Our principal banking activity, syndicated lending, is an evolving market-driven business. Through our work with arrangers of syndicated credits — including for JPMorgan, the leading originator and arranger of syndicated credits — and with many borrowers, we have participated in the structural development and geographic expansion of the syndicated credit market. We actively serve this market in all phases of the credit cycle, with the goal of providing advice and work product in a way that is both business sensitive at the time and prudent in retrospect.
Simpson Thacher continues to see the internationalization of syndicated lending, including the importing into the European syndicated lending market of many of the most successful features of the U.S. syndicated lending market. This trend, coupled with the establishment of CDOs in Europe and the increasing institutional participation in the European syndicated lending market, should facilitate growth in leveraged acquisition activity in Europe. The Firm and its clients stand poised to take advantage of such activity.