Kricheff

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4. The Participants

What’s in this chapter:

• What types of companies and organizations are the major players in the market

• Participants are broken into the issuers, the sell side, the buy side, and private equity

• How each one operates in the market and its traditional roles

Broadly speaking, the marketplace has three major groups of participants, which are fairly typical in most securities markets. The first category is the issuers, which in this case are corporations. The second is the sell side—the arrangers of the financings. They provide liquidity in the secondary markets and, to a certain extent, are investors as well. Third is the buy side—a diverse group of potential investors in these financial instruments. For the leveraged finance ...

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