Wall Street Beats Private Credit on $20 Billion of M&A Debt (1)

Wall Street banks are in line to arrange more than $20 billion of M&A debt, as deal activity revives and their efforts to prise private equity rainmakers out of the arms of direct lenders starts to pay off.

JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc. have snared coveted mandates on buyout financings from firms including KKR & Co. and Advent International in recent weeks, chalking up victories over private credit firms that burst on the scene in 2022 with open wallets and lending power.

A flurry of leveraged loans and bond deals launched in the ...