Leveraged finance

You help a bank arrange the loans and bonds that fund private equity buyouts and large corporate borrowers, as an intern in London for 12 months.

The seat is in the Corporate & Leveraged Finance group. Leveraged finance means lending to companies that already carry a lot of debt, most often because a private equity fund has bought them with borrowed money. The group advises on these deals, finds them, structures the debt and executes it, either as loans from banks and institutions or as a high yield bond, which is a bond that pays more interest because the borrower is riskier. Its clients are private equity backed companies and corporate borrowers, including those in TMT, and it also looks after the loans the bank already holds.