Mega-deals have their own cycle, it seems, with the stars lining up for them every decade or so. Two-thousand and eighteen saw a reopening of the mega-deal window, ushering in, in turn, the two largest leveraged buyout (LBO) financings of the past 10 years. JPMorgan was lead left bookrunner on the junk bond element of both.
“There is a point in time when you can do mega-deals,” says Daniel Schlumberger, JPMorgan’s head of leveraged finance for European sponsors. “Whether you believe in cycles or not, there is a window every 10 years.”
