Richard Farley

It’s a package deal, the revolver gets you a seat at the table. by Richard Farley

It’s a package deal, the revolver gets you a seat at the table.

The bet is that more companies are going to be downgraded and SNC... by Richard Farley

The bet is that more companies are going to be downgraded and SNC criticized, not less.

I think it's clearly sort of pent-up demand on the sponsor side, the market has not been strong for dividend deals since last fall, and now I think you've had a number of deals come because they could.

There seems to be a renewed appetite among banks to underwrite second-lien deals, which is very promising.

The regulated banks are taking a pass on things that are very natural for them to lead. Non-regulated banks are taking their place.

Often when doing an add-on or tapping an accordion, Fed and OCC regulated banks - even if they are in the syndicate now - are saying no if lead arranging a new deal will be criticized.