By Kristen Haunss and Jonathan Schwarzberg
NEW YORK, Sept 7 (LPC) - Carlyle Group has hired Tim Broadbent, the former head of US leveraged loan syndicate at Barclays, to lead a new group that will provide issuers and financial sponsors with capital markets advice.
He will oversee the newly formed Carlyle Capital Solutions group, which will also seek to originate and structure leveraged loans, high-yield bonds, mezzanine debt and additional types of financing, according to two sources.
Broadbent, who is based in New York, started Wednesday, one of the sources said. He reports to Justin Plouffe, deputy chief investment officer for Carlyle Global Credit.
A Carlyle spokesperson declined to comment. Broadbent declined to be interviewed.
The US leveraged loan market, which helps finance companies including American Airlines and retailer Party City, continues to be on a tear with US$470.5bn of institutional issuance in the first six months of the year, after a record US$923.8bn was arranged in 2017, according to LPC data.
Fellow private equity firm KKR has developed a capital markets branch, rising to the 15th spot on the new-money institutional leveraged loan league table in 2017 with a 2.14% market share from a 33rd ranking in 2016.
Broadbent joined Barclays in 2006 as the bank built up its credit business. It ended 2017 as the top bookrunner for new-money institutional leveraged loan deals with 7.3% market share, according to the data.
He previously worked at JP Morgan, according to FINRA BrokerCheck.
At Barclays, Peter Toal, co-head of the bank’s global fixed-income syndicate, and others within the leveraged finance syndicate business will assume Broadbent's responsibilities, LPC reported earlier this week.
Broadbent’s departure follows the exit of Jill Schwartz, Barclays' global head of leveraged finance, who left to join Bank of America Merrill Lynch as executive vice chairman of global corporate and investment banking, IFR reported in July.
Jean-Francois Astier, global head of capital markets, assumed her responsibilities. (Reporting by Kristen Haunss; Editing By Michelle Sierra)