On the Hunt: The Bloomberg Open, Asia Edition

Good morning. Wall Street’s all-in as banks look for LBO action. HSBC unveils a new bonus system for junior employees. And Bayer plans to slash its dividend.

Goldman Sachs and Barclays are among the banks so keen to win leveraged buyout financing that they’re pitching for risky subordinated debt deals—something mostly avoided the past few years. At least one lender is offering payment-in-kind options, and others are talking to borrowers about so-called pre-capitalizations, people familiar said.